Transcription of PECIAL POLICY REPORT 12
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PECIAL POLICY REPORT 12
FINANCIAL POLICY FORUM DERIVATIVES STUDY CENTER 1660 L Street, NW, Suite 1200 Washington, 20036 SPECIAL POLICY REPORT 12 The Economic Rationale for Financial Market Regulation Randall Dodd Derivatives Study Center Washington December 2002 Executive Summary: This chapter will develop a theoretical framework that will serve as a positive theory for the appropriate type and degree of regulation in financial markets. The approach is based on the identification of imperfections (such as externalities, incompleteness, failures and asymmetries) in perfectly competitive or laissez-faire financial markets and analyzing how they result in inefficient or non-optimal outcomes.
2 hypothesis.4 One of the seminal authors of the theory, William Sharpe (1970), stated it as follows. Simply put, the thesis is this: in a well …
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