Sources of financial sociability: Networks, ecological systems or diligent risk preparedness?

Journal of Cultural Economy

Volumn 4, Issue 4, 2011, Pages 405-421

  Thompson, Grahame ^a  

^a Department of International Economics and Management   (Denmark)

Author keywords

Distributed regulatory preparedness; Ecological systems; Financial calculation; Financial irrationality; Financial sociability; systemic risk assessment

Indexed keywords

EID: 84859495005     PISSN: 17530350     EISSN: 17530369     Source Type: Journal    
DOI: 10.1080/17530350.2011.609699     Document Type: Article

References (75)

1. Adrian, T. & Brunnermeier, M. J. 2009 CoVaR, Princeton University, NJ, [Online] Available at http://www.princeton.edu/~markus (accessed 21 March 2010).
2. Allen, F. & Babus, A. 2009 Networks in finance, in The Network Challenge: Strategy, Profit, and Risk in an Interlinked World, P. Kleindorfer & J. Wind, Pearson/Wharton School Publishing, Upper Saddle River, pp 367-382.
3. Allen, F., Babus, A. & Carletti, E. 2010 Financial connections and systemic risk, NBER Working Paper no. 16177, July.
4. Aradau, C. & Van Munster, R. 2011 The Politics of Catastrophe: Genealogies of the Unknown, Routledge, London.
5. Babus, A. 2007 The formation of financial networks, Discussion Paper 06-093, Tinbergen Institute, Rotterdam, Holland.
6. Barberis, N. & Thaler, R. 2003 A survey of behavioural finance, in Handbook of Economics and Finance, G. M. Constantinides, M. Harris & R. M. Stulz, Vol. 1, Part 2, Elsevier, pp. 1053-1128.
7. Brunnermeier, M. K. 2009. Deciphering the liquidity and credit crunch 2007-2008. Journal of Economic Perspectives, 23(1): 77-100.
8. Callon, M. 1998 The Laws of the Markets, Blackwell, Oxford.
9. Collier, S. J. and Lakoff, A. 2008. Distributed preparedness: The spatial logic of domestic security in the US. Environment and Planning D: Society and Space, 26: 7-28.
10. Debrandt, O. & Hartman, P. 2000 Systemic risk: a survey, European Central Bank Working Paper no. 35, November.
11. Dungey, M. 2008 The tsunami: measures of contagion in the 2007-2008 credit crunch, CESifo Forum 4/2008, pp. 33-42.
12. Epstein, J. M. 2009 Modelling to contain pandemics, Nature vol. 460, 6 August, p. 687.
13. Fender, I. & Mcguire, P. 2010 Bank structure, funding risk and the transmission of shocks across countries: concepts and measurement, BIS Quarterly Review, September, pp. 63-79.
14. Goldgar, A. 2007 Tulipmania: Money, Honour and Knowledge in the Dutch Golden Age, University of Chicago Press, Chicago.
15. Goodhart, C. 2010 How should we regulate the financial sector?, in The Future of Finance: The LSE Report, A. Turner, A. Haldane, P. Woolley, S. Wadhwani, C. Goodhart, A. Smithers, A. Large, J. Kay, M. Wolf, P. Boone, S. Johnson & R. Layard, London School of Economics and Political Science, London.
16. Grossi, P. & Kunreuther, H. 2005 Catastrophe Modelling: A New Approach to Managing Risk, Springer, New York.
17. Guillén, M. F. & Suarez, S. L. 2010 The global crisis of 2007-2009: markets, politics and organizations, Research in the Sociology of Organizations, vol. 30, Part A, pp. 257-279.
18. Habermas, J. 1997. Between Fact and Norm: Contributions to a Discourse Theory of Law and Democracy, Cambridge: Polity Press.
19. Habermas, J. 2001. Constitutional democracy: a paradoxical unity of contradictory principles?. Political Theory, 29(6): 766-781.
20. Haldane, A. 2009 Rethinking the financial network, Bank of England, London, [Online] Available at http://www.bankofengland.co.uk/publications/speeches/2009/speech386.pdf (accessed 21 March 2010).
21. Haldane, A., Hall, S. & Pezzini, S. 2007 A new approach to assessing risks to financial stability, Financial Stability Paper no. 2, April, Bank of England.
