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The Special Characteristics of Financial Assets

In: Minding the Markets

Author

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  • David Tuckett

Abstract

The catastrophic economic and social events unleashed by the financial crisis of 2008 appeared to many people to make clear what theories about financial markets had come to ignore. Emotions really matter. As central bankers have known for a very long time, financial markets depend on credit and this in turn depends on trust and confidence (Bagehot 1873; Pixley 2004; King 2010). When they disappeared, as they did in October 2008, the fear that obligations would not be met became too great an obstacle for agents to wait for each other to pay and trading stopped. The system froze dramatically and economic activity halted.

Suggested Citation

  • David Tuckett, 2011. "The Special Characteristics of Financial Assets," Palgrave Macmillan Books, in: Minding the Markets, chapter 1, pages 1-25, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30782-7_1
    DOI: 10.1057/9780230307827_1
    as

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