Ambiguous Market Making

2016 ◽  
Author(s):  
Nihad Aliyev ◽  
Xuezhong He
Keyword(s):  
2019 ◽  
Author(s):  
Riccardo Calcagno ◽  
Florian Heider
Keyword(s):  

2020 ◽  
Author(s):  
Jin Gi Kim ◽  
Sam Beatson ◽  
Bong-Gyu Jang ◽  
Ho-Seok Lee ◽  
Seyoung Park

Author(s):  
Mark I. Vail

This chapter analyzes the development of French, German, and Italian liberalism from the nineteenth century to the 1980s, giving particular attention to each tradition’s conceptions of the role of the state and its relationship to groups and individual citizens. Using a broad range of historical source material and the works of influential political philosophers, it outlines the analytical frameworks central to French “statist liberalism,” German “corporate liberalism,” and Italian “clientelist liberalism.” It shows how these evolving traditions shaped the structure of each country’s postwar political-economic model and the policy priorities developed during the postwar boom through the early 1970s and provides conceptual touchstones for the direction and character of these traditions’ evolution in the face of the neoliberal challenge since the 1990s. The chapter demonstrates that each tradition accepted elements of a more liberal economic order while rejecting neoliberalism’s messianic market-making agenda and its abstract and disembedded political-economic vision.


This book illustrates and assesses the dramatic recent transformations in capital markets worldwide and the impact of those transformations. ‘Market making’ by humans in centralized markets has been replaced by supercomputers and algorithmic high frequency trading operating in often highly fragmented markets. How do recent market changes impact on core public policy objectives such as investor protection, reduction of systemic risk, fairness, efficiency, and transparency in markets? The operation and health of capital markets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators sheds light on these and related questions and discusses ways to strengthen market governance for the benefit of society at large.


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