Investment Banking. Institutions, Politics, and Law

摘要

If we lived in a non-Coasian world we would probably accept with no trouble some very recent apocalyptic prophecies about the future of investment banking. As a consequence of the current financial meltdown, in fact, some authoritative columnists and observers have maintained the next end of investment banking, as if this financial industry were solely responsible for both instability and crisis. Yet, as we live in a Coasian world of market imperfections and asymmetries, incomplete contracts and so on, it would not be surprising if investment banking were to survive even this global crisis.