Asset bubbles as catalysts of structural change: a historical perspective

The aim of the study is to analyze the phenomenon of financial bubbles as catalysts of structural transformations in the economy. The article examines key theoretical approaches to understanding the nature of bubbles, with particular attention given to behavioral, informational-asymmetry-based, and phase-cycle models. Using major historical episodes - such as the tulip mania, the South Sea Bubble, and the railway mania - as case studies, the paper demonstrates how short-term speculative anomalies can generate long-term institutional, technological, and regulatory shifts. The scientific novelty lies in a comprehensive interpretation of bubbles not solely as destructive phenomena, but as triggers of financial system evolution. The analysis reveals recurring patterns in the lifecycle of bubbles and highlights their role in the transformation of market institutions.