Processes of Commensuration in Financial Markets

金融市场的等价过程

基本信息

项目摘要

The project sets out from the assumption that the increasing dynamism and autonomization of financial markets is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This thesis was put forward in a 2019 article by the applicant and is put to further test here. Trajectories of increasing commensuration can be found both in the long-term historical development of financial markets from ancient origins and in the more recent transformations that have occurred since the 1970s, including (a) the rise of derivatives markets, and (b) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration—and hence, competition and substitution—of bank products (such as loans, deposits) and non-bank products (capital market securities). The project collects further evidence on both partial developments by conducting discursive interviews with financial theorists and financial practicioners from several fields: (a) financial economists specialized in derivatives and derivative experts in banks or other financial firms, (b) financial historians and corporate finance experts in firms, consultancies, and industry journals. Additionally, for question (b), content analysis of selected volumes of important industry journals (on investment, corporate finance) will be done to establish historically changing ranges of comparability among different tools of investment and financing. The setting is deliberately broad and geared more to scope than to depth. The interviews do not aim at reconstructing the details of any of the named fields of expertise (which obviously would be impossible) but at discursively confronting field experts with the interpretative scheme of commensuration – as an increase in comparability, in the range and technical instrumentation of comparisons among different instruments – and at recording their reactions. This will allow us to refine our theoretical understanding of the processes at work in the historical development of financial markets; the aim and ambition of the project is to test a concept that offers a comprehensive picture of this development over the past half century.
该项目的出发点是这样一个假设,即金融市场日益增长的活力和多样化是一个长期化过程的产物,在这一过程中,越来越多的异质性金融资产和金融工具被相互比较、替代和相对估价,从而被浓缩成一个高度相互关联的金融体系。该论文由申请人在2019年的一篇文章中提出,并在此进一步验证。从金融市场从古代起源的长期历史发展和20世纪70年代以来发生的最近的转变中,都可以找到日益简化的轨迹,包括(a)衍生品市场的兴起,和(B)资本市场的兴起,以对抗银行中介的资本流动。衍生品市场的兴起是由Black-Scholes-Merton期权定价理论建立的基础证券(如股票、债券)和衍生品(如期权、期货)的分离引发的。资本市场的兴起源于银行产品(如贷款、存款)和非银行产品(资本市场证券)的竞争和替代。该项目通过对来自多个领域的金融理论家和金融专家进行访谈,进一步收集这两个部分发展的证据:(a)专门研究衍生品的金融经济学家和银行或其他金融公司的衍生品专家,(B)公司、咨询公司和行业期刊的金融历史学家和公司金融专家。此外,对于问题(B),将对选定的重要行业期刊(关于投资、公司融资)进行内容分析,以确定不同投资和融资工具之间历史上不断变化的可比性范围。背景有意地宽泛,更倾向于范围而不是深度。访谈的目的并不是要重建任何指定的专门知识领域的细节(这显然是不可能的),而是要让实地专家讨论解释性解释方案-增加不同文书之间比较的可比性、范围和技术手段-并记录他们的反应。这将使我们能够完善我们对金融市场历史发展过程的理论理解;该项目的目标和雄心是测试一个概念,该概念提供了过去半个世纪这一发展的全面图景。

项目成果

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Privatdozentin Dr. Barbara Kuchler其他文献

Privatdozentin Dr. Barbara Kuchler的其他文献

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{{ truncateString('Privatdozentin Dr. Barbara Kuchler', 18)}}的其他基金

Krieg und gesellschaftliche Differenzierung
战争与社会分化
  • 批准号:
    239352986
  • 财政年份:
    2013
  • 资助金额:
    --
  • 项目类别:
    Publication Grants

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开发拨款申请同行评审中的补偿偏差检测方法
  • 批准号:
    1759825
  • 财政年份:
    2018
  • 资助金额:
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  • 项目类别:
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