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Towards a Cognitive Mode in Global Finance? - The Governance of a Knowledge-Based Financial System; .

The Governance of a Knowledge-Based Financial System - Großformatiges Paperback. Klappenbroschur.
BuchKartoniert, Paperback
305 Seiten
Englisch
Campus Verlagerschienen am05.02.2007
The global finance system has been the subject of hot debate for several years. Major players such as the International Monetary Fund and the World Bank have come under fire for their financial practices, while the role of epistemic authorities, including rating agencies, remains unclear. This book systematically analyzes the role knowledge plays in global finance reform by considering its influence in the empirical areas of finance (banking, accounting, and bond rating, for example). As the contributors demonstrate, current institutional management strategies reflect a shift toward "cognitive," or learning-based modes of managing financial and political risks-and this cognitive thinking has its own consequences for the global marketplace.mehr

Produkt

KlappentextThe global finance system has been the subject of hot debate for several years. Major players such as the International Monetary Fund and the World Bank have come under fire for their financial practices, while the role of epistemic authorities, including rating agencies, remains unclear. This book systematically analyzes the role knowledge plays in global finance reform by considering its influence in the empirical areas of finance (banking, accounting, and bond rating, for example). As the contributors demonstrate, current institutional management strategies reflect a shift toward "cognitive," or learning-based modes of managing financial and political risks-and this cognitive thinking has its own consequences for the global marketplace.
ZusammenfassungEnglischsprachige PublikationenEnglischsprachige Publikationen
Details
ISBN/GTIN978-3-593-38156-5
ProduktartBuch
EinbandartKartoniert, Paperback
Erscheinungsjahr2007
Erscheinungsdatum05.02.2007
Seiten305 Seiten
SpracheEnglisch
Gewicht406 g
Artikel-Nr.12000496

Inhalt/Kritik

Inhaltsverzeichnis
Contents

Preface and Acknowledgements 7
Introduction 9
Torsten Strulik

Part 1: Theoretical Perspectives on Knowledge and Finance
The Autonomy of the Financial System: Symbolic Coupling and the
Language of Capital 36
Helmut Willke

On the Unity and Difference of Finance and the Economy:
Investigations for a New Sociology of Money 70
Hanno Pahl

An Institutional Approach to the Politics of Global Finance 104
Timothy J. Sinclair

Part 2: Cultures and Techniques of a Cognitive Mode
How Financial Numbers are Symptomatic 132
Hendrik Vollmer

Cultures of Economic Calculation 156
Herbert Kalthoff

Cognitive Shifts in Regulation: The Role of Ignorance in the
Regulatory Field of Accounting 180
Alexandra Hessling

Part 3: The Importance of Private Expertise in Financial Governance
The Role of Policy Communities in Global Financial Governance:
A Critical Examination of the Group of Thirty 213
Eleni Tsingou

Rating Agencies, Ignorance and the Knowledge-Based Production
of System Trust 239
Torsten Strulik

Part 4: Basel II - A Cognitive Turn in Banking Regulation?
Governance without Politics? Administration and Politics in the
Basel II Process 259
Boris Holzer

Making Use of Cognitive Standards: On the Logic of a New Mode
of Governance in Global Finance 279
Matthias Kussin/Sven Kette

Authors 304mehr
Prolog
Englischsprachige Publikationenmehr
Leseprobe
IntroductionTorsten Strulik1. The Governance of Global Finance2. Normative and Cognitive Expectations3. Governance as a Cognitive Problem4. Towards a Cognitive Mode of Global Finance?1. The Governance of Global FinanceThe end of the Bretton Woods System in 1973 is widely seen as the starting point of the global financial business. Although the first global financial market had already been established in the form of the Euromarket in 1958, the transition to flexible exchange rates set financial economic dynamics in motion which reflected both a globalization of transactions and high-speed innovation. For the governance of the financial system, the developments of the last three decades have meant a massive expansion of the range of opportunities for market actors. With the support of new information technologies and communication media, domestic and offshore financial markets have been opened and integrated into a single global market, including all industrial as well as a growing number of developing countries. At the same time, social expectations regarding the ability of public actors to intervene have grown disproportionately to their ability to keep up with the new opportunities and competencies of the market actors. There is a discernable institutional gap between the global nature of finance and the domestic charter of central banks and supervisory agencies. On the basis of this diagnosis numerous observers have attributed current problems in regulating global finance to a transition from a government led international monetary system to a market-led international monetary system (Padoa-Schioppa/Saccomanni 1994). The corresponding research question is: Which new forms of governance respond to an increasing exterritorialization and autonomy of financial transactions? Instructive analyses can be found not only of institutional and regulatory adaptations on the national, international and supranational levels (e.g. Dale 1984; Kapstein 1996; Eichengreen 1999; Scholte 2002; Wood 2005) but also of the increasing relevance of private actors (e.g. Sinclair 1994; Tsingou 2003) and mixed public-private arrangements (e.g. Strulik 2000). This book aims at opening up a complementary perspective. On the one hand, diagnoses of exterritorialization and the autonomy of finance are addressed. On the other hand, a shift of research towards the relevance of knowledge for governance might produce new insights in light of the continuing development of the regulatory field as well as the intensification of the debate on the characteristics and effects of the knowledge society (e.g. Adhikari/Sales 2001; Willke 2002). This introduction will argue that, for an adequate understanding of the current governance problems of global finance, it is important to consider the characteristics and consequences of the knowledge production of the global financial system as well as the relevance of knowledge for politics. The starting point of this analysis is the assumption that the globalization of the financial business is not only accompanied by a spatial incongruity of financial economic and political opportunities for action. Considering Niklas Luhmann´s (1991) thoughts on the emergence of a world society, it appears instructive to examine the present problems of the governance of global finance in respect to different expectation structures towards which the functionally specialized societal subsystems of politics, law and the economy orient themselves.mehr

Autor

Torsten Strulik ist Heisenberg- Stipendiat der Deutschen Forschungsgemeinschaft und Privatdozent an der Fakultät für Soziologie der Universität Bielefeld. HelmutWillke ist dort Professor für Staatstheorie und Global Governance.
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Herausgegeben:Strulik, Torsten