Financial markets in perspective : lessons from economic history and history of economic thought / / Arie Arnon, Maria Cristina Marcuzzo, Annalisa Rosselli, editors

• Pubblicazione: Cham, Switzerland : , : Springer, , [2022]; ©2022
• Descrizione fisica: 1 online resource (273 pages)
• Disciplina: 332.0415
• Soggetto topico: Capital market; Economic history
• Persona (resp. second.): ArnonArie; MarcuzzoMaria Cristina <1948->; RosselliAnnalisa
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Intro -- Foreword -- Introduction -- Contents -- Contributors -- Part I: Guggenheim Prize Lecture -- The Myth of Money as a Veil -- 1 Introduction -- 2 Early Debates -- 3 Money and the Myth of the Invisible Hand of the Market -- 4 The Keynesian Notions of Uncertainty and Liquidity Preference -- 5 Minsky´s Money Manager Economy -- 6 Some Provisional Conclusions -- References -- Part II: Financial History -- British Investment Trusts 1868-1928: Portfolio Diversification and the Beginnings of Institutional Investment -- 1 Introduction -- 2 Risk Reduction Through Diversification -- 3 The Role of Investment Trusts in Portfolio Diversification -- 4 Investment Trusts as Companies -- 5 Corporate Governance -- 6 The Investment Trust Sample -- 7 Investment by Geographical Region, Sector, and Security Type -- 8 Stock Selection -- 9 Market Timing -- 10 Conclusions -- References -- Early Reflections on the Democratization of Organized Markets and Their Regulations -- 1 Introduction -- 2 Early Reflections on Free Access to Organized Markets and Market Democratization -- 3 Speculation, Market Democratization, and Price Discovery -- 4 Market Democratization in Different Institutional Contexts -- 5 Dealing with Market Democratization: Praise and Reforms -- References -- Keynes as a Trader in Commodity Futures -- 1 Introduction -- 2 Keynes´s Early vs Later Views on Speculation -- 3 The Theory of Normal Backwardation -- 4 Keynes as Investor in Commodity Futures Markets: An Overview -- Cotton -- Tin -- Wheat -- 5 Conclusions -- References -- High-Frequency Trading and the Material Political Economy of Finance -- 1 Einsteinian Materiality -- 2 Material Political Economy -- 3 Material Political Economy -- 4 Data Sources -- 5 High-Frequency Trading -- 6 HFT´s Signals -- 7 Making -- 8 Taking: Picking Off Stale Quotes -- 9 Intervening in Making-Taking Interaction. ; 10 Conclusion -- References -- Part III: Lessons from History and Great Economists -- Marx and Hayek on ``Real´´ Versus ``Less Real´´ Explanations for the Fragility of Capitalism -- 1 Introduction and Outline of the Argument -- 2 Karl Marx (1818-1883) -- 3 Friedrich A. von Hayek (1899-1992) -- Hayek on Policy in the Early 1930s -- 4 Synopsis: Marx´s and Hayek´s Reading of Nineteenth-Century British Monetary Theory -- References -- Financial Instability and Crises in Keynes´s Monetary Thought -- 1 Introduction -- 2 Early Concerns Regarding Banking Instabilities -- 3 Early Concerns Regarding Creditor-Debtor State Relationships -- 4 Internal Equilibrium in Theory and British Practice: From the Tract to the Treatise -- 5 Keynes as an Investor and Economic Commentator During the Great Depression -- The American Visit, 1931 -- The German Visit, 1932 -- 6 Concluding Remarks -- References -- Debt and Debt Management: Reflections on a Fable by Kalecki -- 1 Kalecki´s Fable -- 2 Debt Payment Processes -- 3 Some Implications for Debt Management -- References -- Part IV: Income Distribution and the Social Roots of Economic Crisis -- Desperation by Consent: Inequality and Financial Crises -- 1 Introduction -- 2 Frustrated Expectations -- 3 Stability Versus Efficiency -- 4 Conclusion -- References -- Inequality, Economic Policy, and Household Credit in the USA: The Roots of Unsustainable Finance -- 1 The Distribution of Household Debt -- 2 The Long-Term Macroeconomic Consequences of Household Overindebtedness -- 3 Conclusions -- References -- Profitability, Stimulus Policy, and Finance -- 1 Introduction -- 2 Effective Demand and Competition -- 3 The Rate of Profit -- 4 The Rate of Interest -- 5 Expectations and Macroeconomic Outcomes: Instability as the Means to Stability -- 6 Stimulus from Increased Purchasing Power -- 7 Inflation and Stagflation. ; 8 Historical Stimulus Policies -- 9 The Lesson from Stimulus Policies -- References -- Part V: Today´s Macroeconomics Confronts Economic Crises -- Some Reflections on Financial Instability in Macro Agent-Based Models: Genealogy and Objectives -- 1 Introduction -- 2 A Brief History of the Emergence of Agent-Based Macroeconomics -- Traditional Critiques in a New Favorable Context -- A Research Program -- 3 Understanding (Macro-)Financial Instability: Old Roots for New Microeconomic Foundations -- Foundations of KandS (Keynes and Schumpeter) -- Roots for CATS (Computational Adaptive System) -- 4 Modeling Strategies and Research Agenda -- Financial Business Cycles -- Credit Network Matters -- Long-Run Dynamics and Financial Factors -- 5 Some Preliminary Conclusions -- References -- Financial Instability and Frictions: Can DSGE Models Finally Address the Critical Issues? -- 1 Introduction -- 2 Pre-crisis DSGE -- 3 The Trouble with Intertemporal Coordination -- Frictions or Coordination Failures? -- Strange Cousins in the Family Tree -- Synthetic Blindness to Financial Instability -- 4 DSGE with Financial Frictions -- Financial Accelerator and Credit Cycles -- Post-Crisis DSGE in a Representative Model -- Achievements and Limitations -- 5 Conclusion -- References -- Instability and Structural Dynamics in the Macroeconomy: A Policy Framework -- 1 Introduction -- 2 Uneven Dynamics and Macroeconomic Policy: Prospects and Challenges -- 3 The Mainspring of Structural Dynamics: The Trade-Production-Finance Nexus -- 4 Distributional Dynamics and Policy Effectiveness -- 5 Towards a Structural Policy Framework -- 6 Conclusion -- References.
• Titolo autorizzato: Financial markets in perspective
• ISBN: 3-030-86753-6
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910544853603321
• Lo trovi qui: Univ. Federico II
• Serie: Springer Studies in the History of Economic Thought