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Credit Default Swaps, Contract Theory, Public Debt, and Fiat Money Regimes: Comment on Polleit and Mariano

Méra, Xavier - HAL - 2013

correct in pointing out that speculation with CDS can conceivably hurt the borrowers' interests, they fail to grasp that this …

Persistent link: https://www.econbiz.de/10010820940

The Environmental Violence of Volatility

Bouleau, Nicolas - HAL - 2013

Since the Brundtland report in 1987, at the start of the series of United Nations Conferences on the Environment and Development, the world population has grown by more than it was in the time of Adam Smith. Oil consumption has increased by 40% and the trend is similar for other exhaustible...

Persistent link: https://www.econbiz.de/10010739123

Disagreement-Based Trading and Speculation: Implications for Financial Regulation and Economic Theory

Biondi, Yuri - HAL - 2011

discusses the legal-economic framework of speculation and its recent transformation, making reference to the case of derivatives … model of trade (and speculation) based on disagreement, advocating further developments that take into account market …

Persistent link: https://www.econbiz.de/10008835378

Comparative Advantage and Uncertainty Bearing

Méra, Xavier - HAL - 2013

The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing. In this article we explain why the entrepreneurial function as conceptualized by Frank Knight and Mises...

Persistent link: https://www.econbiz.de/10010674276

Are derivatives dangerous?

Capelle-Blancard, Gunther - HAL - 2010

Since the 1970s, the financial system has undergone deep structural changes. Innovation has been a key driver of these changes and most economists acknowledge that the impact has been positive overall. However, each time a financial crisis arises, the debate is on. Derivatives especially, which...

Persistent link: https://www.econbiz.de/10010605339

A discussion of stock market speculation by Pierre-Joseph Proudhon

Juhel, Jean-Claude; Dufour, Dominique - HAL - 2008

-Joseph Proudhon (1809-1865) in relation to the causes and effects of Stock market speculation. It is based upon the works of this …'s thought in relation to speculation. It is divided into two parts. The first part is dedicated to Pierre-Joseph Proudhon …'s definitions of stock market speculation or gambling with shares that for him served no purpose either from a human or economic …

Persistent link: https://www.econbiz.de/10008791994

Multivariate utility maximization with proportional transaction costs and random endowment

Benedetti, Giuseppe; Campi, Luciano - HAL - 2011

In this paper we deal with a utility maximization problem at finite horizon on a continuous-time market with conical (and time varying) constraints (particularly suited to model a currency market with proportional transaction costs). In particular, we extend the results in Campi and Owen (2011)...

Persistent link: https://www.econbiz.de/10009643221

The dynamics of ex-ante risk premia in the foreign exchange market: evidence from the yen/usd exchange rate using survey data

Prat, Georges; Uctum, Remzi - HAL - 2007

Using financial experts' Yen/USD exchange rate expectations provided by Consensus Forecasts surveys, this paper aims to model the 3 and 12-month ahead ex-ante risk premia, measured as the difference between the expected and forward exchange rates. The condition of predictability of returns...

Persistent link: https://www.econbiz.de/10008792964

Stochastic dominance with respect to a capacity and risk measures

Grigorova, Miryana - HAL - 2011

Pursuing our previous work in which the classical notion of increasing convex stochastic dominance relation with respect to a probability has been extended to the case of a normalised monotone (but not necessarily additive) set function also called a capacity, the present paper gives a...

Persistent link: https://www.econbiz.de/10009368022