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Stabilizing endogenous instability. Proposals for an institutionalist reform of financial regulation

Author

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  • Faruk Ülgen

    (CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

A major and persistent question behind economic theories and related policies is whether the market can self-regulate without any restrictive exogenous intervention or whether regular and binding public regulation is necessary for ensuring the reproduction of the economic system in a sustainable way over time. This article considers this question with regard to the working of financial markets in a liberalized environment. Drawing upon an institutionalist stance, the article shows why the operation of a financialized capitalist economy usually leads to systemic imbalances and crises. The article then suggests an alternative framework for a consistent financial regulation that could prevent market actors from developing short-sighted strategies and gambling on macro stability.

Suggested Citation

  • Faruk Ülgen, 2019. "Stabilizing endogenous instability. Proposals for an institutionalist reform of financial regulation," Post-Print halshs-02128144, HAL.
    • Handle: RePEc:hal:journl:halshs-02128144
    DOI: 10.1080/00213624.2019.1594542
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    Cited by:

    1. Filiz Mızrak & Serhat Yüksel, 2019. "Significant Determiners of Greek Debt Crisis: A Comparative Analysis with Probit and MARS Approaches," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 8(3), pages 33-50, July.

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