The Role Of Financial Institutions

Not an easy read, but full of interesting ideas about financial-market theory and modelling. Most financial-market economics focuses on individual behaviour. But Wall Street doesn’t look like that. Main actors are institutions with their own quirks and constraints. Shouldn’t we focus more on institutional behaviour? “The burden must on the traditionalists to show that models of individual investing can subsume those of institutions in most cases” (1,320 words)

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