An analysis of Walras' and Marshall's explanation of competitive price notes that both model actually existing, but different, forms of trading in stock markets, a call auction and a continous auction respectively. Although Walras uses market organisation to ensure complete information, under...

The German 'Universal Bank' Form has frequently suggested as a model for the reform of U.S. Banking system because it does not restrict banks by means of market segmentation of their activities. This paper looks at the historical evolution of financial institutions in Germany and its modern...

This paper investigates the role of financial stucture on he financial fragility of the economy. It argues that while strucures is indipendent of the degree of what Misky calls financial fragility, it will have an impact on the rate of contagion by which financial fragility produces general...

This paper seeks to extend Coase's explanation of the existence of firms in general to financial firms and the financial markets in particular. Fianancial firms are defined as "producting prices" of financial assets. It also seeks to describe market structure in terms of constellations of...

This paper argues that the current global recession may be enterpreted as the widely anticipated post-war continuation of the Great Depression some 40 years later. It suggests that those factors which prevented the resumption of slump conditions was the inability of the Bretton Woods conference...