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Hilferding on Derivatives




Rudolf Hilferding is a leading Marxist scholar. But Hilferding's approach to derivatives has been left untouched. The paper aims at contributing to the literature. Hilferding realized that the development of the stock exchange was parallel to the development of standardized derivative exchanges. Hilferding understood the economic significance that derivative markets have for the organization of capitalism. The intention of incorporating the futures market in his general approach using Marxian theoretical categories is significant in the long tradition of political economy.

Suggested Citation

  • Sotiropoulos, Dimitris P., 2012. "Hilferding on Derivatives," Economics Discussion Papers 2012-3, School of Economics, Kingston University London.
  • Handle: RePEc:ris:kngedp:2012_003

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    References listed on IDEAS

    1. By A. Javier Hamann, 2001. "Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1-4.
    2. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters,in: Inflation: Causes and Effects, pages 41-98 National Bureau of Economic Research, Inc.
    3. Sergio Rebelo & Carlos A. Vegh, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," NBER Chapters,in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188 National Bureau of Economic Research, Inc.
    4. Tornell, Aaron & Velasco, Andres, 1998. "Fiscal discipline and the choice of a nominal anchor in stabilization," Journal of International Economics, Elsevier, vol. 46(1), pages 1-30, October.
    5. Edwards, Sebastian, 1998. "Two Crises: Inflationary Inertia and Credibility," Economic Journal, Royal Economic Society, vol. 108(448), pages 680-702, May.
    6. Guillermo A. Calvo & Carlos A. Végh, 1994. "Inflation Stabilization And Nominal Anchors," Contemporary Economic Policy, Western Economic Association International, vol. 12(2), pages 35-45, April.
    7. Ari Aisen, 2007. "Money-Based vs. Exchange-Rate-Based Stabilization: Is There Room for Political Opportunism?," IMF Staff Papers, Palgrave Macmillan, vol. 54(2), pages 385-417, June.
    8. Pierre-Richard Agénor & Mark P. Taylor, 1992. "Testing for Credibility Effects," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 545-571, September.
    9. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119, June.
    10. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    11. Edwards, Sebastian, 1996. "Exchange-Rate Anchors, Credibility, and Inertia: A Tale of Two Crises, Chile and Mexico," American Economic Review, American Economic Association, vol. 86(2), pages 176-180, May.
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    Cited by:

    1. Apostolos Fasianos & Diego Guevara & Christos Pierros, 2016. "Have We Been Here Before? Phases of Financialization within the 20th Century in the United States," Economics Working Paper Archive wp_869, Levy Economics Institute.

    More about this item


    Hilferding; Marx; finance; derivatives;

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • G00 - Financial Economics - - General - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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