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The role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis.

After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed.

This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.

Tabla de contenidos provista por Syndetics

• Preface: The New Bull: Will The Market Still Fluctuate?(p. vii)
• The Stock Market Recovers(p. viii)
• Fears of a New Speculative Market(p. ix)
• The Public Interest in the New Bull Market(p. xii)
• Greenspan and the Stock Market(p. xii)
• The Bull Market Continues(p. xiv)
• The Current Status of Speculative Market Theories(p. xv)
• Appendix(p. xvi)
• 1. Introduction: Economists On (and In) the Stock Market(p. 1)
• Two Views of Economists on the Stock Market(p. 2)
• Organization of the Book(p. 8)
• Economists in the Stock Market: A Digression(p. 9)
• 2. The Stock Market: Structure, Performance and Character(p. 15)
• The Historical Development of Stock Markets(p. 15)
• Institutional Structure of Modern Stock Exchanges(p. 18)
• Performance: Bulls, Bears, Bubbles and Crashes(p. 24)
• Character: Manipulation and Speculation(p. 28)
• Regulation of the Stock Market(p. 33)
• 3. Neo-classical Economists on Rational Markets and Speculation(p. 37)
• Stock Markets as Capital Markets(p. 38)
• Development of the Rational Markets View(p. 39)
• The Neo-classical View of Speculation and Manipulation(p. 48)
• 4. Stock Markets in Veblen's Theory of Business Enterprise(p. 59)
• The Historical Setting(p. 59)
• The Nature of Business Capital(p. 60)
• The Functioning of Stock Markets(p. 64)
• Concluding Statement(p. 76)
• 5. Keynes on Speculative Stock Markets(p. 77)
• Two Analyses of Stock Prices(p. 77)
• Organization of the Chapter(p. 78)
• The Economic Importance of Stock Prices(p. 78)
• Determination of Stock Prices in Treatise(p. 81)
• Determination of Stock Prices in The General Theory(p. 87)
• Consequences of Stock Market Speculation(p. 93)
• Controlling Speculative Markets(p. 99)
• Concluding Statement(p. 102)
• 6. Galbraith's Model of Speculative Stock Markets(p. 103)
• An Institutionalist Model of Speculative Markets(p. 104)
• Organization of the Chapter(p. 106)
• The Psychology of Speculative Manias(p. 106)
• Contributing Institutional Factors(p. 111)
• Consequences and Control of Speculative Manias(p. 119)
• 7. Recent Developments in Speculative Markets Theory: Fads, Fashions and 'Rational' Bubbles(p. 123)
• Organization of the Chapter(p. 123)
• Fads, Fashions and Popular Models(p. 124)
• Rational 'Irrationality'(p. 133)
• Post Keynesian Critiques of Efficient Markets(p. 143)
• 8. Current Prospects for Speculative Markets Theory(p. 147)
• The KVGS Model of Speculative Markets(p. 148)
• Explaining the Post-1987 Crash Stock Market(p. 157)
• Bibliography(p. 161)
• Index(p. 169)

Notas de autor provistas por Syndetics

J. Patrick Raines is Professor of Economics and F. Carlyle Tiller Chair in Business at the University of Richmond, USA.