ALGUMAS DAS CONTRIBUIÇÕES DE STIGLITZ À TEORIA DOS MERCADOS FINANCEIROS

The objective of this paper lies in identifying Stiglitz's main theoretical contributions to Financial Economics. It is shown that he made material headway in the following issues: (1) the Modigliani-Miller theorem, (2) the efficient market hypothesis, (3) the microeconomic effects of asymmetrical information in financial markets, as well as (4) its real macroeconomic effects. The contemporary economic thought out of which these contributions emerged is succinctly portrayed. The analysis reveals that the focal point of Stiglitz's theoretical research on financial markets has been the underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasized that the theoretical framework he constructed before the nineties provided the foundations for his empirical analyses on financial factors inhibiting or fostering economic development, on currency and financial crises in developing countries, and on the role of the IMF.