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The term Lehman Wave refers to an economy-wide fluctuation in production and economic activity, with a wavelength of between 12 to 18 months, driven by a sudden major disruption of the economic system. The Lehman Wave is a damped, wave-like fluctuation around equilibrium. The amplitude of the Lehman Wave is larger for a business that is further away from its end market than for a business that is closer to its end market, which difference is caused by cumulative de-stocking of the intermediate supply chain. This term Lehman Wave has first been used by Dutch researchers in 2009 〔Responding to the Lehman Wave: Sales Forecasting and Supply Management during the Credit Crisis, http://beta.ieis.tue.nl/node/1502 , by Robert Peels, Maximiliano Udenio, Jan C. Fransoo, Marcel Wolfs, Tom Hendrikx published by technical University Eindhoven.〕 who gave that name to the economic wave that started in September 2008. They argue that the latter was caused by global de-stocking after the financial panic following the bankruptcy of Lehman Brothers on September 15, 2008. The Lehman Wave can have strong effects on the sales volume and therefore on the profitability of companies that are located upstream in the supply chain.〔Lehman Wave shakes the Coating Industry, http://www.european-coatings.com, by Robert Peels, Maximiliano Udenio, Jan C. Fransoo, Marcel Wolfs, Tom Hendrikx, Dimitri de Vreeze, European Coatings Journal, April 2004, p 10-12. .〕 ==Mechanism of the Lehman Wave== The strong dip in the manufacturing industry seen at the end of 2008 was caused by cumulative and synchronized active destocking, triggered by the bankruptcy of Lehman Brothers. Said bankruptcy created a sudden peak in the Libor interest rate, causing banks to recall credit and companies to start freeing up cash by reducing stocks. End markets also responded by going down, but much slower and in most markets not so strongly. The de-stocking created a giant damped wave, the so-called Lehman wave. File:Lehman Wave curve and economic cycle curve.jpg ''Fig 1: Red curve is the Lehman Wave as a fluctuation around the equilibrium, in this simplified example the black line represents the longer term economic cycle.'' 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Lehman Wave」の詳細全文を読む スポンサード リンク
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