Legitimacy in financial markets: credit default swaps in the current crisis
Legitimacy in financial markets: credit default swaps in the current crisis
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金融市场的合法性：当前危机中的信用违约掉期
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
G. Morgan
中科院分区：
文献类型：
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作者：
G. Morgan
当前的金融危机似乎是一个划时代的变革时刻，一个典型的“合法性危机”。本文研究了这一崩溃对金融市场中与信用违约互换有关的一个特定部分的影响。本文展示了这些产品的市场是如何以及为什么扩张的，以及为什么它们是金融危机的组成部分。崩溃的后果是这些市场的合法性严重受损。本文探讨了这种合法性被重建的过程。特别是，它区分了务实合法性的重建，这是市场参与者的主要关注，以及更广泛的政治合法性的重建，这涉及政府和监管机构。它认为，这两种重建合法性的形式以不同的方式发挥作用，并以不同的速度进行。它探讨了这在重建金融体系方面所导致的紧张局势。
The current financial crisis appears to be a moment of epochal change, an archetypal ‘legitimation crisis’. This paper examines the impact of this collapse on one particular section of the financial markets that concerned with credit default swaps. This paper shows how and why the markets for these products expanded and why they were integral to the financial crash. The consequence of the crash was a huge loss of legitimacy for these markets. This paper examines the processes whereby this legitimacy is being reconstructed. In particular, it distinguishes between the re-establishment of pragmatic legitimacy, which is the primary concern of the market participants, and the re-establishment of broader political legitimacy, which concerns governments and regulators. It argues that these two forms of re-establishing legitimacy work in different ways and proceed at different rates. It explores the tensions to which this leads in terms of reconstructing the financial system.