Doctoral Dissertation Research: The Emergence of Financial Geographies: Derivatives, Chicago, and the Growth of Speculation (1972-1987)

博士论文研究：金融地理的出现：衍生品、芝加哥和投机的增长（1972-1987）

• 批准号: 1203541
• 负责人: Kristopher Olds
• 金额: $ 1.19万
• 依托单位: University of Wisconsin-Madison
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2012
• 资助国家: 美国
• 起止时间: 2012-06-01 至 2014-05-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1203541&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Research; Emergence; Financial

From global currency flows to nation-state financial solvency and family home mortgages, much of contemporary life is influenced by derivatives, but social scientists have barely begun to study how derivatives work, where they came from, and how their negative impacts might be mitigated. While commonly associated with Wall Street and New York, these specialized financial instruments were primarily developed in Chicago because of that city's history of trading agricultural futures. This doctoral dissertation research project will investigate the invention and regulation of financial derivatives in Chicago, Illinois during the period from 1972 to 1987. The doctoral student hypothesizes that this geography is much more than a simple coincidence as it has generally been characterized by social scientists to date. Instead, this geography is vitally important to an improved understanding of both the nature of financial derivatives and to their role in financial crises, most notably the credit crisis of 2008. It was in direct relation to Chicago as a center of agricultural commodity exchange and not to New York's financial landscape that the U.S. government constructed the foundations of its regulatory structure for contemporary derivatives; a structure that made industry self-regulation its principal axiom. As these markets rapidly expanded away from Chicago in the late 1980s and 1990s, they carried the self-regulatory model with them, but as they transformed the global financial landscape, they brought with them none of the other localized institutions that made Chicago's self regulation successful. The student will employ political-economic and institutional perspectives in economic and urban geography to reveal the fundamentally spatial dimensions of the origin, early regulation and precipitous growth of financial derivatives. He will seek to construct a rich description of the early history of financial derivatives and the struggles over their political legitimacy by empirically investigating the negotiations between the financial industry, the federal regulatory agencies, and the U.S. Congress. To accomplish this, he will employ in-depth interviews with key members of Chicago's 1970s and 1980s financial community as well as a critical reading of industry and government documents, congressional hearing records, trade journals, and business periodicals.While financial derivatives were widely discussed in the mainstream media as contributing to the 2008 global financial crisis and subsequent economic recession, they have received little scientific attention beyond the discipline of economics. Scholarly inquiry on derivatives generally has failed to examine the history of their regulation or to draw connections between derivatives and financial crises. This project will help fill these gaps by investigating the early Chicago-based history of financial derivatives. The project will use qualitative methods developed by urban and economic geographers to analyze how the history of agricultural exchange and the specific financial institutions in Chicago set important precedents for the governance of derivatives. While these precedents, many of which allowed the derivatives industry to police itself, functioned relatively well for the industry when it was isolated in Chicago, the original governance model was unable to prevent market failures and financial crisis in the1990s and 2000s when derivatives trading spread to New York, London, and eventually across the globe. The project therefore will improve policy makers' and society's comprehension of derivatives markets and the institutionally and geographically contingent nature of their regulation. As a Doctoral Dissertation Research Improvement award, this award also will provide support to enable a promising student to establish a strong independent research career.

从全球货币流动到民族国家的金融偿付能力和家庭住房抵押贷款，当代生活的大部分都受到衍生品的影响，但社会科学家几乎没有开始研究衍生品如何运作，它们来自哪里，以及如何减轻它们的负面影响。 虽然通常与华尔街和纽约联系在一起，但这些专门的金融工具主要是在芝加哥开发的，因为该市有交易农产品期货的历史。 本博士论文研究计画将探讨美国伊利诺州芝加哥在1972年至1987年期间金融衍生工具的发明与管制。 这位博士生假设，这一地理现象不仅仅是一个简单的巧合，因为迄今为止社会科学家普遍认为这一现象具有特征。 相反，这一地理位置对于更好地理解金融衍生品的性质及其在金融危机（尤其是2008年的信贷危机）中的作用至关重要。 美国政府为当代衍生品构建监管结构的基础，与作为农产品交易中心的芝加哥有直接关系，而与纽约的金融格局没有直接关系;这一结构将行业自律作为其主要原则。 在20世纪80年代末和90年代，随着这些市场迅速从芝加哥向外扩张，它们带来了自我监管模式，但随着它们改变了全球金融格局，它们没有带来其他使芝加哥自我监管成功的本地化机构。 学生将采用经济和城市地理学中的政治经济和制度视角，揭示金融衍生品的起源，早期监管和急剧增长的基本空间维度。 他将通过实证研究金融业、联邦监管机构和美国国会之间的谈判，对金融衍生品的早期历史及其政治合法性的斗争进行丰富的描述。 为了实现这一目标，他将对芝加哥20世纪70年代和80年代金融界的主要成员进行深入采访，并对行业和政府文件、国会听证会记录、贸易期刊和商业期刊进行批判性阅读。尽管主流媒体广泛讨论金融衍生品是导致2008年全球金融危机和随后经济衰退的原因，除了经济学学科之外，它们几乎没有受到科学的关注。 学术界对衍生品的研究通常没有考察其监管的历史，也没有在衍生品和金融危机之间建立联系。 该项目将通过调查芝加哥早期的金融衍生品历史来填补这些空白。 该项目将使用城市和经济地理学家开发的定性方法来分析农业交易所的历史和芝加哥的特定金融机构如何为衍生品的治理树立重要的先例。 尽管这些先例（其中许多先例允许衍生品行业自我监管）在芝加哥被孤立时对该行业来说运作得相对良好，但最初的治理模式无法防止20世纪90年代和21世纪初的市场失灵和金融危机，当时衍生品交易蔓延到纽约、伦敦，并最终蔓延到地球仪。 因此，该项目将提高政策制定者和社会对衍生品市场及其监管在制度和地理上的偶然性的理解。 作为博士论文研究改进奖，该奖项还将提供支持，使有前途的学生建立一个强大的独立的研究生涯。