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Risk, Uncertainty, and Profit in the USA and the European Union 1999-2009 : Frank Knight's Come-Back ?

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Abstract:

During the ten years from 1999 to 2009, there have been two huge efforts for financial regulation on both sides of the Atlantic, with a considerable momentum given by G-20 summits since 2007 in order to overcome the banking disaster resulting from the liquidity trap (Keynes) coined under the name 'liquidity black holes' (Avinash Persaud). This regulation has affected at least four stakeholders beyond the classical shareholders : corporations themselves through financial reporting rules changes (Sarbanes-Oxley) ; financial advisers and consultants; the investors themselves; and the public oversight and inspection services (both the Polson process in the USA and the Lamfalussy process in the EU).

Not only has this tremendous change taken diverse forms between North Atlantic shores (The USA, Canada and the EU) but it also has generated some variety within the European Union (different national policies) and within the NAFTA framework. The most striking feature of the evolving regulatory framework has been his path-dependency, each regulation being followed by a harder market situation, the game of tracking risks has taken huge proportions, to a point where there is some recognition of some existence of a 'remaining uncertainty' , whatever the regulations might be.

Recognizing the incidence of uncertainty is alike a paradigmatic shift for us, scholars, who were led to believe into “ The Great Moderation” (of markets and finance) – not so long ago – by a new governor of the Federal Reserve Board, and prestigious Princeton professor, Ben Bernanke, soon followed by the chairman of the European Central Bank, Jean-Claude Trichet. Paradoxically these two leaders went into becoming firemen launching hundreds of billions dollars and euros on markets in order to extinguish the fires of panic from summer 2007 on – till today.

One recurring question is : what would be financial orthodoxy today ? And since uncertainty is back as a non-probability variable, we need to come back to Frank Knight and Mitchell to see whether the 'old-fashioned' business-cycles theory could bring us some new light on the early 2010s' financial events.
This paper accounts for the most significant of financial regulation measures on both sides of the Atlantic, and discusses the coherency within each Regional space before looking at the common ground and differences _ all discussed within the new era of doubt and research on the 'true nature' of financial risks within a “global crisis”.

Most Common Document Word Stems:

financi (11), risk (10), 2007 (9), present (6), confer (6), paper (5), within (5), b.i.s (5), june (5), regul (5), 19 (5), liquid (5), market (5), annual (5), european (4), uncertainti (4), bank (3), univers (3), 2009 (3), back (3), cycl (3),
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Association:
Name: Seventeenth International Conference of the Council for European Studies
URL:
http://www.ces.columbia.edu


Citation:
URL: http://citation.allacademic.com/meta/p398896_index.html
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MLA Citation:

Kitous-Orsini, Bernhard. "Risk, Uncertainty, and Profit in the USA and the European Union 1999-2009 : Frank Knight's Come-Back ?" Paper presented at the annual meeting of the Seventeenth International Conference of the Council for European Studies, Grand Plaza, Montreal, Canada, Apr 15, 2010 <Not Available>. 2014-11-27 <http://citation.allacademic.com/meta/p398896_index.html>

APA Citation:

Kitous-Orsini, B. A. , 2010-04-15 "Risk, Uncertainty, and Profit in the USA and the European Union 1999-2009 : Frank Knight's Come-Back ?" Paper presented at the annual meeting of the Seventeenth International Conference of the Council for European Studies, Grand Plaza, Montreal, Canada Online <APPLICATION/PDF>. 2014-11-27 from http://citation.allacademic.com/meta/p398896_index.html

Publication Type: Individual Paper
Review Method: Peer Reviewed
Abstract: During the ten years from 1999 to 2009, there have been two huge efforts for financial regulation on both sides of the Atlantic, with a considerable momentum given by G-20 summits since 2007 in order to overcome the banking disaster resulting from the liquidity trap (Keynes) coined under the name 'liquidity black holes' (Avinash Persaud). This regulation has affected at least four stakeholders beyond the classical shareholders : corporations themselves through financial reporting rules changes (Sarbanes-Oxley) ; financial advisers and consultants; the investors themselves; and the public oversight and inspection services (both the Polson process in the USA and the Lamfalussy process in the EU).

Not only has this tremendous change taken diverse forms between North Atlantic shores (The USA, Canada and the EU) but it also has generated some variety within the European Union (different national policies) and within the NAFTA framework. The most striking feature of the evolving regulatory framework has been his path-dependency, each regulation being followed by a harder market situation, the game of tracking risks has taken huge proportions, to a point where there is some recognition of some existence of a 'remaining uncertainty' , whatever the regulations might be.

Recognizing the incidence of uncertainty is alike a paradigmatic shift for us, scholars, who were led to believe into “ The Great Moderation” (of markets and finance) – not so long ago – by a new governor of the Federal Reserve Board, and prestigious Princeton professor, Ben Bernanke, soon followed by the chairman of the European Central Bank, Jean-Claude Trichet. Paradoxically these two leaders went into becoming firemen launching hundreds of billions dollars and euros on markets in order to extinguish the fires of panic from summer 2007 on – till today.

One recurring question is : what would be financial orthodoxy today ? And since uncertainty is back as a non-probability variable, we need to come back to Frank Knight and Mitchell to see whether the 'old-fashioned' business-cycles theory could bring us some new light on the early 2010s' financial events.
This paper accounts for the most significant of financial regulation measures on both sides of the Atlantic, and discusses the coherency within each Regional space before looking at the common ground and differences _ all discussed within the new era of doubt and research on the 'true nature' of financial risks within a “global crisis”.


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