Incomplete Markets and Financial Instability. The Role of Information
Considering the way that the world economy has evolved over the last 30-40 years, there was a transition from a predominant real economy to a predominant financial economy. Once, there were prevalent economic crises (when the real economy was important); today, the economies all around the world face prevalent financial crises; therefore, it is extremely important to study the role of financial markets, especially the incomplete markets feature (given by the imperfect information). The paper aims to analyze the relationship between imperfect information and incomplete financial markets and the way they are affecting the financial stability.
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