22. Haldane, A. G. & May, R. M. 2011 Systemic risk in banking ecosystems, Nature, vol. 469, 20 January, pp. 351-355.
23. Hirschman, A. O. 1977. The Passions and the Interests: Political Arguments for Capitalism Before its Triumph, Princeton, NJ: Princeton University Press.
24. Holling, C. S. 1973. Resilience and stability of ecological systems. Annual Review of Ecology and Systematics, 4: 1-23.
25. Hunter, I. 2010. Kant's regional cosmopolitanism. Journal of the History of International Law, 12: 165-188.
26. Izquierdo, A. J. 2001. Reliability at risk: the supervision of financial models as a case study for reflexive economic sociology. European Societies, 3(1): 69-90.
27. Jackwerth, J. C. & Rubinstein, M. 1996 'Recovering probability distributions from options prices, The Journal of Finance, vol. LI, no. 5, pp. 1611-1631.
28. Jasanoff, S. 2010 Beyond calculation: a democratic response to risk, in Disaster and the Politics of Intervention, A. Lakoff, Columbia University Press, New York, pp. 14-40.
29. Kessler, O. 2009. Interrogating the current financial crisis; introduction. International Political Sociology, 3(4): 449-468.
30. Kleindorfer, P. R. and Wind, Y. J. 2009. The Network Challenge: Strategy, Profit and Risk in an Interlinked World, Upper Saddle River, NJ: Wharton School Publishing/Pearson Education.
31. Lentzos, F. and Rose, K. 2009. Governing insecurity: contingency planning, protection, resilience. Economy and Society, 38(2): 230-254.
32. Mackenzie, D. 2006. An Engine, Not a Camera: How Financial Models Shape Markets, Cambridge, MA: MIT Press.
33. Malamud, B. D. 2004 Tails of natural hazards, Physics World, August, pp. 31-35.
34. Mandelbrot, B. B. 1997. Fractals and Scaling in Finance: Discontinuity, Concentration, New York: Risk, Springer-Verlag.
35. Mandelbrot, B. B and Hudson, R. L. 2008. The (Mis)Behaviour of Markets: A Fractal View of Risk, Ruin and Reward, London: Profile Book.
36. May, R. M. & Arinaminpathy, N. 2010 Systemic risk: the dynamics of model banking systems, Journal of the Royal Society Interface, vol. 7, October, pp. 823-838.
37. Moore, L. & Juh, S. 2006 Derivative pricing 60 years before Black-Scholes: evidence from the Johannesburg stock exchange, The Journal of Finance, vol. LXI, no. 6, pp. 3069-3098.
38. Minford, P. 2010. The banking crisis-a rational interpretation. Political Studies Review, 8(1): 40-54.
39. Minsky, H. P. 1982 Can 'It' Happen Again: Essays on Instability and Finance, M. E. Sharpe, Armonk.
40. Minsky, H. P. 1986. Stabilizing an Unstable Economy, New Haven: Yale University Press.
41. Mirowski, P. 2002. Machine Dreams: Economics becomes a Cyborg Science, Cambridge: Cambridge University Press.
42. Mixon, S. 2009. Option markets and implied volatility: past versus present. Journal of Financial Economics, 94: 171-191.
43. Myers, M. L. 1983. The Soul of Modern Economic Man: Ideas of Self-Interest, Thomas Hobbes to Adam Smith, Chicago: University of Chicago Press.
44. Orléan, A. 2010 The impossible evaluation of risk, Prisme no. 18, April, Cournot Centre for Economic Studies, Paris.
45. Perrow, C. 1999. Normal accidents: Living with high-risk technologies, 2nd edn, Princeton: Princeton University Press.
46. Perrow, C. 2010 'The meltdown was not an accident, Research in Sociology of Organizations, vol. 30 Part A, pp. 309-330.
47. Price-Smith, A. T. 2009. Contagion and Chaos: Disease, Ecology, and National Security in the Era of Globalization, Cambridge: MIT Press.
48. Rawls, J. 1971. A Theory of Justice, Oxford: Oxford University Press.
49. Rawls, J. 1999. The Law of Peoples, Cambridge: Harvard University Press.
