Governments have a substantial influence on the allocation of resources in setting the rules of the game of financial markets. However, up to now, institutional economics and the theory of financial markets are totally separated research areas. To close this analytical gap, our paper connects...

Transformation erfordert die Veränderungen von Institutionen und die Öffnung von Finanzmärkten. Allerdings gelten zehn Jahre nach Beginn der Transformation Institutionen und die Funktionsweise der Finanzmärkte noch immer als Problemfelder der Reformen in Mittel- und Osteuropa. Damit werden...

Possible policy implications of the New Institutional Economics are dealt with. Before spelling them out, the core questions of this research program as well as its main assumptions and hypotheses are described. Since a familiar reproach toward the New Institutional Economics is its lack of...