Innovations financières : construire et légitimer un nouveau marché financier de gré à gré
The aim of the 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 period 1996-2005. 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 paper 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.
|Date of creation:||2007|
|Date of revision:|
|Publication status:||Published in Finance Contrôle Stratégie, Association FCS, 2007, pp.55-78|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00150768|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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- Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
- 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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