IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/13978_5.html
   My bibliography  Save this book chapter

The Instability of Financial Markets: A Critique of Efficient Markets Theory

In: Heterodox Analysis of Financial Crisis and Reform

Author

Listed:
  • Robert E. Prasch

Abstract

Though the worst of the financial crisis of 2008 has, with hope, ebbed, it has forever changed the economy in the United States and throughout the rest of the world. Using the financial and economic crisis as a catalyst, this volume examines how to better regulate the financial system and what to expect in the future if no steps are made toward reform. This book lays the foundation for those steps by providing concrete ideas that will push policy in the direction of jobs growth and widespread prosperity.

Suggested Citation

  • Robert E. Prasch, 2011. "The Instability of Financial Markets: A Critique of Efficient Markets Theory," Chapters, in: Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), Heterodox Analysis of Financial Crisis and Reform, chapter 5, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:13978_5
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781849801560.00015.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert E. Prasch, 2004. "Shifting Risk: The Divorce of Risk from Reward in American Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 405-412, June.
    2. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 563-580, July.
    3. Paul Davidson, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 129-143, Winter.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Leonel Arango Vásquez & Eduardo Alexander Duque Grisales, 2016. "Capital riesgo y dinero inteligente: aportes de valor no monetario," Contexto (Artículos Sobre Economía), Universidad Externado de Colombia, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Robert E. Prasch, 2010. "Bankers Gone Wild: The Crash of 2008," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 11, Edward Elgar Publishing.
    2. Jorge Garcia-Arias & Eduardo Fernandez-Huerga & Ana Salvador, 2013. "European Periphery Crises, International Financial Markets, and Democracy," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 826-850, October.
    3. Robert E. Prasch, 2011. "After the Crash of 2008: Financial Reform in an Age of Plutocracy," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 9, Edward Elgar Publishing.
    4. Paul Davidson, 2007. "Is a Plumber or a New Financial Architect Needed to End global International Liquidity Problems?," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 1, pages 3-27, Palgrave Macmillan.
    5. Roos, Michael W. M., 2015. "The macroeconomics of radical uncertainty," Ruhr Economic Papers 592, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    6. Baah Aye Kusi & Lydia Adzobu & Alex Kwame Abasi & Kwadjo Ansah-Adu, 2020. "Sectoral Loan Portfolio Concentration and Bank Stability: Evidence from an Emerging Economy," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 19(1), pages 66-99, April.
    7. Michael Wosser, 2015. "The Determinants of Systemic Banking Crises A Regulatory Perspective," Economics Department Working Paper Series n265-15.pdf, Department of Economics, National University of Ireland - Maynooth.
    8. Daniel Attah-Kyei & Charles Andoh & Saint Kuttu, 2023. "Risk, technical efficiency and capital requirements of Ghanaian insurers," Risk Management, Palgrave Macmillan, vol. 25(4), pages 1-27, December.
    9. Himounet, Nicolas, 2022. "Searching the nature of uncertainty: Macroeconomic and financial risks VS geopolitical and pandemic risks," International Economics, Elsevier, vol. 170(C), pages 1-31.
    10. Peter J. Boettke & Alexander W. Salter & Daniel J. Smith, 2018. "Money as meta-rule: Buchanan’s constitutional economics as a foundation for monetary stability," Public Choice, Springer, vol. 176(3), pages 529-555, September.
    11. Geoffrey Poitras & John Heaney, 2015. "Classical Ergodicity and Modern Portfolio Theory," Post-Print hal-03680380, HAL.
    12. Urban Sušnik, 2016. "Janus Ante Portas," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(3), pages 417-437, September.
    13. Teodoro Dario Togati, 2012. "How to Explain the Persistence of the Great Recession? A Balanced Stability Approach," Working papers 014, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    14. Dominik Meyland & Dorothea Schäfer, 2021. "Home Bias in Sovereign Exposure and the Probability of Bank Default - Evidence from EU Stress Test Data," Discussion Papers of DIW Berlin 1943, DIW Berlin, German Institute for Economic Research.
    15. Piero Ferri & Anna Maria Variato, 2007. "Macro Dynamics in a Model with Uncertainty," Working Papers (-2012) 0704, University of Bergamo, Department of Economics.
    16. Charpe, Matthieu & Flaschel, Peter, 2013. "Workers’ debt, default and the diversity of financial fragilities," Structural Change and Economic Dynamics, Elsevier, vol. 27(C), pages 48-65.
    17. Gerald Epstein, 2014. "Restructuring finance to promote productive employment," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 161-170, September.
    18. Mohammad Sharik Essa & Evangelos Giouvris, 2023. "Fama–French–Carhart Factor-Based Premiums in the US REIT Market: A Risk Based Explanation, and the Impact of Financial Distress and Liquidity Crisis from 2001 to 2020," IJFS, MDPI, vol. 11(1), pages 1-39, January.
    19. Alfonso Palacio Vera, 2008. "The "New consensus"and the Post-Keynesian approach to the analysis of liquidity traps," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 08-03, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    20. Muhammad Zeeshan Younas, 2020. "How Did Risk Management Methods Change After The 2007 Sub-Prime Mortgage Crisis In The United Kingdom?," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 9(1), pages 22-31, March.

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:13978_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.