IDEAS home Printed from
   My bibliography  Save this paper

Algumas Das Contribuições De Stiglitz À Teoria Dos Mercados Financeiros


  • Dante Mendes Aldrighi


The objective of this paper lies in identifying Stiglitz's main theoretical contributions to Financial Economics. It is shown that he made material headway in the following issues: (1) the Modigliani-Miller theorem, (2) the efficient market hypothesis, (3) the microeconomic effects of asymmetrical information in financial markets, as well as (4) its real macroeconomic effects. The contemporary economic thought out of which these contributions emerged is succinctly portrayed. The analysis reveals that the focal point of Stiglitz's theoretical research on financial markets has been the underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasized that the theoretical framework he constructed before the nineties provided the foundations for his empirical analyses on financial factors inhibiting or fostering economic development, on currency and financial crises in developing countries, and on the role of the IMF.

Suggested Citation

  • Dante Mendes Aldrighi, 2004. "Algumas Das Contribuições De Stiglitz À Teoria Dos Mercados Financeiros," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 005, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:005

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty


    Access and download statistics


    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:anp:en2004:005. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rodrigo Zadra Armond). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.