Modernity of Keynes\u27 thought on financial markets

Sodobne finančne trge zaznamujejo presežna volatilnost finančnih cen in donosov, naraščajoči obseg trgovanja, klastri volatilnosti in dolgoročni spomin v finančnih časovnih serijah. Vse te značilnosti pomenijo odmik od prevladujoče paradigme v razlagi delovanja finančnih trgov, tj. hipoteze učinkovitega finančnega trga. Ker ponuja Keynesova teorija alternativno razlago finančnih trgov (finančni trgi so ergodični, ekonomske odločitve pa sprejete pod vplivom socioloških in psiholoških dejavnikov), analiziramo v prispevku Keynesov vpliv na sodobno teorijo finančnih trgov.Modern financial markets are characterized by excess financial price and return volatility, rising volume of financial transactions, clusters of volatility and long memory in financial time series. All these features are a step away from the prevailing doctrine of financial markets as represented by the efficient financial markets hypothesis. Keynes theory of financial markets offers an alternative explanation of financial markets: financial markets in Keynes theory are nonergodic, and economic decisions are influenced by sociological and psychological factors. This article analyzes Keynes influence on contemporary financial markets theory and empirical research