IDEAS home Printed from https://ideas.repec.org/a/taf/jculte/v10y2017i4p377-392.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17530350.2016.1251955
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17530350.2016.1251955?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Varoufakis, Yanis & Mason, Paul, 2015. "The Global Minotaur," University of Chicago Press Economics Books, University of Chicago Press, edition 3, number 9781783606108, Febrero.
    2. Fabian Muniesa, 2014. "The Provoked Economy," Post-Print halshs-01113022, HAL.
    3. Fabian Muniesa, 2014. "The Provoked Economy: Economic Reality and the Performative Turn," Post-Print halshs-00989576, HAL.
    4. McFall, Liz, 2014. "Devising Consumption: cultural economies of insurance, credit and spending," OSF Preprints at2nv, Center for Open Science.
    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. 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.

    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. Gert Meyers & Ine Van Hoyweghen, 2018. "‘This could be our reality in the next five to ten years’: a blogpost platform as an expectation generation device on the future of insurance markets," Journal of Cultural Economy, Taylor & Francis Journals, vol. 11(2), pages 125-140, March.
    2. Loconto, Allison & Rajão, Raoni, 2020. "Governing by models: Exploring the technopolitics of the (in)visilibities of land," Land Use Policy, Elsevier, vol. 96(C).
    3. Benjamin Braun, 2016. "From performativity to political economy: index investing, ETFs and asset manager capitalism," New Political Economy, Taylor & Francis Journals, vol. 21(3), pages 257-273, May.
    4. Andrea Pollio, 2020. "Architectures of millennial development: Entrepreneurship and spatial justice at the bottom of the pyramid in Cape Town," Environment and Planning A, , vol. 52(3), pages 573-592, May.
    5. Walter, Christian, 2016. "The financial Logos: The framing of financial decision-making by mathematical modelling," Research in International Business and Finance, Elsevier, vol. 37(C), pages 597-604.
    6. Franck Aggeri, 2017. "How can performativity contribute to management and organization research? Theoretical perspectives and analytical framework [Qu'est-ce que la performativité peut apporter aux recherches en managem," Post-Print hal-01609172, HAL.
    7. Kristin Asdal & Béatrice Cointe, 2022. "Writing good economics: how texts 'on the move' perform the lab and discipline of experimental economics," Post-Print hal-03429169, HAL.
    8. Hélène Rainelli & Hélène Rainelli-Weiss, 2019. "Recherche en finance : quand la performativité invite à la réflexivité," Post-Print halshs-02025011, HAL.
    9. Kristin Asdal & Béatrice Cointe, 2021. "Experiments in co-modification: a relational take on the becoming of commodities and the making of market value," Post-Print hal-03168937, HAL.
    10. Faulconbridge, James R. & Muzio, Daniel, 2021. "Valuation devices and the dynamic legitimacy-performativity nexus: The case of PEP in the English legal profession," Accounting, Organizations and Society, Elsevier, vol. 91(C).
    11. Kurunmaki, Liisa & Mennicken, Andrea & Miller, Peter, 2016. "Quantifying, economising, and marketising: democratising the social sphere?," LSE Research Online Documents on Economics 67549, London School of Economics and Political Science, LSE Library.
    12. Sang-hyoun Pahk, 2017. "Misappropriation as market making: Butler, Callon, and street food in San Francisco, California," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(3), pages 296-308, May.
    13. Fabian Muniesa, 2016. "You must fall down the rabbit hole," Journal of Cultural Economy, Taylor & Francis Journals, vol. 9(3), pages 316-321, June.
    14. Lagoarde-Segot, Thomas, 2017. "Financialization: Towards a new research agenda," International Review of Financial Analysis, Elsevier, vol. 51(C), pages 113-123.
    15. Tomás Undurraga, 2017. "Making news of value: exploiting dissonances in economic journalism," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(6), pages 510-523, November.
    16. Garud, Raghu & Gehman, Joel & Giuliani, Antonio Paco, 2018. "Why not take a performative approach to entrepreneurship?," Journal of Business Venturing Insights, Elsevier, vol. 9(C), pages 60-64.
    17. Vargha, Zsuzsanna, 2016. "Note from the editor: The results of accounting," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(2), pages 2-6.
    18. Czarniawska, Barbara, 2016. "Performativity of social sciences as seen by an organization scholar," European Management Journal, Elsevier, vol. 34(4), pages 315-318.
    19. D. T. Cochrane, 2017. "Economics in the Twenty-First Century: A Critical Perspective, by Robert Chernomas and Ian Hudson," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(4), pages 408-410, July.
    20. David Yarrow & Matthias Kranke, 2016. "The performativity of sports statistics: towards a research agenda," Journal of Cultural Economy, Taylor & Francis Journals, vol. 9(5), pages 445-457, September.

    More about this item

    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:taf:jculte:v:10:y:2017:i:4:p:377-392. 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: the person in charge (email available below). General contact details of provider: http://www.tandfonline.com/RJCE20 .

    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.