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1 Мая 2020

Nobel Laureate Joseph Stiglitz’s Article in "Finance: Theory and Practice"

The second issue of the journal "Finance: Theory and Practice" has been published with an article by Joseph Eugene Stiglitz, Professor at Columbia University (New York, USA). Professor Stiglitz  together with George Akerlof and Michael Spence won the 2001 Nobel Prize in Economics with the work "Markets with Asymmetric Information".

Stiglitz is known for criticising unlimited market, monetarism, neo-classical economic school, as well as neoliberal understanding of globalisation, the IMF policy toward developing countries, and liberal reforms in Russia.

Apart from significant research in microeconomics and macroeconomics (his Hirsch Index in Scopus is 74!), Stiglitz is also known for playing a substantial part in political and public life.

He headed the Council of Economic Advisers during the President Clinton presidency and was Vice President and Chief Economist of the World Bank.

Stiglitz has taught at the universities of Cambridge, Yale, Duke, Stanford, Oxford and Winston, and now is a professor at Columbia University.

In 2019, Joseph Stiglitz attended an International Forum at the Financial University, where he gave a lecture on how to make the financial sector serve the public. His article published in the journal "Finance: Theory and Practice" is dedicated to the same subject.

The author stresses the importance of stopping unfavourable behaviour and activities of banks and financial institutions and suggests some measures to encourage their positive activities. He also discusses a critical issue connected with an urgent need to curb the rent-seeking of economic agents. Moreover, he considers taxation in the context of the destructive impact of tax competition. Finally, on the basis of the conducted research he presents measures to enhance the role of the government in restoring the public`s eroded confidence in financial institutions.