Archives par étiquette : finance

Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics

David Dequech (2017)

Cambridge Journal of Economics. Online first.

Abstract. This paper applies an institutional approach to contemporary mainstream economics. It identifies some mental and behavioral rules of mainstream economics as a whole and of the mainstream segment of two important subdisciplines, namely, macroeconomics and financial economics. There are social reasons behind the sharing of these rules. They are institutions. More specifically, academics who do not comply with these rules are subject to punishment, while conformists may be rewarded. At the same time, many supporters of mainstream economics have internalized these rules as legitimate, in part because of the prestige of their advocates. Social sanctions and internalization characterize social norms. These institutions are also conventions. Through various mechanisms, some academics follow these rules at least in part because others have done so; in addition, the prevailing rules are not necessarily superior to existing or conceivable alternatives. The combination of social norms and conventions may have negative consequences for the discipline.

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Social and solidarity finance: A conceptual approach

Amélie Artis (2017)

Research in International Business and Finance 39, pp. 737–749.

Abstract. An analysis of the social- and solidarity-finance system of relationships, which has characteristics that differ from those of other financial intermediaries, underpins the conceptual approach of this article. Social and solidarity finance constitutes a set of interdependent financial and social relationships, and partnerships between individuals and organisations,that mesh into an organised whole.This article makes use of  institutional economics to understand those mechanisms of interaction between individuals, organisations and institutions that are not strictly economic. First, we offer a new conceptual framework on social and solidarity finance from an institutional point of view. Then, based on this framework, we outline the sustainability of alternative finance and its ability to respond to specific entrepreneurship needs. Finally, we present the French situation regarding social and solidarity finance to highlight the main characteristics of alternative finance.

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