The rise in the popularity of commercial corporate governance ratings is at once a source of dismay and a cause for alarm: the former because they do not appear to give accurate predictions of corporate performance and the latter because they add to the pressure on corporations to adapt their...

Although the federal funds rate started rising from mid-2004 US long term rates continued to fall. A likely contributory factor to this ‘conundrum’ was the contemporaneous increase in US bond demand. Using ARDL based models, which accommodate structural breaks, this paper estimates the...

With global finance reshaping the world economy, this insightful new book provides a full account of the EU’s financial integration strategy, together with a critical assessment arguing the case for social control over global finance. Written by acknowledged experts in European finance,...

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.

With contributions from the leading commentators in the field and an over-arching introduction from the editor, the concerns of this updated and revised Handbook are two-fold. Firstly, to redefine the concept of globalisation and dispel the haze that surrounds it through a systematic and...

The subprime crisis exposed a flaw in post-Keynesian stock-flow models, namely their concession to mainstream macroeconomic theory that financial markets obey a price-clearing rule. Two reasons lie behind this concession. The first is the assumption that investors give priority to the price...

type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>This article argues that the driving force behind the structured credit products that triggered the financial crisis was a global excess demand for securities, and that key to the build-up of this demand was the huge accumulation of private wealth. The argument...</p>

In this paper, we argue that in his economic theory Marx employs an unconventional form of analytical reductionism in which the single commodity, rather than the individual agent, is taken as the point of departure, and that, through the interplay of the accounts of value and money around the...

This paper suggests an explanation for the heavy trading volume observed on the US capital markets, the world's largest. Heterodox economic theory puts much of this volume down to speculation. Mainstream theory tends to support this thesis, either directly or indirectly, by giving space to the...

While recognising that most pre-capitalist formations exhibited elements of commodity exchange, Marx argued that capitalism differentiates itself as a genuine commodity system by virtue of two interdependent processes having reached a critical stage of development: a 'stretching' of commodity...