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Empirically Grounded Theory

In: Why Bank Panics Matter

Author

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  • Frederick Betz

    (Portland State University)

Abstract

Suppose financial markets are not empirically “perfect.” Further suppose that “regulation” of financial markets is required for any financial market to operate toward the economic ideal of market perfection. And suppose the practice of regulation should be based upon a theory of regulation (regulatory principles) which can be empirically shown to have worked in financial history. Then what kind of regulatory theory could this be and how constructed and how verified? The goal is a cross-disciplinary theory of regulation—which can prescriptively direct financial markets toward the ideal of economic perfection. The economic ideal is for any financial market to operate with transparent financial information, rational financial behavior, effective financial performance, and integrity in economic risk. And this is a traditional idea in banking regulation.

Suggested Citation

  • Frederick Betz, 2014. "Empirically Grounded Theory," SpringerBriefs in Economics, in: Why Bank Panics Matter, edition 127, chapter 0, pages 9-21, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-01757-0_2
    DOI: 10.1007/978-3-319-01757-0_2
    as

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