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Published by: Centre for Islamic Banking and Finance
Published in: 2001
Length: 35 pages
Data source: Generalised experience

Abstract

One of the more noteworthy developments in economics over the past thirty years or so is the emergence of models of financial markets. Included within these models are the markets for financial securities, such as equities, bonds and derivatives. The chief building block and spur in this evolution has been the economics of uncertainty, which is itself of rather recent origin. The results of this new focus and the activities and synergies that it has generated is often broadly referred to as ''financial economics''. It is within this new sub-field that various models of the financial market occupy centre stage. In this two-part study we provide the flavour of where the principal ideas in finance/financial economics came from. A survey of the winners of the Nobel Prize in Economics can be found at the back of this note.

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Abstract

One of the more noteworthy developments in economics over the past thirty years or so is the emergence of models of financial markets. Included within these models are the markets for financial securities, such as equities, bonds and derivatives. The chief building block and spur in this evolution has been the economics of uncertainty, which is itself of rather recent origin. The results of this new focus and the activities and synergies that it has generated is often broadly referred to as ''financial economics''. It is within this new sub-field that various models of the financial market occupy centre stage. In this two-part study we provide the flavour of where the principal ideas in finance/financial economics came from. A survey of the winners of the Nobel Prize in Economics can be found at the back of this note.

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