ملخص
This article explores a key facet of the ideational dynamic underlying the politics of the global financial crisis, examining the interpretative and communicative practices through which the two most powerful central banks in the world-the Fed and the ECB-made sense of the events. Drawing on a constructivist neoinstitutional perspective, the study traces and analyzes the diagnoses and causal accounts of the global financial crisis formulated and voiced by these two actors, mapping and examining their evolution from the beginning of the events in the American subprime market in mid-2007 through the peak of the crisis in global financial markets in mid-2009. The analysis assesses the extent to which the two central banks diagnosed and explained the crisis in ways that challenged dominant notions and conceptual assumptions regarding the economic field, particularly the financial realm, or rather in ways that served to ratify them. While in the first stages of the crisis the diagnoses and causal accounts tended to ratify dominant notions and understandings of the financial field, they later evolved as involving a partial, but still significant, reassessment of established truths. These coherent and detailed sense-making plots touched upon some of the most basic attributes of global financial capitalism, carrying with them the potential for helping to open up the political space for a reevaluation of some of its ideational underpinnings.
| اللغة الأصلية | الإنجليزيّة |
|---|---|
| الصفحات (من إلى) | 255-272 |
| عدد الصفحات | 18 |
| دورية | International Journal of Politics, Culture and Society |
| مستوى الصوت | 26 |
| رقم الإصدار | 3 |
| المعرِّفات الرقمية للأشياء | |
| حالة النشر | نُشِر - سبتمبر 2013 |
ملاحظة ببليوغرافية
Funding Information:8For instance, “Actions by the New York Fed in response to liquidity pressures in financial markets,” Timothy Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the US Senate Committee on Banking, Housing and Urban Affairs, Washington, DC, 3 April 2008; “Liquidity, financial markets and the economy—the role of central banks,” José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, at the Fundación Caixa Galicia, Santiago de Compostela, 16 October 2008. 9“The Federal Reserve’s liquidity facilities,” William Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Vanderbilt University Conference on Financial Markets and Financial Policy, Nashville, Tennessee, 18 April 2009.
Funding Information:
14 “Monetary policy and the ‘Great Crisis’—lessons and challenges,” Lucas Papademos, Vice President of the European Central Bank, at the 37th Economics Conference “Beyond the Crisis: Economic Policy in a New Macroeconomic Environment”, the Austrian National Bank, Vienna, 14 May 2009. 15 “Troubled Asset Relief Program and the Federal Reserve’s liquidity facilities,” Ben Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington, DC, 18 November 2008; “A paradigm change for the global financial system,” Jean-Claude Trichet, President of the European Central Bank, at the International Colloquium “Nouveau Monde, Nouveau Capitalisme”, Paris, 9 January 2009. 16 “Actions by the New York Fed in response to liquidity pressures in financial markets,” Timothy Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the US Senate Committee on Banking, Housing and Urban Affairs, Washington, DC, 3 April 2008; “Restoring confidence,” Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, at the International Forum Economia e Società Aperta, Bocconi University, 25 November 2008. 17 “The Panic of 2008,” Kevin Warsh, Member of the Board of Governors of the US Federal Reserve System, at the Council of Institutional Investors 2009 Spring Meeting, Washington, DC, 6 April 2009.
Funding Information:
22For instance, “Addressing weaknesses in the global financial markets—the Report of the President’s Working Group on Financial Markets,” Ben Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the World Affairs Council of Greater Richmond’s Virginia Global Ambassador Award Luncheon, Richmond, Virginia, 10 April 2008; “ECB Financial Stability Review December 2007,” Lucas Papademos, Vice President of the European Central Bank, at the press briefing on the occasion of the publication of the December 2007 ECB Financial Stability Review, Frankfurt am Main, 12 December 2007.
Funding Information:
24For instance, “Liquidity-risk management in the business of banking,” Randall Kroszner, Member of the Board of Governors of the US Federal Reserve System, at the Institute of International Bankers Annual Washington Conference, Washington, DC, 3 March 2008; “Globalisation and central bank policies,” Lucas Papademos, Vice President of the European Central Bank, at the Bridge Forum Dialogue, Luxembourg, 22 January 2008. 25 “Addressing weaknesses in the global financial markets—the Report of the President’s Working Group on Financial Markets,” Ben Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the World Affairs Council of Greater Richmond’s Virginia Global Ambassador Award Luncheon, Richmond, Virginia, 10 April 2008; “Address upon receiving the 2007 “Risk Manager of the Year” Award of the Global Association of Risk Professionals,” Lucas Papademos, Vice President of the European Central Bank, at the 9th Annual Risk Management Convention & Exhibition, New York, 26 February 2008. 26 “Global financial turmoil and the world economy,” Frederic Mishkin, Member of the Board of Governors of the US Federal Reserve System, at the Caesarea Forum of the Israel Democracy Institute, Eilat, Israel, 2 July 2008.
Funding Information:
27 For instance, “Leveraged losses—lessons from the mortgage meltdown,” Frederic Mishkin, Member of the Board of Governors of the US Federal Reserve System, at the US Monetary Policy Forum, New York, 29 February 2008; “Financial integration, financial innovation and development,” Lucas Papademos, Vice President of the European Central Bank, at the Second Symposium of the ECB-CFS Research Network on “Capital Markets and Financial Integration in Europe,” Frankfurt am Main, 13 February 2008.
Funding Information:
31For instance, “Addressing weaknesses in the global financial markets—the Report of the President’s Working Group on Financial Markets,” Ben Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the World Affairs Council of Greater Richmond’s Virginia Global Ambassador Award Luncheon, Richmond, Virginia, 10 April 2008; “Financial turmoil, securitisation and liquidity,” Jose Gonzalez-Paramo, Member of the Executive Board of the European Central Bank, at the Global ABS Conference 2008, Cannes, 1 June 2008.
Funding Information:
38 For instance, “Stabilizing the financial markets and the economy,” Ben Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the Economic Club of New York, New York, 15 October 2008; “Reflections on the current financial market correction,” Jean-Claude Trichet, President of the European Central Bank, at the International Capital Market Association’s Annual Conference, Vienna, 15 May 2008.