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The ultrarational illusion of finance. Economics and policymaking
- from Part I - THE CONTRIBUTION OF ACCOUNTABILITY, INDEPENDENCE AND ECONOMIC THEORY TO RESPONSIVE-AND-RESPONSIBLE FINANCIAL REGULATION
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- By Xosé Carlos Arias, University of Vigo, Antón Costas, University of Barcelona
- Edited by Pablo Iglesias-Rodriguez
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- Book:
- Building Responsive and Responsible Financial Regulators in the Aftermath of the Global Financial Crisis
- Published by:
- Intersentia
- Published online:
- 26 November 2017
- Print publication:
- 27 February 2015, pp 67-86
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Summary
INTRODUCTION
Until the 1970s, the prevailing idea was that finance is inherently unstable and could potentially endanger the rest of the economic system. Consequently, regulatory structures were quite strict, the outcome of which was extraordinarily secure financial systems. In fact, there were rather few financial crises of note. However, since then, a dual phenomenon emerged, one that was increasingly cause- and effect-based. On the one hand, new concepts and arguments arose which emphasised the natural efficiency of the financial markets and the assumption that economic subjects behave in a thoroughly rational manner: the Efficient Market Hypothesis (EMH) and the Rational Expectations Hypothesis (REH) gradually became more mainstream elements of financial theory and macroeconomics reasoning, respectively. On the other, the world of finance was undergoing a radical transformation, both in quantitative terms (by the most conservative estimates, its relative weight in the world economy increased by 350% between 1980 and 2007) as well as qualitative ones, as the notion of financial activity shifted drastically during those years through a complex process of four main vectors: innovation, securitisation, deregulation and generalised capital account liberalisation.
EMH and REH predominance was evident not only in academic spheres but also amongst investors and policymakers (the example of Alan Greenspan here would be paradigmatic). These ideas were the fundamental pillars upon which a shared mentality was built, one we shall call a ‘belief system’, with two major theoretical components that quickly turned psychological: the blind belief in the efficiency of the market mechanism and in the completely rational responses of market agents. For a few years, the so-called ‘Great Moderation’, which brought with it the illusion of having finally achieved a cycle-less economic order, with indefinite long-term stability, appeared to legitimise this set of ideas. However, the 2008 financial crisis changed everything: the evidence that international finance was an overly optimistic reality, one that was completely disproportionate and lacking the possibility of any sort of control, created widespread panic in the face of the eventuality of a system collapse. Under these conditions, many top economists and financial analysts directly attributed the origin of the disaster to the EMH and REH.
Contributors
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- By Rose Teteki Abbey, K. C. Abraham, David Tuesday Adamo, LeRoy H. Aden, Efrain Agosto, Victor Aguilan, Gillian T. W. Ahlgren, Charanjit Kaur AjitSingh, Dorothy B E A Akoto, Giuseppe Alberigo, Daniel E. Albrecht, Ruth Albrecht, Daniel O. Aleshire, Urs Altermatt, Anand Amaladass, Michael Amaladoss, James N. Amanze, Lesley G. Anderson, Thomas C. Anderson, Victor Anderson, Hope S. Antone, María Pilar Aquino, Paula Arai, Victorio Araya Guillén, S. Wesley Ariarajah, Ellen T. Armour, Brett Gregory Armstrong, Atsuhiro Asano, Naim Stifan Ateek, Mahmoud Ayoub, John Alembillah Azumah, Mercedes L. García Bachmann, Irena Backus, J. Wayne Baker, Mieke Bal, Lewis V. Baldwin, William Barbieri, António Barbosa da Silva, David Basinger, Bolaji Olukemi Bateye, Oswald Bayer, Daniel H. Bays, Rosalie Beck, Nancy Elizabeth