Reshaping Global Capital: The Politics of Uncertainty in China's Financial Transnationalization

重塑全球资本:中国金融跨国化的不确定性政治

基本信息

  • 批准号:
    ES/N001982/1
  • 负责人:
  • 金额:
    $ 35.58万
  • 依托单位:
  • 依托单位国家:
    英国
  • 项目类别:
    Research Grant
  • 财政年份:
    2016
  • 资助国家:
    英国
  • 起止时间:
    2016 至 无数据
  • 项目状态:
    已结题

项目摘要

Six years following the global financial crisis, we are as unsure as ever about how to sustainably and equitably harness the power of global finance, and scholars, policymakers, and practitioners continue to seek better understandings of authority and power within an interdependent financial system. Meanwhile, as China's financial system becomes increasingly transnational in scope and influence, new ideas of how political authority and financial power can and should relate to one another are evolving in key sites of the global financial order such as Hong Kong, London, and Shanghai. This project investigates the dynamics and implications of this process, examining how and why different political values are reshaping the distribution of risk and the pursuit of stability within global finance. It is centered on two interrelated issues:1. How do different conceptions of authority and power affect a financial system's stability and distribution of risk?2. How is China's entry into global finance reshaping these financial outcomes?These are questions at the nexus of the macro-level of China's rise in global politics, and the micro-level of effective financial governance, however international political economists have not provided adequate tools for addressing them. Even as macro-prudential regulation improves in key global financial hubs, we are constantly reminded that financial governance is a deeply political and social process, as well as an exercise in technocratic regulation. We need better research into how the process of China's financial transnationalization is affecting both the micro-dynamics and macro-shifts of financial governance.Dynamics at both levels are sociopolitical in nature, and involve different conceptions of the relationship between political authority and financial power. Such 'conceptions of finance' are thus an important factor in determining how both public and private financial decision-makers respond to the uncertainty of financial investment and governance. They are unstable and experience both short-run change in response to crisis, or long-term shifts as the global economy evolves structurally. This project explores the implications of China's financial transnationalization by asking how different conceptions of the relationship between state, market, and society in a central process of decision making-the management of uncertainty-are reshaping financial governance in Hong Kong, London, and Shanghai. It draws upon research methods from cognitive psychology to develop an innovative research design that generates insight into how financial governance is being practiced by different actors in specific environments. It systematically maps out 'conceptions of finance' in these financial hubs, traces how this produces different responses to uncertainty, and then analyzes the implications for macro-financial stability and distribution of financial risk. Collaborating with research and policy institutions in London, Berlin, Beijing, Hong Kong, and Shanghai, the project makes an immediate, original, and significant contribution to our understanding of how China is affecting financial governance in an era of global change and flux.This contribution enables the project to speak to three different audiences. It fosters the development of the academic disciplines of international political economy and economic sociology, illustrating how novel empirical research methods can connect micro-level dynamics and macro-level outcomes of political economy. It speaks to practitioners in public policy and financial services, providing an empirically rich insight into the shifting landscape of global finance, whilst demonstrating how different conceptions of finance generate different governance outcomes. Finally, it speaks to the wider public by broadening the debates on financial governance and China's rise, exploring how 'China' and 'the West' are interdependently connected in global finance.
在全球金融危机爆发六年后,我们仍然不确定如何可持续和公平地利用全球金融的力量,学者、政策制定者和从业者继续寻求更好地理解相互依存的金融体系中的权威和权力。与此同时,随着中国金融体系的范围和影响力日益跨国化,在香港、伦敦和上海等全球金融秩序的关键地区,政治权威和金融权力如何以及应该如何相互关系的新观念正在不断发展。该项目研究了这一过程的动态和影响,研究了不同的政治价值观如何以及为什么正在重塑全球金融中的风险分布和追求稳定。它集中在两个相互关联的问题:1。不同的权威和权力概念如何影响金融体系的稳定性和风险分配?2.中国进入全球金融体系如何重塑这些金融结果?这些都是中国在全球政治中崛起的宏观层面和有效金融治理的微观层面的问题,但国际政治经济学家还没有提供足够的工具来解决这些问题。尽管全球主要金融中心的宏观审慎监管有所改善,但我们不断被提醒,金融治理是一个深刻的政治和社会过程,也是一种技术官僚监管。我们需要更好地研究中国金融跨国化进程如何影响金融治理的微观动力和宏观变化。这两个层面的动力本质上是社会政治的,涉及政治权威与金融权力关系的不同概念。因此,这种“金融概念”是决定公共和私人金融决策者如何应对金融投资和治理的不确定性的一个重要因素。它们是不稳定的,在应对危机时会经历短期变化,或者随着全球经济结构的演变而经历长期变化。本研究课题探讨了在香港、伦敦和上海,在不确定性管理这一决策的核心过程中,对国家、市场和社会之间关系的不同看法如何重塑金融治理,从而揭示了中国金融跨国化的意义。它借鉴了认知心理学的研究方法,开发了一种创新的研究设计,可以深入了解不同行为体在特定环境中如何实施财务治理。它系统地描绘了这些金融中心的“金融概念”,追踪这是如何对不确定性产生不同的反应,然后分析宏观金融稳定和金融风险分布的影响。该项目与伦敦、柏林、北京、香港和上海的研究和政策机构合作,为我们理解中国如何在全球变化和动荡的时代影响金融治理做出了直接、原创和重大的贡献。它促进了国际政治经济学和经济社会学学科的发展,说明了新的实证研究方法如何将微观层面的动态和政治经济学的宏观层面的结果联系起来。它与公共政策和金融服务的从业者交谈,为全球金融格局的变化提供了丰富的经验,同时展示了不同的金融概念如何产生不同的治理结果。最后,它通过扩大关于金融治理和中国崛起的辩论,探索“中国”和“西方”在全球金融中如何相互依存,向更广泛的公众说话。

项目成果

期刊论文数量(10)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
RMB transnationalization and the infrastructural power of international financial centres
人民币跨国化与国际金融中心的基础设施实力
The social order of Chinese capitalism: socio-economic uncertainty, communist party rule and economic development, 1990-2000
中国资本主义的社会秩序:社会经济不确定性、共产党统治与经济发展,1990-2000年
  • DOI:
    10.1080/03085147.2016.1143724
  • 发表时间:
    2016
  • 期刊:
  • 影响因子:
    3.4
  • 作者:
    Gruin J
  • 通讯作者:
    Gruin J
From shadow banking to digital financial inclusion: Regulatory framework negotations between China and the FSB
从影子银行到数字普惠金融:中国与金融稳定委员会的监管框架谈判
  • DOI:
  • 发表时间:
    2017
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Gruin J
  • 通讯作者:
    Gruin J
Communists constructing capitalism: state, market, and the Party in China's financial reform
共产党人建设资本主义:中国金融改革中的国家、市场和党
  • DOI:
  • 发表时间:
    2019
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Gruin J
  • 通讯作者:
    Gruin J
Of sacraments, sacramentals and anthropology: is anthropological explanation sacramental?
关于圣礼、圣礼和人类学:人类学的解释是圣礼吗?
  • DOI:
    10.1080/13648470.2017.1389167
  • 发表时间:
    2017
  • 期刊:
  • 影响因子:
    1.8
  • 作者:
    Naraindas H
  • 通讯作者:
    Naraindas H
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