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| 2. |
- Ashton, Philip, et al.
(författare)
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On arbitration, arbitrage and arbitrariness in financial markets and their governance : Unpacking LIBOR and the LIBOR scandal
- 2015
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Ingår i: Economy and Society. - : Informa UK Limited. - 0308-5147 .- 1469-5766. ; 44:2, s. 188-217
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Tidskriftsartikel (refereegranskat)abstract
- Amongst a series of scandals to hit international financial markets in recent years, that surrounding the London Interbank Offered Rate (LIBOR) – a highly influential interest rate benchmark – has attracted particularly intense media scrutiny. This paper seeks to push beyond conventional understandings to unpack critically both LIBOR itself and the scandal involving its manipulation by major international banks. Envisioning LIBOR as a commodity beset by inherent contradictions, the paper mobilizes the tropes of arbitration, arbitrage and arbitrariness to illuminate, respectively: the market-making work performed by LIBOR; its role in enabling the transfer of financial risk, most notably when fraudulently manipulated; and the nature of the regulatory prosecution of such manipulation.
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| 3. |
- Ashton, Philip, et al.
(författare)
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Remaking Mortgage Markets by Remaking Mortgages : US Housing Finance after the Crisis
- 2018
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Ingår i: Economic Geography. - : TAYLOR & FRANCIS LTD. - 0013-0095 .- 1944-8287. ; 94:3, s. 238-258
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Tidskriftsartikel (refereegranskat)abstract
- This article examines the post- financial crisis reregulation of US housing finance, focusing on reforms to rein in excessive risk taking and reconstitute the private circulation of mortgage debt. We begin by situating current initiatives-namely, the Dodd-Frank Act of 2010-in a much longer trajectory of attempts to construct a national market for home mortgages. Following the theorization of the economy of qualities by Callon, Meadel, and Rabeharisoa, we argue that a dominant theme throughout has been creating or fixing mortgage markets by performing work on the commodities-the mortgage products-that circulate in them. In light of this history, we argue that Dodd-Frank's primary novelty lies in the way it alters relations between those products and market-supporting institutions, laws, and regulations. We conclude that this shapes a new set of contradictions and conflicts between market liquidity and risk taking, on the one hand, and the original concerns with financial safety and soundness, on the other.
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| 5. |
- Castree, Noel, et al.
(författare)
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Banking Spatially on the Future : Capital Switching, Infrastructure, and the Ecological Fix
- 2015
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Ingår i: Annals of the Association of American Geographers. - : Informa UK Limited. - 0004-5608 .- 1467-8306. ; 105:2, s. 378-386
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Tidskriftsartikel (refereegranskat)abstract
- Since the onset of the global economic crisis, financiers and the institutions regulating their behavior have been subject to far-reaching criticism. At the same time, leading geo-scientists have been insisting that future environmental change might be far more profound than previously anticipated. Finance capital has long been a crucial mechanism for melting present solidities into air to create different futures. This article asks what the prospects are for the switching of credit money into green infrastructures-a switching increasingly recognized as necessary for climate change mitigation and (especially) adaptation. Most research into geographies of finance has ignored ecological questions and few contemporary society-nature researchers examine major fixed-capital investments. Unlike those geographers who criticize capitalism without offering feasible alternatives, we take a pragmatic view underpinned by democratic socioenvironmental values and attempt to identify leverage points for meaningful change. This programmatic article identifies reasons and examples to be cautiously hopeful that liquidity can be fixed in less ecologically harmful future infrastructures, thereby addressing crucial extraeconomic challenges for the century ahead.
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| 6. |
- Christophers, Brett
(författare)
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Against (the idea of) financial markets
- 2015
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Ingår i: Geoforum. - : Elsevier BV. - 0016-7185 .- 1872-9398. ; 66, s. 85-93
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Tidskriftsartikel (refereegranskat)abstract
- The difference between bank-based and market-based financial systems is a longstanding and influential conceptual staple of the interdisciplinary literature on finance. This dualistic model has been subjected to wide-ranging critiques over the past decade. Yet, while those critiques productively problematize the relationship between banks and markets presumed by the model, they fail to address the underlying distinction between banks and markets that is also presumed by the model. This article questions that distinction. It argues that financial markets are best understood not as places or platforms where banks and other financial actors come to interact - and thus as essentially separate from banks - but, instead, as, in large part, their interaction; as constituted by it. The article further argues for the political as well as scholarly importance of reconfiguring our ideas of what financial markets are. The idea of markets as separate, reified phenomena not only underpins the scholarly model of bank- and market-based financial systems - it does political work in the wider world, with the appeal to financial markets or, more nebulously, "the market" to rationalize and justify political decision-making having become a commonplace of contemporary public policy discourse. (C) 2015 Elsevier Ltd. All rights reserved.
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| 7. |
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| 8. |
- Christophers, Brett
(författare)
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Climate Change and Financial Instability : Risk Disclosure and the Problematics of Neoliberal Governance
- 2017
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Ingår i: Annals of the American Association of Geographers. - : ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. - 2469-4452 .- 2469-4460. ; 107:5, s. 1108-1127
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Tidskriftsartikel (refereegranskat)abstract
- In recent years, climate change has increasingly come to be seen as one of the principal threats to future global financial stability. This article identifies and critiques the emerging consensus among international financial regulators as to how this threatthe key perceived components of which are also delineatedcan best be managed. It shows that the preferred approach mirrors hegemonic postfinancial crisis regulatory practice vis-a-vis financial stability risk more generically: prioritization of market discipline underpinned by risk disclosure. The article characterizes this approach as a quintessentially neoliberal modality of governance. It also argues that insofar as this approach relies on financial market workings and financial institutional behaviors explicitly belied by the financial crisis, it risks precisely the type of climate Minsky moment regulators aim to avoid.
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