I study how improved equity market efficiency affect banks' credit supply, an indicator of bank risk taking. The reform of non-tradable shares restriction enhance stock market efficiency and better control the bank's risk, and different policy environments will affect the effectiveness of the...

How to stimulate the economy by credit creation without causing financial instability is the main thrust of this book. In order to accomplish this goal, the author suggests, contrary to the accepted, albeit conventional, academic paradigm, doing away with the Efficient Market Hypothesis and...

Introduction -- Efficient markets and central banks? -- Money, banks and central banks -- Stable and unstable markets -- Deceiving the diligent -- On (central bank) governors -- Minsky meets Mandelbrot -- Beyond the efficient market fallacy -- Concluding remarks

Periods of economic turmoil distort the ability of stock prices to reflect the available information. In the last three decades, emerging markets experienced numerous crises. The major three of them are the Asian Financial Crisis (1997-1998), Global Financial Crisis (2007-2009) and Global...