IDEAS home Printed from https://ideas.repec.org/a/rvr/journl/20084443.html
   My bibliography  Save this article

La normalisation financière internationale face à l’émergence de nouvelles autorités épistémiques américaines

Author

Listed:
  • Vanel, Grégory

Abstract

L’industrie des services financiers a connu de grands bouleversements depuis les deux dernières décennies. Ces bouleversements ont modifié les structures financières nationales, les dynamiques des systèmes financiers nationaux et du système financier international. Ils ont aussi eu un impact sur les cadres normatifs de la finance, notamment sur la manière de calculer la profitabilité des activités économiques. À partir d’une conception particulière de l’hégémonie financière américaine, fondée sur les pratiques légitimes, cet article explique ce phénomène par l’émergence et l’institutionnalisation, depuis les années quatre-vingt, d’autorités épistémiques américaines, parfois qualifiées d’hybrides, au sein de la filière des chiffres. Une analyse des causes et des effets de la transformation des normes comptables, du rating et des normes prudentielles permet ainsi d’envisager la financiarisation de l’économie, dans sa dimension normative, comme une tendance profonde à la diffusion des pratiques et des cadres normatifs américains de la finance. Au-delà de la diffusion d’une norme néolibérale universelle, qui serait imposée aux acteurs de façon linéaire, l’article souligne que la globalisation financière est aussi envisageable en tant que projection de pratiques des acteurs de la finance américaine au niveau mondial, par le biais d’autorités qui cherchent constamment à renforcer leur légitimité, même si elle est parfois contestée, et même si les normes qu’elles véhiculent ne sont pas exemptes de contradictions.

Suggested Citation

  • Vanel, Grégory, 2008. "La normalisation financière internationale face à l’émergence de nouvelles autorités épistémiques américaines," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.
    • Handle: RePEc:rvr:journl:2008:4443
    as

