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2018
- handle: 10670/1.uheycs
- halshs: halshs-02090740
- doi: 10.1080/00213624.2018.1469934
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info:eu-repo/semantics/altIdentifier/doi/10.1080/00213624.2018.1469934
Mots-clés
financial instability financial regulation institutionalism money economy precautionary principle public good B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B5 - Current Heterodox Approaches/B.B5.B52 - Institutional • Evolutionary E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E61 - Policy Objectives • Policy Designs and Consistency • Policy Coordination G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises G - Financial Economics/G.G1 - General Financial Markets/G.G1.G18 - Government Policy and Regulation H - Public Economics/H.H4 - Publicly Provided Goods/H.H4.H41 - Public GoodsSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Faruk Ülgen, « Collective action and the institutionalist approach to financial regulation », HAL-SHS : économie et finance, ID : 10.1080/00213624.2018.1469934
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Résumé
Drawing on the institutionalist approach to a capitalist economy as a money economy, I regard financial regulation and supervision as a collective action problem. I argue that, given the basic characteristics of such an economy, a financial system may be considered as a public utility and financial stability as a public good. I then maintain that the provision of the latter could not rely on private market mechanisms, such as self-regulation and price-directed incentives. As capitalism develops through more financialized forms, new institutions and regulatory rules must be designed to reframe the market’s boundaries in order to consolidate systemic stability, which is a basic condition for continuous and sustainable economic relations in society. I then suggest a precautionary-principle based macro-prudential approach to financial regulation in order to ensure a sustainable provision of finance and financial stability that is consistent with the characteristics of a money economy.