Bedford, Guy-Thomas Bedouelle, Chorbishop Seely Beggiani, Wolfgang Behringer, Christopher M. Bellitto, Byard Bennett, Harold V. Bennett, Teresa Berger, Miguel A. Bernad, Henley Bernard, Alan E. Bernstein, Jon L. Berquist, Johannes Beutler, Ana María Bidegain, Matthew P. Binkewicz, Jennifer Bird, Joseph Blenkinsopp, Dmytro Bondarenko, Paulo Bonfatti, Riet en Pim Bons-Storm, Jessica A. Boon, Marcus J. Borg, Mark Bosco, Peter C. Bouteneff, François Bovon, William D. Bowman, Paul S. Boyer, David Brakke, Richard E. Brantley, Marcus Braybrooke, Ian Breward, Ênio José da Costa Brito, Jewel Spears Brooker, Johannes Brosseder, Nicholas Canfield Read Brown, Robert F. Brown, Pamela K. Brubaker, Walter Brueggemann, Bishop Colin O. Buchanan, Stanley M. Burgess, Amy Nelson Burnett, J. Patout Burns, David B. Burrell, David Buttrick, James P. Byrd, Lavinia Byrne, Gerado Caetano, Marcos Caldas, Alkiviadis Calivas, William J. Callahan, Salvatore Calomino, Euan K. Cameron, William S. Campbell, Marcelo Ayres Camurça, Daniel F. Caner, Paul E. Capetz, Carlos F. Cardoza-Orlandi, Patrick W. Carey, Barbara Carvill, Hal Cauthron, Subhadra Mitra Channa, Mark D. 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Yee, Viktor Yelensky, Yeo Khiok-Khng, Gustav K. K. Yeung, Angela Yiu, Amos Yong, Yong Ting Jin, You Bin, Youhanna Nessim Youssef, Eliana Yunes, Robert Michael Zaller, Valarie H. Ziegler, Barbara Brown Zikmund, Joyce Ann Zimmerman, Aurora Zlotnik, Zhuo Xinping
- Edited by Daniel Patte, Vanderbilt University, Tennessee
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- Book:
- The Cambridge Dictionary of Christianity
- Published online:
- 05 August 2012
- Print publication:
- 20 September 2010, pp xi-xliv
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Socio-economic inequalities in suicide: A European comparative study
- Vincent Lorant, Anton E. Kunst, Martijn Huisman, Giuseppe Costa, Johan Mackenbach
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- Journal:
- The British Journal of Psychiatry / Volume 187 / Issue 1 / July 2005
- Published online by Cambridge University Press:
- 02 January 2018, pp. 49-54
- Print publication:
- July 2005
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Background
Social factors have been shown to be predictors of suicide. It is not known whether these factors vary between countries.
AimsTo present a first European overview of socio-economic inequalities in suicide mortality among men and women.
MethodWe used a prospective follow-up of censuses matched with vital statistics in ten European populations. Directly standardised rates of suicide were computed for each country.
ResultsIn men, a low level of educational attainment was a risk factor for suicide in eight out often countries. Suicide inequalities were smaller and less consistent in women. In most countries, the greater the socio-economic disadvantage, the higher is the risk of suicide. The population of Turin evidenced no socio-economic inequalities.
ConclusionsSocio-economic inequalities in suicide are a generalised phenomenon in western Europe, but the pattern and magnitude of these inequalities vary between countries. These inequalities call for improved access to psychiatric care for lower socio-economic groups.
A Sequence of Results on Class Number Congruences
- Antone Costa
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- Journal:
- Canadian Mathematical Bulletin / Volume 36 / Issue 2 / 01 June 1993
- Published online by Cambridge University Press:
- 20 November 2018, pp. 139-143
- Print publication:
- 01 June 1993
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Let p ≡ 1 mod 8 be a rational prime and let h(—p) be the class number of
. In [1], Barrucand and Cohn show that h(-p) = 0 mod 8 iff p = x2 + 32y2 for some x,y € Z. In this article, we generalize their result to a family of relative quadratic extensions K/F, where Fk is the maximum totally real subfield of Q(ζ2k+2 ), and
a power of a prime of Fk from a family of positive density.
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