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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Understanding Financial Market Failures

Understanding Financial Market Failures

Chapter:
(p.589) 28 Understanding Financial Market Failures
Source:
International Finance
Author(s):

RAJ AGGARWAL

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0028

Most industrialized countries suffered a major breakdown of financial markets and systems during the period 2007 to 2009. This chapter reviews the causes and consequences of this financial market failure and its relationship with market inefficiencies to develop a framework for possible corrective regulations. The analysis combines insights from multiple fields such as finance, economics, and politics to understand the many reasons for market failure. This analysis is the basis for developing five practical principles to guide regulations required to mitigate the effects of market failures. The results should be of interest to individuals, money managers, business executives, and policymakers.

Keywords:   market efficiency, behavioral finance, regulation, market failure

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