Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks
Robert J. Shiller
Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact
of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in
their activity and significance. He challenges the widespread presumption that any such new market would be infeasible, by offering solutions to technical problems of measurement and settlement. There are proposals for implementing markets in perpetual claims and a substantial section on the
construction of index numbers for use in settlement in the new markets.
of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in
their activity and significance. He challenges the widespread presumption that any such new market would be infeasible, by offering solutions to technical problems of measurement and settlement. There are proposals for implementing markets in perpetual claims and a substantial section on the
construction of index numbers for use in settlement in the new markets.
Categories:
Year:
1998
Publisher:
Oxford University Press
Language:
english
Pages:
135
ISBN 10:
0198294182
ISBN 13:
9780198294184
File:
PDF, 18.49 MB
IPFS:
,
english, 1998
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