As soon as international financial markets felt reassured in 2003 by the surprisingly neoliberal orientation of President Lula’s government, the ‘spot-the-new-Latin-tiger’ financial brigade became dazzled by Brazil — they just couldn’t have enough of it. So much so, that they had...

This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put...

The basic theory of price formation tells us how the price of a particular asset will change based on the adjustment to its supply and demand. However, values of assets are also determined by other business fundamentals, company's and world events, human psychology, and investors' belief about...

What can history tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...

The paper proposes to ground the taxonomy of economic systems on the identification of strongly performative institutions as distinctive features. I analyse performativity on the basis of the Aoki model of institutions, enriched by current approaches to performativity, which I combine with...

This paper examines the current role of the capital market and its effects, not only on operating companies, but also on society. We describe the growth of ‘worker capital' in the world's financial markets and with it, the emergence of potential conflicts of interest among shareholder groups....

We argue that a financial transaction tax complements financial market regulation. With the tax, governments have an additional instrument at hand to influence trading activity. FTT aims to reduce regulatory arbitrage, flash trading, overactive portfolio management, excessive leverage and...