Research Handbook of Investing in the Triple Bottom Line
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Research Handbook of Investing in the Triple Bottom Line

Finance, Society and the Environment

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The triple bottom line is an accounting framework with social, environmental and financial factors. This Handbook examines the nexus between these areas by scrutinising aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking firms, the stock returns of sustainable firms, green bonds and sustainable financial instruments.
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chapter 5: Financial instability: economic and financial perspectives

Michael Dempsey

Abstract

Economists from Keynes (1936) to Minsky (1986) have recognized the fragility of markets and the impact of such fragility on the broader economy. In some contrast, academic finance has chosen to build a theoretical framework on an understanding of markets as efficient and in equilibrium. Such understanding has led to a theoretical framework that greatly overestimates the market’s capacity for efficiency and self-correction.

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