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From liberal finance inconsistency to relevant systemic regulation : an institutionalist analysis

Listed author(s):
  • Faruk Ülgen

    ()

    (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France)

This article suggests an institutionalist analysis of monetary capitalism and points to the inconsistency of liberal regulation mechanisms. It leans on the characteristics of money in a capitalist economy, often ignored by the consensual wisdom but explicitly studied by institutionalist approaches as major concerns in economic evolution. The article then shows, in a Minskyian vein, the weaknesses and irrelevance of liberal financial structures with regard to the prerequisites of sustainable macroeconomic stability. The main implication is that macro-prudential regulatory reforms must be designed and implemented to tame speculative finance. Therefore, market-based self-regulation mechanisms must be replaced by public regulation processes that could be framed on two rules: preventive-constrained finance and preventive-binding funding.

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File URL: https://halshs.archives-ouvertes.fr/halshs-01166696/document
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Paper provided by HAL in its series Post-Print with number halshs-01166696.

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Date of creation: 09 Jun 2015
Publication status: Published in Colloque international Recherche & régulation "La théorie de la régulation à l'épreuve des crises", Jun 2015, Paris, France. 2015,
Handle: RePEc:hal:journl:halshs-01166696
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01166696
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  1. Faruk Ülgen, 2014. "Schumpeterian economic development and financial innovations : a conflicting evolution," Post-Print halshs-00948288, HAL.
  2. Andrei Shleifer, 2009. "The Age of Milton Friedman," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 123-135, March.
  3. Robert Boyer, 2007. "Capitalism Strikes Back: Why and What Consequences for Social sciences?," Post-Print halshs-00754654, HAL.
  4. Boyer, Robert, 2007. "Capitalism Strikes Back: Why and What Consequences for Social Sciences?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 1.
  5. Sergio L. Schmukler & Graciela Laura Kaminsky, 2003. "Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization," IMF Working Papers 03/34, .
  6. Rutherford,Malcolm, 2013. "The Institutionalist Movement in American Economics, 1918–1947," Cambridge Books, Cambridge University Press, number 9781107626089, December.
  7. Amadou N.R. Sy, 2009. "The Systemic Regulation of Credit Rating Agencies and Rated Markets," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(4), pages 69-108, October.
  8. Giancarlo Bertocco, 2013. "On Keynes's Criticism of the Loanable Funds Theory," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 309-326, April.
  9. Faruk Ülgen, 2013. "Coordination in economy : an essay on money," Post-Print halshs-00847342, HAL.
  10. Philip Arestis, 2009. "New Consensus Macroeconomics: A Critical Appraisal," Economics Working Paper Archive wp_564, Levy Economics Institute.
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