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"Tadjeddine, Yamina"
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Are Banking Crises Really an Equal Opportunity Menace?
This paper investigates exposure to banking crises. Based on a long-term perspective and descriptive statistics, Reinhart and Rogoff (2008, 2009) and Qian et al. (2011) concluded that banking crises are equal opportunity menaces in the sense that both advanced and developing economies face the same exposure. This paper confirms this result, relying on the hazard function of a duration model. Moreover, we extend the concept that banking crises are an equal opportunity menace in two directions. First, we show that graduation from inflation, currency, or debt crises does not reduce the exposure to banking crises. Second, we indicate that top banking centers do not have a higher exposure to banking crises.
Journal Article
Shadow Banking: Financial Capitalism and Banking
The 2008 crisis had stigmatized the shadow banking system as resulting of deviant behavior of banks seeking to take advantage of regulatory loopholes. Some had called for its disappearance. Far from having disappeared, shadow banking in 2021 can no longer be approached as a marginal phenomenon. It must now be analyzed as the structural form of the contemporary financial and banking system: it shapes the role and functions of the members of the system, ensures its viability but is also at the heart of its fragility. This article highlights the essential role of shadow banking in transforming the hierarchy of monetary liquidity (Part 1) and in maintaining banking and financial activities despite a deteriorated economic context (Part 2). JEL Codes: G23, G28
Journal Article
Les cryptoactifs, innovations sociales et institution
This article proposes to analyze cryptoassets as social innovations through their capacity to respond to new polymorphic needs and to transform the structuring institutions of the economic system. The framework of the School of Regulation defines five structural forms: money, competition, the wage relation, the state and the international order. The institution originally targeted by cryptoassets is money, responding to new needs (aspiration to currencies freed from states and banks, search for anonymity, ease for international transfers and credible alternative to the dollar). Cryptoassets also satisfy the new needs arising from global digital capitalism (the creation of communities, the valuation of digital goods and services, the co-production of services through the network). Cet article propose d’analyser les cryptoactifs comme des innovations sociales à travers leur capacité à répondre à des besoins nouveaux polymorphes et à transformer les institutions structurantes du système économique. Le cadre de l’École de la Régulation définit cinq formes structurelles : la monnaie, la concurrence, le salariat, l’État et l’ordre international. L’institution originellement visée par les cryptoactifs est la monnaie, en répondant à de nouveaux besoins (aspiration à des monnaies libérées des États et des banques, recherche d’anonymat, facilité pour les transferts internationaux et alternative crédible au dollar). Les cryptoactifs satisfont aussi les nouveaux besoins issus du capitalisme numérique global (la création de communautés, la valorisation des biens et services numériques, la co-production de services par le réseau).
Journal Article
The Making of Finance: Perspectives from the social sciences
Using a variety of theoretical frameworks drawn from the social sciences, the contributions in this edited collection offer a critical perspective on the dominant paradigms used in contemporary financial activities. Through a detailed study of the organisation and functioning of financial intermediaries and institutions, the contributors to this volume analyse ‘finance in the making', by shedding light on the structuring of banking and financial systems, on their capacity to prescribe action and control, on their modes of regulation and, more generally, on the process of financialisation. Contributions presented in this volume have been written by authors working within the ‘social studies of finance' tradition, a research programme that emerged twenty years ago, with the aim of addressing a diversity of financial fieldworks and related theoretical questions. This book, therefore, sheds light on different areas that are representative of contemporary financial realities. Specifically, it first studies the work of financial employees: traders, salespeople, investment managers, financial analysts, investment consultants, etc. but also provides an analysis of a range of financial instruments: financial schemes and contracts, financial derivatives, socially responsible investment funds, as well as market rules and regulations. Finally, it puts into perspective the organisations contributing to this financial reality: those developing and selling financial services (retail banks, brokerage houses, asset management firms, private equity firms, etc.), and also those contributing to the regulation of such activities (banking regulators, financial market authorities, credit rating agencies, the State, to name a few). Each text can be read without any specific knowledge of finance; the book is thus addressed to anyone willing to better understand the intricacies of contemporary financial realities.
Paper
Le shadow banking : forme structurelle du capitalisme bancaire financiarisé
La crise de 2008 avait stigmatisé le système bancaire parallèle ou banque de l’ombre comme un travers du système bancaire traditionnel, résultat de comportements opportunistes cherchant à profiter des trous de la réglementation. Certains avaient réclamé sa disparition. Loin d’avoir disparu, le shadow banking a poursuivi son essor. Il ne peut plus être abordé comme un phénomène marginal, mais doit désormais être analysé comme une « forme structurelle » du système financier et bancaire contemporain : il façonne le rôle et les fonctions des acteurs majeurs du système économique (État, banque centrale), en assure la viabilité, mais aussi est au cœur de sa fragilité. Cet article souligne le rôle essentiel du shadow banking dans la transformation de la hiérarchie de la liquidité monétaire (1ère partie) et dans le maintien des activités bancaires et financières malgré un contexte économique dégradé (2e partie). Classification JEL : G23, G28 The 2008 crisis had stigmatized the shadow banking system as resulting of deviant behavior of banks seeking to take advantage of regulatory loopholes. Some had called for its disappearance. Far from having disappeared, shadow banking in 2021 can no longer be approached as a marginal phenomenon. It must now be analyzed as the structural form of the contemporary financial and banking system: it shapes the role and functions of the members of the system, ensures its viability but is also at the heart of its fragility. This article highlights the essential role of shadow banking in transforming the hierarchy of monetary liquidity (Part 1) and in maintaining banking and financial activities despite a deteriorated economic context (Part 2). Classification JEL : G23, G28
Journal Article
Les cryptoactifs, innovations sociales et institutions
Cet article propose d’analyser les cryptoactifs comme des innovations sociales à travers leur capacité à répondre à des besoins nouveaux polymorphes et à transformer les institutions structurantes du système économique. Le cadre de l’École de la Régulation définit cinq formes structurelles : la monnaie, la concurrence, le salariat, l’État et l’ordre international. L’institution originellement visée par les cryptoactifs est la monnaie, en répondant à de nouveaux besoins (aspiration à des monnaies libérées des États et des banques, recherche d’anonymat, facilité pour les transferts internationaux et alternative crédible au dollar). Les cryptoactifs satisfont aussi les nouveaux besoins issus du capitalisme numérique global (la création de communautés, la valorisation des biens et services numériques, la co-production de services par le réseau).
Journal Article