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This essay provides a nontechnical account of the development of thinking about the ways in which financial markets work. The account is organized by distinguishing between the financial approach and the monetary approach to the study of financial markets. The financial approach emphasizes the...
Today's maturity pattern of interest rates contains an implicit market forecast of future shortterm rates. However, it is well known that these implied rates generally fail to explain actual movements in shortterm rates. From two empirical propositions about movements of yield curves it follows...
This paper extends the search for small firms and exchange efficiency effects on seasoned stocks to the new issues market on a sample of placings drawn from the UKs Official List, Unlisted Securities Market and Third Market. Tests of means and regressions are undertaken to examine the...
In October of 1987 stock market prices all over the world fell by staggering amounts. A financial panic spreading beyond stock markets did not occur and it would appear that any real economic consequences of the crash have, thus far, been small. A superficial reading of economic history suggests...
For centuries economists have been analysing how regulations governing the operation of markets may improve the workings of an economic system. In the past twenty years, particularly in the United States, there has emerged a large body of research which analyses the role of a particular type of...
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