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Economics as a Social Science: Financial Regulation After The Crisis


  • John Quiggin

    () (School of Economics, University of Queensland)


One of the most striking developments of the late 20th century was the explosion in the volume, speed and complexity of international financial transactions, and the resulting breakdown of effective regulatory control over the global financial system. The speed with which this process has gone into reverse since the onset of the financial crisis has been equally striking. Transactions in the global foreign exchange market, once confined to financing trade flows, peaked at around $4 trillion per day in mid-2008. At that pace, two days of foreign exchange trading would be sufficient to finance an entire year’s trade flows. The growth of private credit reached an annualised rate of $10 trillion at the same time.

Suggested Citation

  • John Quiggin, 2010. "Economics as a Social Science: Financial Regulation After The Crisis," Risk & Uncertainty Working Papers WPR10_4, Risk and Sustainable Management Group, University of Queensland.
  • Handle: RePEc:rsm:riskun:r10_4

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    1. Powell, Alan A. & Gruen, Fred H.G., 1967. "The Estimation Of Production Frontiers: The Australian Livestock/Cereals Complex," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 11(01), June.
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    5. Chambers,Robert G. & Quiggin,John, 2000. "Uncertainty, Production, Choice, and Agency," Cambridge Books, Cambridge University Press, number 9780521785235, March.
    6. Christopher O’Donnell & Robert Chambers & John Quiggin, 2010. "Efficiency analysis in the presence of uncertainty," Journal of Productivity Analysis, Springer, vol. 33(1), pages 1-17, February.
    7. O'Donnell, Christopher J. & Shankar, Sriram, 2009. "Estimating State-Allocable Production Technologies When There are Two States of Nature and State Allocations of Inputs are Unobserved," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 50898, Australian Agricultural and Resource Economics Society.
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    Economics as a Social Science;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics

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