Knowledge Codification, Institutions And Financial Markets
Outcomes in financial markets depend upon the information available to market participants, and upon the contractual commitments that they can make. Many important commitments in financial markets are made outside the formal law, using institutional mechanisms that provide a plausible basis for commitment. Advances in information technology and changes to the political environment alter the institutions that are needed to support economic life, and hence should result in regulatory change. I illustrate this point with examples from investment and commercial banking, and I relate the design of regulatory institutions to the political and technological environment within which they operate. Copyright � 2010 The Author. Journal compilation � 2010 Blackwell Publishing Ltd and The University of Manchester.
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Volume (Year): 78 (2010)
Issue (Month): s1 (09)
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