Questionable usefulness of restricting short sales
The subprime crisis made investors wary of the shares of financial institutions. The share prices of these institutions have experienced exceptionally steep falls, none more so than those of the summer of 2008.
To put a stop to this freefall, the market authorities of several developed economies (the UK, the US, France, Spain and others) banned the shorting of the shares of most financial institutions. The bans took effect in mid September and the length of the ban varied from country to country. In February 2009 some of these countries dropped the ban, while others kept it in place.
This episode in the
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