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Stabilizing endogenous instability. Proposals for an institutionalist reform of financial regulation

Abstract : A major and persistent question behind economic theories and related policies is whether the market can self-regulate without any restrictive exogenous intervention or whether regular and binding public regulation is necessary for ensuring the reproduction of the economic system in a sustainable way over time. This article considers this question with regard to the working of financial markets in a liberalized environment. Drawing upon an institutionalist stance, the article shows why the operation of a financialized capitalist economy usually leads to systemic imbalances and crises. The article then suggests an alternative framework for a consistent financial regulation that could prevent market actors from developing short-sighted strategies and gambling on macro stability.
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https://halshs.archives-ouvertes.fr/halshs-02128144
Contributor : Catherine Ciesla <>
Submitted on : Tuesday, May 14, 2019 - 8:37:57 AM
Last modification on : Wednesday, October 14, 2020 - 3:53:25 AM

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  • HAL Id : halshs-02128144, version 1

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Faruk Ülgen. Stabilizing endogenous instability. Proposals for an institutionalist reform of financial regulation. Journal of Economic Issues, Newfound Press, 2019, 53 (2), pp.488-495. ⟨halshs-02128144⟩

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