• Corpus ID: 151205865

On the efficiency of the financial system

@inproceedings{Tobin1984OnTE,
  title={On the efficiency of the financial system},
  author={James Tobin},
  year={1984}
}
The United States, as befits the major capitalist economy of the world, has the largest, most elaborate, most sophisticated financial industry in the world. New York is rivalled only by London, which thanks to long-standing international connections and experience, maintains a financial role disproportionate to Britain's declining position in world trade and production. Moreover, finance is one of America's rapid growth sectors. 
economicsociologydotorg.files.wordpress.com
357 Citations
Highly Influential Citations
18
Background Citations
168
Methods Citations
10
Results Citations
3

357 Citations

Did the financial sector profit at the expense of the rest of the economy? Evidence from the United States

The crisis which originated in the US financial sector in 2007 and subsequently spread to the real economy caused severe economic and social damage around the world. Governments have responded by…

The stockmarket, the financing of corporate growth and Indian industrial development

Abstract In the General Theory, Keynes was stringent in his criticism of the role of the stockmarket in relation to industrial investment and the real economy. In a famous passage, in chapter 12 he…

Stock Markets in Low and Middle Income Countries

This paper explores the question of whether the institution of the stock market is likely to be helpful to low and middle income countries in promoting development of their real economy and ensuring…

Financial liberalisation,stockmarkets and economic development

Abstract During the 1980s and 1990s, many developing countries (DCs) have been engaged in far-reaching reforms of their financial systems, liberalising them and making them more market-oriented. This…

Essays in historical finance

The growth effects of international financial liberalization and integration are investigated using the methodology and data developed by Rajan and Zingales (1998). The main result is that industries…

Does the financial sector occupy too much human capital

This thesis studies if and when the size of the financial sectors starts to have a negative effect on economic growth. The size of the financial sector is modelled using employment in the sector. The…

The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy

It is argued here that - contrary to current conventional wisdom - an active market for corporate control is not an essential ingredient of either company law reform or financial and economic…

Ownership, Economic Entrenchment and Allocation of Capital

In an efficient economy, capital should be quickly (re)allocated from declining firms and sectors to more profitable investment opportunities. This process is affected by the concentration of…

Finance Is Not the Economy: Reviving the Conceptual Distinction

Abstract: Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent…

Financialization and the theory of the monetary circuit: fiscal and monetary policies reconsidered

Capitalism has changed considerably in the last few decades. Under what we may call the “old capitalism” of the early post–World War II period, in many countries, economic growth was strong,…
...