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Innovations financières:construire et légitimer un nouveau marché financier de gré à gré–le cas des dérivés de crédit

Author

Listed:
  • Isabelle Huault

    (Université Paris 9 Dauphine)

  • Hélène Rainelli-Le Montagner

    (Université Paris 1 (IAE))

Abstract

(VF)L’objectif de cet article est d’étudier le processus de construction sociale d’un nouveau marché financier. L’analyse qualitative longitudinale menée sur la période 1996-2005 concerne le développement du marché des dérivés de crédit, marché de gré à gré transnational. Comment ce marché est-il né? Par quel processus est-il venu au jour et a-t-il pérennisé son existence? Quel est le rôle joué par la théorie financière du risque dans ce processus? Nous montrons dans cet article que le marché des dérivés de crédit présente de fortes spécificités par rapport aux marchés antérieurement étudiés et que son développement se heurte à la question de la performativité de la théorie financière du risque qui ne constitue pas le cadre cognitif commun à tous les acteurs de la sphère financière. (VA)The 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.

Suggested Citation

  • 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.
    • Handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:211-243
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    References listed on IDEAS

    as
    1. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
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    3. 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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    More about this item

    Keywords

    innovation financière; légitimation; performativité; gestion du risque; financial innovation; legitimization; performativity; risk management.;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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