50. Reinhart, C. M. and Rogoff, K. 2009. This Time is Different: Eight Centuries of Financial Folly, Princeton: Princeton University Press.
51. Schmitt, C. 1997. Land and Sea, Alexandria, VA: Plutarch Press.
52. Schmitt, C. 2003. The Nomos of the Earth: In the International Law of the Jus Publicum Europaeum, New York: Telos Press.
53. Schmitt, C. 2007. Theory of the Partisan, New York: Telos Press Publishing.
54. Schularick, M. & Taylor, A. M 2009 Credit booms gone bust: monetary policy, leverage cycles and financial crises, 1870-2008, NBER Working Paper 15512, November.
55. Shefrin, H. 2000. Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Boston: Harvard Business School Press.
56. Shiller, R. J. 2003. From efficient markets theory to behavioral finance. Journal of Economic Perspectives, 17(1): 83-104.
57. Shleifer, A. 2000. Inefficient Markets: An Introduction to Behavioral Finance, New York: Oxford University Press.
58. Simon, H. A. 1985. Human nature in politics: the dialogue of psychology with political science. The American Political Science Review, 79(2): 293-304.
59. Sornette, D. 2003. Why Stock Markets Crash: Critical Events in Complex Financial Systems, Princeton: Princeton University Press.
60. Sornette, D. & Woodard, R. 2009 Financial bubbles, real estate bubbles, derivative bubbles, and the financial and economic crisis, [Online] Available at http://arxiv.org/abs/0905.0220 (accessed 30 November 2009).
61. Stiglitz, J. E. 2010. Contagion, liberalization and the optimal structures of globalization. Journal of Globalization and Development, 1(2): 1-45.
62. Taleb, N. N. 2004. Fooled By Randomness: The Hidden Role of Chance in Life and in the Markets, New York: Random House.
63. Taleb, N. N. 2007a. The Black Swan: The Impact of the Highly Improbable, London: Allen Lane.
64. Taleb, N. N. 2007b. Black swans and the domain of statistics. The American Statistician, 61(2): 198-200.
65. Tett, G. 2010 Silos and silences: why so few people spotted the problems in complex credit and what that implies for the future, Financial Stability Review, no. 14-Derivatives-Financial innovation and stability, Banque de France, pp. 121-129, [Online] Available at http://www.banquefrance.fr/gb/publications/telechar/rsf/2010/etude14_rsf_1007.pdf (accessed 5 May 2011).
66. Thompson, G. F. 2007. Religious fundamentalism, territories and "globalization". Economy and Society, 36(1): 19-50.
67. Thompson, G. F. 2010a. The global regulatory consequences of an irrational crisis: examining "animal spirits" and "excessive exuberances". Globalizations, 7(1): 87-103.
68. Thompson, G. F. 2010b. 'Financial globalisation" and the "crisis": a critical assessment and "what is to be done"?. New Political Economy, 15(1): 127-145.
69. Thompson G. F. Forthcoming The Constitutionalization of the Global Corporate Sphere? Oxford University Press Oxford
70. Triana, P. 2009. Lecturing Birds on Flying: Can Mathematical Models Destroy the Financial Markets?, Hoboken: John Wiley & Sons.
71. University Of Warwick. 2010 The Warwick Commission on International Financial Reform: In Praise of Unlevel Playing Fields, University of Warwick.
72. Weick, K. E. and Sutcliffe, K. M. 2007. Managing the Unexpected: Resilient Performance in an Age of Uncertainty, San Francisco: John Wiley & Sons.
73. Wickham, G. forthcoming The "Socio" in socio-legal studies: three definitions of society, Journal of Law and Society.
74. Woodford, M. 2009. Convergence in macroeconomics: elements of the new synthesis. American Economic Journal of Macroeconomics, 1(1): 267-279.
75. Zanini, M. 2009 "Power curves": what natural and economic disasters have in common, The McKinsey Quarterly, June, pp. 1-5.