Jan Toporowski

The End of Finance

Capital Market Inflation, Financial Derivatives and Pension Fund Capitalism

• Gebundenes Buch

Produktbeschreibung

This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.

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Produktdetails

• Verlag: Routledge
• Seitenzahl: 180
• Erscheinungstermin: 28. Oktober 1999
• Englisch
• Abmessung: 240mm x 161mm x 14mm
• Gewicht: 440g
• ISBN-13: 9780415208819
• ISBN-10: 0415208815
• Artikelnr.: 21643141

Autorenporträt

Jan Toporowski

Inhaltsangabe

Introduction: Antecedents and Methodology PartI: The Theory of Capital
Market InflationChapter 1. Capital Markets and the Real Economy1.1 Outside
finance and industry1.2 Liquidity and capital marketsChapter 2. Value and
Excess in Capital Markets2.1 The value of company securities 2.2 Some
policy issues Part II: Ponzi Finance and Pension Fund CapitalismChapter 3.
Pension Funds and Ponzi Finance 3.1 Pension funds, bamking and investment
3.2 Capital market inflation and monetary policy 3.3 Ponzi finance and
securities markets Chapter 4. Capital Market Inflation and Privatisation
Chapter 5. Pension fund inflows and their investment 5.1 The cash inflow
into pension funds 5.2 Pension funds and their investment income 5.3
Peripheral and integrated markets Chapter 6. The end of funded pension
schemes 6.1 The limits of capital market inflation 6.2 Capital market
disintermediation Part III: Financial Derivatives and Liquidity
PreferenceChapter 7. Liquidity preference and the conventional approach to
finanial futures 7.1 Financial futures in context 7.2 Some concepts in the
thepry of financial futures Chapter 8. Commercial and investment uses of
financial futures 8.1 Derivatives use by industrial and commercial firms
8.2 Derivatives use by Rentiers Chapter 9. The broking of financial futures
Chapter 10. Regulation and the systematic risk of financial futures 10.1
Regulation and the rise of risk in financial futures markets 10.2 Financial
derivatives, institutions and financial fragility Part III Conclusion
Chapter 11 The ends of finance