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https://ah.lib.nccu.edu.tw/handle/140.119/115947
題名: | Rethinking Modern Financial Ecology and Its Regulatory Implications | 作者: | 臧正運 Tsang, Cheng-Yun |
貢獻者: | 法學院 | 日期: | Aug-2017 | 上傳時間: | 9-Feb-2018 | 摘要: | Our understanding of the modern financial market significantly shapes the way we regulate it. Sensible and effective regulation will not be achieved if that understanding is misplaced or premised on faulty assumptions. All three mainstream market theories, Efficient Market Hypothesis, Behavioural Finance and Adaptive Market Hypothesis, fail, to some extent, to accurately reflect the complete features of modern financial ecology, and they overlook the unique roles played by regulators, the financial market infrastructures, and the financial gatekeepers. This paper views financial markets as an adaptive, complex ecosystem, and re-explores the distinctive roles played by the various groups of market participant. It re-conceptualizes the comprehensive landscape of modern financial ecology by exploring the mainstream market hypotheses, and by adapting, and applying, to them the insights of complexity science. | 關聯: | Banking & Finance Law Review, Vol.32, No.3, pp.461-494 | 資料類型: | article |
Appears in Collections: | 期刊論文 |
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File | Description | Size | Format | |
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461-494.pdf | 230.58 kB | Adobe PDF2 | View/Open |
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