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Stabilizing Endogenous Instability: Proposals for An Institutionalist Reform of Financial Regulation

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  • Faruk Ülgen

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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  • Faruk Ülgen, 2019. "Stabilizing Endogenous Instability: Proposals for An Institutionalist Reform of Financial Regulation," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(2), pages 488-495, April.
    • Handle: RePEc:mes:jeciss:v:53:y:2019:i:2:p:488-495
    DOI: 10.1080/00213624.2019.1594542
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    Cited by:

    1. Filiz Mızrak & Serhat Yüksel, 2019. "Significant Determiners of Greek Debt Crisis: A Comparative Analysis with Probit and MARS Approaches," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 8(3), pages 33-50, July.

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