    Download full text from publisher

    File URL: http://regulation.revues.org/4443
    Download Restriction: no
    File URL: http://regulation.revues.org/pdf/4443
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564298, September.
    2. Eva Catarineu-Rabell & Patricia Jackson & Dimitrios Tsomocos, 2005. "Procyclicality and the new Basel Accord - banks’ choice of loan rating system," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(3), pages 537-557, October.
    3. Cutler,A. Claire, 2003. "Private Power and Global Authority," Cambridge Books, Cambridge University Press, number 9780521533973, September.
    4. Peter Mooslechner & Helene Schuberth & Beat Weber (ed.), 2006. "The Political Economy of Financial Market Regulation," Books, Edward Elgar Publishing, number 3947.
    5. Strange,Susan, 1996. "The Retreat of the State," Cambridge Books, Cambridge University Press, number 9780521564403, September.
    6. Arnold, Patricia J., 2005. "Disciplining domestic regulation: the World Trade Organization and the market for professional services," Accounting, Organizations and Society, Elsevier, vol. 30(4), pages 299-330, May.
    7. Eve Chiapello, 2005. "Les normes comptables comme institution du capitalisme. Une analyse du passage aux normes IFRS en Europe à partir de 2005," Post-Print hal-00466528, HAL.
    8. repec:bla:jcmkts:v:45:y:2007:i::p:487-513 is not listed on IDEAS
    9. Porter Tony, 2005. "Private Authority, Technical Authority, and the Globalization of Accounting Standards," Business and Politics, De Gruyter, vol. 7(3), pages 1-32, December.
    10. Edward Altman & Gabriele Sabato, 2005. "Effects of the New Basel Capital Accord on Bank Capital Requirements for SMEs," Journal of Financial Services Research, Springer;Western Finance Association, vol. 28(1), pages 15-42, October.
    11. Timothy J Sinclair, 2000. "Reinventing Authority: Embedded Knowledge Networks and the New Global Finance," Environment and Planning C, , vol. 18(4), pages 487-502, August.
    12. Michel Capron, 2005. "Les normes comptables internationales, instruments du capitalisme financier," Post-Print hal-01278392, HAL.
    13. Bruner, Christopher M. & Abdelal, Rawi, 2005. "To Judge Leviathan: Sovereign Credit Ratings, National Law, and the World Economy," Journal of Public Policy, Cambridge University Press, vol. 25(2), pages 191-217, August.
    14. Bangia, Anil & Diebold, Francis X. & Kronimus, Andre & Schagen, Christian & Schuermann, Til, 2002. "Ratings migration and the business cycle, with application to credit portfolio stress testing," Journal of Banking & Finance, Elsevier, vol. 26(2-3), pages 445-474, March.
    15. Perry James & Nöelke Andreas, 2005. "International Accounting Standard Setting: A Network Approach," Business and Politics, De Gruyter, vol. 7(3), pages 1-34, December.
    16. Yuri Biondi, 2004. "La valorisation des actifs dans le cadre conceptuel de la future normalisation comptable internationale, particulièrement au regard des normes 36 et 38," ACCRA, Association francophone de comptabilité, vol. 10(2), pages 55-71.
    17. Eleni Tsingou, 2006. "The Governance of OTC Derivatives Markets," Chapters, in: Peter Mooslechner & Helene Schuberth & Beat Weber (ed.), The Political Economy of Financial Market Regulation, chapter 7, Edward Elgar Publishing.
    18. Paul M. Vaaler & Gerry McNamara, 2004. "Crisis and Competition in Expert Organizational Decision Making: Credit-Rating Agencies and Their Response to Turbulence in Emerging Economies," Organization Science, INFORMS, vol. 15(6), pages 687-703, December.
    19. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
    20. Cutler,A. Claire, 2003. "Private Power and Global Authority," Cambridge Books, Cambridge University Press, number 9780521826600, September.
    21. Alexander, Gordon J. & Baptista, Alexandre M., 2006. "Does the Basle Capital Accord reduce bank fragility? An assessment of the value-at-risk approach," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1631-1660, October.
    22. Levi-Faur, David, 2005. "The Political Economy of Legal Globalization: Juridification, Adversarial Legalism, and Responsive Regulation. A comment," International Organization, Cambridge University Press, vol. 59(2), pages 451-462, April.
    23. Perry, James & Nöelke, Andreas, 2005. "International Accounting Standard Setting: A Network Approach," Business and Politics, Cambridge University Press, vol. 7(3), pages 1-32, December.
    24. Yuri Biondi, 2004. "La valorisation des actifs dans le cadre conceptuel de la future normalisation comptable internationale, particulièrement au regard des normes 36 et 38," ACCRA, Association francophone de comptabilité, vol. 10(2), pages 55-71.
    25. G. Ferri & L.-G. Liu & J. E. Stiglitz, 1999. "The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 28(3), pages 335-355, November.
    26. Porter, Tony, 2005. "Private Authority, Technical Authority, and the Globalization of Accounting Standards," Business and Politics, Cambridge University Press, vol. 7(3), pages 1-30, December.
    27. repec:dau:papers:123456789/130 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lahille, Eric, 2014. "Le rôle du mode de régulation politique états-unien dans le déclenchement de la crise économique," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.
