The Basel III framework represents the response to the regulation deficits of the financial cri-sis and the immense losses of many banks in years 2007/2008. The aim of the framework is to increase the level of capital in financial institutions and to improve the loss absorption and risk coverage...

This paper presents an overview of recent research in neuroeconomics, in the light of the question how these relate to institutional economics. I present a critique of Glimcher's recent internalist standard model of neuroeconomics and put forward the claim that only an externalist approach can...

Neuroeconomics stays in the center of the ongoing naturalistic turn in economics. It portrays the individual as a complex system of decision making mechanisms and modules. This results into a conceptual tension with the standard economic notion of the unity of the actor that is a systemic...

Economics is increasingly adopting the methodological standards and procedures of the natural sciences. The paper analyzes this 'naturalistic turn' from the philosophical perspective on naturalism, and I discuss the implications for the field of finance. The theory of finance is an interesting...

In many analyses of the Chinese so-called economic miracle, cultural factors loom large. This paper offers a brief overview of recent economic approaches to culture and puts these into an analytical framework that highlights the dynamic and creative aspects of culture. I argue that China is a...

Most traditional Value at Risk models neglect market liquidity risk and hence only consider the market price risk (i.e. risk associated with holding a certain position). In order to fully capture the market risk associated to holding and trading a position, we first define market liquidity risk,...

China is the odd man out in the research on social capital and economic performance. A brief survey of recent World Values Survey data depicts China to be a high-trust, achievement oriented society, which does not fit into popular pictures of rampant corruption and abuses of power. I argue that...

Building on a new model of institutions proposed by Aoki and the systemic approach to economic civilizations outlined by Kuran, this paper attempts an analysis of the cultural foundations of recent Chinese economic development. I argue that the cultural impact needs to be conceived as a creative...