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The end of alchemy by Mervyn King : a review essay
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Farmer, Roger E. A. (2018) The end of alchemy by Mervyn King : a review essay. Journal of Economic Literature, 56 (3). pp. 1102-1118. doi:10.1257/jel.20171445
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Official URL: https://doi.org/10.1257/jel.20171445
Abstract
I review The End of Alchemy by Mervyn King, published by W.W. Norton and Company in 2016. I discuss King's proposed regulatory reform, the "Pawn Broker for All Seasons" (PFAS), and I compare it to an alternative solution developed in my own work. I argue that unregulated trade in the financial markets will not, in general, lead to Pareto optimal allocations. As a consequence, solutions like the PFAS that correct problems with existing institutions are likely to be circumvented by the development of new ones.
Item Type: | Journal Item | ||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
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Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | King, Mervyn A., Banks and banking, Financial crises, Capitalism | ||||||
Journal or Publication Title: | Journal of Economic Literature | ||||||
Publisher: | American Economic Association | ||||||
ISSN: | 0022-0515 | ||||||
Official Date: | September 2018 | ||||||
Dates: |
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Volume: | 56 | ||||||
Number: | 3 | ||||||
Page Range: | pp. 1102-1118 | ||||||
DOI: | 10.1257/jel.20171445 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Reuse Statement (publisher, data, author rights): | "Copyright © 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018 by the American Economic Association. Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author. Copyrights for components of this work owned by others than AEA must be honored. Abstracting with credit is permitted. The author has the right to republish, post on servers, redistribute to lists and use any component of this work in other works. For others to do so requires prior specific permission and/or a fee. Permissions may be requested from the American Economic Association Administrative Office by going to the Contact Us form and choosing ""Copyright/Permissions Request"" from the menu." | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 29 January 2018 | ||||||
Date of first compliant Open Access: | 3 January 2019 | ||||||
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