THIS paper is an attempt to integrate, within the same simple model, several well-known economic ... more THIS paper is an attempt to integrate, within the same simple model, several well-known economic paradigms and to identify their key distinguishing features on the basis of different equilibrium or market structure hypotheses. The framework of analysis is a fix-price ...
Abstract: Given the rapidly declining demand for central bank reserves and their gradual replacem... more Abstract: Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money-clearinghouse money and treasury money-this paper discusses whether the complete extinction of base money ...
What were the market and regulatory issues that led to the subprime crisis? How should prudential... more What were the market and regulatory issues that led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretive lenses – or ‘paradigms’– through which one sees finance. The agency paradigm, which has dominated recent regulatory policy and provides the most popular interpretation of the crisis, seems to be influencing much of the emerging reform agenda. But collective welfare failures (particularly externalities) and collective cognition failures (particularly mood swings) were as important, if not more so, in driving the crisis. These three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications.
THIS paper is an attempt to integrate, within the same simple model, several well-known economic ... more THIS paper is an attempt to integrate, within the same simple model, several well-known economic paradigms and to identify their key distinguishing features on the basis of different equilibrium or market structure hypotheses. The framework of analysis is a fix-price ...
Abstract: Given the rapidly declining demand for central bank reserves and their gradual replacem... more Abstract: Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money-clearinghouse money and treasury money-this paper discusses whether the complete extinction of base money ...
What were the market and regulatory issues that led to the subprime crisis? How should prudential... more What were the market and regulatory issues that led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretive lenses – or ‘paradigms’– through which one sees finance. The agency paradigm, which has dominated recent regulatory policy and provides the most popular interpretation of the crisis, seems to be influencing much of the emerging reform agenda. But collective welfare failures (particularly externalities) and collective cognition failures (particularly mood swings) were as important, if not more so, in driving the crisis. These three paradigms should therefore be integrated into a more balanced policy agenda. But doing so will be difficult because they often have inconsistent policy implications.
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Papers by Alain Ize