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The End of Alchemy: A Review Essay

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  • Farmer, Roger

Abstract

I review The End of Alchemy by Mervyn King, published by W.W. Norton and Company in 2016. I discuss King's proposed regulatory reform, the `Pawn Broker for All Seasons' (PFAS) and I compare it to an alternative solution developed in my own work. I argue that unregulated trade in the financial markets will not, in general, lead to Pareto optimal allocations. As a consequence, solutions like the PFAS that correct problems with existing institutions are likely to be circumvented by the development of new ones.

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  • Farmer, Roger, 2017. "The End of Alchemy: A Review Essay," CEPR Discussion Papers 11846, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:11846
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    Keywords

    Money; Banking; Financial crisis; Public policy;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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