Regulation and Sausages

Douglas Gale ()

Manchester School, 2015, vol. 83, 1-26

Abstract: type="main">

The experience of market disruption during the recent financial crisis has focused attention on the requirements for increasing the resilience of financial markets. Theoretical research has provided new insights into the sources of ‘market freezes’. These models offer new explanations for the sudden drying up of liquidity in terms of adverse selection, ambiguity aversion, coordination failure, hoarding and market manipulation. The challenge is to make use of these insights to help design better regulatory frameworks and improve the structure of the financial system.

Date: 2015
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