    2. Bouvet, Patrice, 2013. "Les « retombées » des évènements sportifs sont-elles celles que l’on croit ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 13.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rouba Chantiri-Chaudemanche & Anouar Kahloul, 2011. "Les acteurs de la normalisation comptable internationale : une communauté épistémique ?," Working Papers halshs-00678806, HAL.
    2. Nicolas Dahan & Jonathan Doh & Jonathan Raelin, 2015. "Pivoting the Role of Government in the Business and Society Interface: A Stakeholder Perspective," Journal of Business Ethics, Springer, vol. 131(3), pages 665-680, October.
    3. Lahille, Eric, 2014. "Le rôle du mode de régulation politique états-unien dans le déclenchement de la crise économique," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.
    4. John Gerard Ruggie, 2018. "Multinationals as global institution: Power, authority and relative autonomy," Regulation & Governance, John Wiley & Sons, vol. 12(3), pages 317-333, September.
    5. Grahame Thompson, 2007. "Tracking Global Corporate Citizenship: Some Reflections on ‘Lovesick' Companies," The Institute for International Integration Studies Discussion Paper Series iiisdp192, IIIS.
    6. Suddaby, Roy & Cooper, David J. & Greenwood, Royston, 2007. "Transnational regulation of professional services: Governance dynamics of field level organizational change," Accounting, Organizations and Society, Elsevier, vol. 32(4-5), pages 333-362.
    7. Samira Demaria & Frédéric Marty, 2007. "Financiarisation, Evaluation et Information Comptable : De la création de valeur aux IFRS," Post-Print halshs-00266259, HAL.
    8. Carl Devos, 1998. "The structural transition of the production system: Regional policy in common understanding," ERSA conference papers ersa98p78, European Regional Science Association.
    9. Naseemullah, Adnan, 2023. "The political economy of national development: A research agenda after neoliberal reform?," World Development, Elsevier, vol. 168(C).
    10. John Nkwoma Inekwe & Yi Jin & Maria Rebecca Valenzuela, 2020. "Income inequality, financial flows and political institution: sub-Saharan African financial network," Empirical Economics, Springer, vol. 58(6), pages 2635-2665, June.
    11. Hanna Lierse & Laura Seelkopf, 2016. "Room to Manoeuvre? International Financial Markets and the National Tax State," New Political Economy, Taylor & Francis Journals, vol. 21(1), pages 145-165, February.
    12. Boyce, Gordon, 2008. "The social relevance of ethics education in a global(ising) era: From individual dilemmas to systemic crises," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(2), pages 255-290.
    13. David Smith, 1998. "Lessons of global neo-liberalism? The East Asian economic crisis reconsidered," Global Economic Review, Taylor & Francis Journals, vol. 27(4), pages 45-63.
    14. Najmul Abedin, 2013. "A Critical and Argumentative Study of the Development and Performance of the Ombudsman Institution in a Small Multiracial Society: The Republic of Trinidad and Tobago," Public Organization Review, Springer, vol. 13(3), pages 261-289, September.
    15. Cooper, David J. & Robson, Keith, 2006. "Accounting, professions and regulation: Locating the sites of professionalization," Accounting, Organizations and Society, Elsevier, vol. 31(4-5), pages 415-444.
    16. Thomas Lagner & Dodozu Knyphausen‐Aufseß, 2012. "Rating Agencies as Gatekeepers to the Capital Market: Practical Implications of 40 Years of Research," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 21(3), pages 157-202, August.
    17. Björn Kauder & Niklas Potrafke, 2015. "Globalization and social justice in OECD countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(2), pages 353-376, May.
    18. Brady, David & Beckfield, Jason & Seeleib-Kaiser, Martin, 2004. "Economic Globalization and the Welfare State in Affluent Democracies, 1975-1998," Working papers of the ZeS 12/2004, University of Bremen, Centre for Social Policy Research (ZeS).
    19. Sharma Shalendra D., 2008. "The Many Faces of Today's Globalization: A Survey of Recent Literature," New Global Studies, De Gruyter, vol. 2(2), pages 1-29, June.
    20. Harald Fuhr, 2001. "Constructive Pressures And Incentives To Reform: Globalization and its impact on public sector performance and governance in developing countries," Public Management Review, Taylor & Francis Journals, vol. 3(3), pages 419-443, September.

    More about this item

    Keywords

    Globalisation financière; Hégémonie américaine; Autorités épistémiques; Normes comptables; Normes prudentielles; agences de notation; financial globalization; U.S. hegemony; epistemic authorities; accounting norms; prudential norms; rating agencies;
    All these keywords.

    JEL classification:

    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rvr:journl:2008:4443. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Pascal Seppecher (email available below). General contact details of provider: https://theorie-regulation.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.