Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros
Autor(a) principal: | |
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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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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 |
format |
article |
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 |
eu_rights_str_mv |
openAccess |
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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1754122480337813504 |