IDEAS home Printed from https://ideas.repec.org/a/cpn/umkcjf/v3y2014i1p121-133.html
   My bibliography  Save this article

Evolution of ecological financial market from the perspective of institutional economics

Author

Listed:
  • Michal Moszynski
  • Marcelina Wieckowska

    (Nicolaus Copernicus University)

Abstract

In the market economy the “actors” act according to rules of the game – the institutions – which impose certain restrictions on their behavior, making it more predictable for the other participants, reduce risk and uncertainty, and furthermore lowers transaction costs, etc. Institutions can be broadly divided into formal (coming from the state) and informal (derived from market participants and their interactions). Market participants are trying to creatively interpret the rules for their own use. The financial sector is regarded as being particularly creative in its approach to the formal rules due to its flexibility, speed and innovation. In this context it is interesting to consider a growing interest of the participants of the commercial financial market in the idea of environmental protection from the perspective of institutional economics. This constitutes the aim of the study, which main concern is to answer the following questions: How can the ecological behavior of the financial market players be attributed to the new institutions? What are the driving forces behind this phenomenon? What sanctions are imposed for breaking informal rules? How do the formal and informal institutions interact? Finally, how could the state influence and reinforce such behavior?

Suggested Citation

  • Michal Moszynski & Marcelina Wieckowska, 2014. "Evolution of ecological financial market from the perspective of institutional economics," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 3(1), pages 121-133.
    • Handle: RePEc:cpn:umkcjf:v:3:y:2014:i:1:p:121-133
    as

    Download full text from publisher

    File URL: https://apcz.umk.pl/CJFA/article/view/CJFA.2014.010/3244
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fidrmuc, Jana P. & Jacob, Marcus, 2010. "Culture, agency costs, and dividends," Journal of Comparative Economics, Elsevier, vol. 38(3), pages 321-339, September.
    2. Nastasi, Federico & Spagano, Salvatore, 2023. "Institutionalist Clues in Celso Furtado’s Economic Thought," MPRA Paper 120242, University Library of Munich, Germany.
    3. Maximiliano Marzetti & Rok Spruk, 2023. "Long-Term Economic Effects of Populist Legal Reforms: Evidence from Argentina," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 60-95, March.
    4. Robert Roßner & Dimitrios Zikos, 2018. "The Role of Homogeneity and Heterogeneity Among Resource Users on Water Governance: Lessons Learnt from an Economic Field Experiment on Irrigation in Uzbekistan," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 1-30, July.
    5. Maciejczak, Mariusz, 2015. "Will the institution of coexistence be re-defined by TTIP?," GMCC-15: Seventh GMCC, November 17-20, 2015, Amsterdam, the Netherlands 211478, International Conference on Coexistence between Genetically Modified (GM) and non-GM based Agricultural Supply Chains (GMCC).
    6. Xiang Li & Sun Sheng Han & Hao Wu, 2019. "Urban consolidation, power relations, and dilapidated residential redevelopment in Mutoulong, Shenzhen, China," Urban Studies, Urban Studies Journal Limited, vol. 56(13), pages 2802-2819, October.
    7. Mika Kallioinen, 2017. "Inter‐communal institutions in medieval trade," Economic History Review, Economic History Society, vol. 70(4), pages 1131-1152, November.
    8. Alastair Greig & Mark Turner, 2024. "Policy and hope: The millennium development goals," Global Policy, London School of Economics and Political Science, vol. 15(1), pages 66-77, February.
    9. Luis Alfonso Dau & Aya S. Chacar & Marjorie A. Lyles & Jiatao Li, 2022. "Informal institutions and international business: Toward an integrative research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 985-1010, August.
    10. Valentin Seidler, 2017. "Institutional Copying in the 20th Century: The Role of 14,000 British Colonial Officers," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 137(1-2), pages 93-119.
    11. Bourgeois, Robin, 2007. "Towards the Emergence of Constitutive Rules for Equitable Agribusiness Value Chains," 106th Seminar, October 25-27, 2007, Montpellier, France 7923, European Association of Agricultural Economists.
    12. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    13. Hiedanpää, Juha & Ramcilovik-Suominen, Sabaheta & Salo, Matti, 2023. "Neoliberal pathways to the bioeconomy: Forest land use institutions in Chile, Finland, and Laos," Forest Policy and Economics, Elsevier, vol. 155(C).
    14. Marletto, Gerardo, 2011. "Structure, agency and change in the car regime. A review of the literature," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 47, pages 71-88.
    15. Laurent Mériade & Benoit Nautré & Corinne Rochette & Damien Talbot, 2017. "Les effets de la Proximité sur l'exécution des politiques publiques : L'exemple d'un Centre de Lutte contre le Cancer (CLCC)," Post-Print hal-02327098, HAL.
    16. Simon Hartmann & Thomas Lindner & Jakob Müllner & Jonas Puck, 2022. "Beyond the nation-state: Anchoring supranational institutions in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 1282-1306, August.
    17. Henry Kwabena Kokofu & Gordon Kofi Sarfo-Adu & Mark Aferdi Dadebo & Gladys Nkrumah & David Kwaku Galley, 2022. "Sustaining the Environment in an Era of Small-Scale Mining in Ghana: Optimizing the Role of Institutions," International Journal of Global Sustainability, Macrothink Institute, vol. 6(1), pages 1-26, December.
    18. George Liagouras, 2016. "From Heterodox Political Economy to Generalized Darwinism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 48(3), pages 467-484, September.
    19. Zoltán Bartha & Andrea S. Gubik, 2014. "Characteristics Of The Large Corporation-Based, Bureaucratic Model Among Oecd Countries – An Foi Model Analysis," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 1, pages 1-20, March.
    20. Renato Garcia & Ulisses Pereira dos Santos & Wilson Suzigan, 2020. "Industrial upgrade, economic catch-up and industrial policy in Brazil: general trends and the specific case of the mining industry [Upgrade industrial, catch-up econômico e política industrial no Bras," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 30(spe), pages 1089-1114, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpn:umkcjf:v:3:y:2014:i:1:p:121-133. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miroslawa Buczynska (email available below). General contact details of provider: http://www.wydawnictwoumk.pl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.