Speculative bubbles run like a red thread through the history of financial markets. The first significant and documented bubble occurred in the 17th century in Holland, known as the famous tulip mania. More would follow in the coming centuries. But how do these predominantly euphoric and ultimately panic-driven market developments arise? And how could it repeatedly happen that these were not recognized in time by market professionals? In this book, speculative bubbles are examined as indicators of recurring and persistent market anomalies. Rolf J. Daxhammer and Máté Facsar explain in the first part the formation and causes of speculative bubbles, as well as the different phases and types. They emphasize the importance of showing that these bubbles have both positive and negative effects on economies.