Economic Foundations for Finance From Main Street to Wall Street
This book provides readers with essential concepts from financial economics for an integrated study of the financial system and the real economy. It discusses how long-term market prices are determined and affected by population growth, technological prog
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Thorsten Hens Sabine Elmiger
Economic Foundations for Finance From Main Street to Wall Street
Springer Texts in Business and Economics
Springer Texts in Business and Economics (STBE) delivers high-quality instructional content for undergraduates and graduates in all areas of Business/Management Science and Economics. The series is comprised of selfcontained books with a broad and comprehensive coverage that are suitable for class as well as for individual self-study. All texts are authored by established experts in their fields and offer a solid methodological background, often accompanied by problems and exercises.
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Thorsten Hens • Sabine Elmiger
Economic Foundations for Finance From Main Street to Wall Street
123
Thorsten Hens Department of Banking and Finance University of Zurich Zurich, Switzerland
Sabine Elmiger Department of Banking and Finance University of Zurich Zurich, Switzerland
ISSN 2192-4333 ISSN 2192-4341 (electronic) Springer Texts in Business and Economics ISBN 978-3-030-05425-0 ISBN 978-3-030-05427-4 (eBook) https://doi.org/10.1007/978-3-030-05427-4 © Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
In her book Casino capitalism, Strange (1986) picks up the idea of John Maynard Keynes that financial markets can get detached from the real economy and argues for more regulation. Unfortunately, she died in 1998 well before the financial crisis of 2007/08, which ultimately proved that she was right. Moreover, after the financial crisis, movements like the Occupy Wall Street protests show how many people now share this view. However, financial mark
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