Innovations financières : construire et légitimer un nouveau marché financier de gré à gré -- le cas des dérivés de crédit
AbstractThe aim of this paper is to analyze the social construction of a new financial market. A longitudinal qualitative study is used to describe the development of the market for credit derivatives over the 1996-2005 period. Special attention is given to the fact that the market is a transnational over-the-counter market. How was the market born? How did it come into existence and how did it succeed in developing? What role did the financial theory of risk play in the process? This article emphasizes specificities of the market for credit derivatives when compared to previously analyzed financial markets. We show that its development is conditioned by the performativity of the financial theory of risk, which is by no means a naturally shared cognitive frame for the financial actors of the market.
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Bibliographic InfoPaper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/691.
Date of creation: Mar 2007
Date of revision:
Publication status: Published in Finance Contrôle Stratégie, 2007, Vol. 10, no. 1. pp. 211 - 243.Length: 32 pages
Dérivés de crédit; Construction sociale des marchés; Gestion du risque; Performativité; Légitimation; Innovation financière;
Other versions of this item:
- Isabelle Huault & Hélène Rainelli-Le Montagner, 2007. "Innovations financières:construire et légitimer un nouveau marché financier de gré à gré–le cas des dérivés de crédit," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 211-243, March.
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
- G19 - Financial Economics - - General Financial Markets - - - Other
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G29 - Financial Economics - - Financial Institutions and Services - - - Other
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michel Callon, 2006. "What does it mean to say that economics is performative?," CSI Working Papers Series 005, Centre de Sociologie de l'Innovation (CSI), Mines ParisTech.
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