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Shadow banking: a story of the (the Double) in science of finance

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  • Ismail Erturk

Abstract

After the 2007 financial crisis central bank economists in the US produced a map of shadow banking system, a fragile interconnectedness of regulated and unregulated financial institutions, to explain why the crisis had happened. This piece of cartographic work in banking regulation had two aims: (a) to represent the economic reality, including the parts that were not in regulatory sight, with full realism and (b) to develop a regulatory surveillance regime to monitor shadow banking to prevent future crises. This paper problematises the first aim as a peculiar cognitive response to the knowledge crisis of economics which challenges the consensus on modern finance as post-modern Baudrilliardian simulacra. The paper then introduces a cultural economy perspective to explore the regulatory fear in the second aim of the shadow banking analysis with references to the theme of the Doppelgänger (the Double) in the genre of horror stories. Finally the societal consequences of the control oriented epistemological choices of the shadow banking analysis are problematised by using Michel Serres concepts of foedera natura versus foedera fati.

Suggested Citation

  • Ismail Erturk, 2017. "Shadow banking: a story of the (the Double) in science of finance," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(4), pages 377-392, July.
    • Handle: RePEc:taf:jculte:v:10:y:2017:i:4:p:377-392
    DOI: 10.1080/17530350.2016.1251955
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    References listed on IDEAS

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    1. Fabian Muniesa, 2014. "The Provoked Economy," Post-Print halshs-01113031, HAL.
    2. Fabian Muniesa, 2014. "The Provoked Economy: Economic Reality and the Performative Turn," Post-Print halshs-00989576, HAL.
    3. Varoufakis, Yanis & Mason, Paul, 2015. "The Global Minotaur," University of Chicago Press Economics Books, University of Chicago Press, edition 3, number 9781783606108, Febrero.
    4. McFall, Liz, 2014. "Devising Consumption: cultural economies of insurance, credit and spending," OSF Preprints at2nv, Center for Open Science.
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    Cited by:

    1. Ridoy Deb Nath & Mohammad Ashraful Ferdous Chowdhury, 2021. "Shadow banking: a bibliometric and content analysis," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-29, December.

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