Financial markets as a public good

Aim: In this paper, it is argued that in complex financial systems private goods, important for the creation of a market, have to be considered multiple differing property rights structures necessary functioning system. This may lead high transaction costs and adverse incentives different players, threatening sustainability The aim article create explore framework assessing fragilities threats markets, using approach. useful background development policy increase markets. Conclusions/findings: It while services features good which markets exist, infrastructure organizational club good. These are characterized by problems congestion depreciation due its overuse. question addressed what extent public “weakest-link” kind, where potential collapse. Implications research: system should prevented from getting too many an open access regime, making self-strengthening failures learning effects. require types buffers limits size players Otherwise, any action thought improvement, likely opposite effect. Keywords: complexity, rights, JEL: D23, E42, G1, G2,