Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros

Detalhes bibliográficos
Autor(a) principal: Aldrighi,Dante Mendes
Data de Publicação: 2006
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista de Economia Política
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572006000100008
Resumo: The objective and originality of this paper lie in identifying Stiglitz's main theoretical contributions to Financial Economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. Grounded on a detailed analysis of Stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the Modigliani-Miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. In all of these topics, the focal point of Stiglitz's theoretical research is the unrealistic underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.
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spelling Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeirosStiglitzModigliani-Miller theoremthe efficient market hypothesisasymmetrical informationcredit rationingfinancial marketsThe objective and originality of this paper lie in identifying Stiglitz's main theoretical contributions to Financial Economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. Grounded on a detailed analysis of Stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the Modigliani-Miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. In all of these topics, the focal point of Stiglitz's theoretical research is the unrealistic underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.Centro de Economia Política2006-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572006000100008Brazilian Journal of Political Economy v.26 n.1 2006reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/S0101-31572006000100008info:eu-repo/semantics/openAccessAldrighi,Dante Mendespor2006-03-29T00:00:00Zoai:scielo:S0101-31572006000100008Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2006-03-29T00:00Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
title Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
spellingShingle Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
Aldrighi,Dante Mendes
Stiglitz
Modigliani-Miller theorem
the efficient market hypothesis
asymmetrical information
credit rationing
financial markets
title_short Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
title_full Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
title_fullStr Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
title_full_unstemmed Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
title_sort Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
author Aldrighi,Dante Mendes
author_facet Aldrighi,Dante Mendes
author_role author
dc.contributor.author.fl_str_mv Aldrighi,Dante Mendes
dc.subject.por.fl_str_mv Stiglitz
Modigliani-Miller theorem
the efficient market hypothesis
asymmetrical information
credit rationing
financial markets
topic Stiglitz
Modigliani-Miller theorem
the efficient market hypothesis
asymmetrical information
credit rationing
financial markets
description The objective and originality of this paper lie in identifying Stiglitz's main theoretical contributions to Financial Economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. Grounded on a detailed analysis of Stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the Modigliani-Miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. In all of these topics, the focal point of Stiglitz's theoretical research is the unrealistic underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.
publishDate 2006
dc.date.none.fl_str_mv 2006-03-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572006000100008
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572006000100008
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv 10.1590/S0101-31572006000100008
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Centro de Economia Política
publisher.none.fl_str_mv Centro de Economia Política
dc.source.none.fl_str_mv Brazilian Journal of Political Economy v.26 n.1 2006
reponame:Revista de Economia Política
instname:EDITORA 34
instacron:EDITORA_34
instname_str EDITORA 34
instacron_str EDITORA_34
institution EDITORA_34
reponame_str Revista de Economia Política
collection Revista de Economia Política
repository.name.fl_str_mv Revista de Economia Política - EDITORA 34
repository.mail.fl_str_mv ||cecilia.heise@bjpe.org.br
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