The Credit Crisis as a Problem in the Sociology of Knowledge
The Credit Crisis as a Problem in the Sociology of Knowledge
复制标题
信用危机作为知识社会学中的一个问题
DOI：
10.1086/659639
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发表时间：
2011
影响因子：
4.4
通讯作者：
MacKenzie D
中科院分区：
文献类型：
--
作者：
MacKenzie D
本文分析了市场参与者产生金融工具知识的过程在信贷危机中的作用。采用文献资料来源和87主要是口述历史访谈，本文提出了一个历史社会学的集群评估实践围绕ABS（资产支持证券，最重要的是抵押贷款支持证券）和CDO（债务抵押债券）。尽管ABS和CDO之间在结构上非常相似，但这些做法却有很大的不同，并成为一个领域（例如，在评级机构）的组织分离的团体。因此，当ABS CDO（基础资产是ABS的CDO）出现时，它们在两个不同的阶段进行评估。这创造了一个极具吸引力的套利机会，大规模利用这个机会使得以前重要的看门人（抵押贷款支持证券低级别投资者中的风险敏感投资者）靠边站，并最终放大和集中了银行系统灾难性的抵押贷款相关损失。
This article analyzes the role in the credit crisis of the processes by which market participants produce knowledge about financial instruments. Employing documentary sources and 87 predominantly oral history interviews, the article presents a historical sociology of the clusters of evaluation practices surrounding ABSs (asset-backed securities, most importantly mortgage-backed securities) and CDOs (collateralized debt obligations). Despite the close structural similarity between ABSs and CDOs, these practices came to differ substantially and became the province (e.g., in the rating agencies) of organizationally separate groups. In consequence, when ABS CDOs (CDOs in which the underlying assets are ABSs) emerged, they were evaluated in two separate stages. This created a fatally attractive arbitrage opportunity, large-scale exploitation of which sidelined previously important gatekeepers (risk-sensitive investors in the lower tranches of mortgage-backed securities) and eventually magnified and concentrated the banking system’s calamitous mortgage-related losses.