In the past decade, the financial markets have been hit twice by crisis, followed each time by recession (Enron, subprime). Three theories are presented to explain the dynamics of share prices: rational expectations, behavioral finance, and an institution-oriented theory. Institutional investors...

This critical and thought-provoking book explores the causes and consequences of Europe's failed political and economic institutions. Europe's recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European...

This paper studies the relationship between the volatility of financial markets and positions in government bonds, corporate bonds, and stocks held by institutional investment portfolios, particularly pension funds. Panel data corresponding to the 34 countries of the Organization for Economic...

We revisit the relationship between economic growth and financial development in OECD countries during the period 1990-2016, paying special attention to the recent economic crisis. Using a random effects model, we find that an increase in domestic credit provided by the financial-sector, in...