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Article dans une revue Journal of Economic Issues Année : 2018

Collective action and the institutionalist approach to financial regulation

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.
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Dates et versions

halshs-02090740, version 1 (05-04-2019)

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Faruk Ülgen. Collective action and the institutionalist approach to financial regulation. Journal of Economic Issues, 2018, 52 (2), pp.541-549. ⟨10.1080/00213624.2018.1469934⟩. ⟨halshs-02090740⟩

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Dernière date de mise à jour le 28/04/2024
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