‘OTC’, ‘Financial’ Innovation, and Food Commodity Speculation

2019 ◽  
pp. 136-164
Author(s):  
Anna Chadwick
Keyword(s):  
Global Financial Crisis ◽  
Financial Innovation ◽  
Active Role ◽  
Contract Law ◽  
Financial Deregulation ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Food Commodity

This chapter takes issue with the popular presentation of the OTC market as a ‘regulatory vacuum’. The analysis demonstrates that the OTC market did not emerge spontaneously in response to the risk management needs of commercial actors, nor was it created through financial ‘deregulation’. Governments in the UK and the US were influential in the construction of the market and in the creation of a new private law centred approach to the regulation of finance in the years leading up to the global financial crisis and the global food crisis. Subsequent parts of the chapter challenge the dominant characterization of the products traded within this market as being the result of ‘financial’ innovation. Highlighting some of the significant developments in contract law that have furnished market actors with the capacity to develop new derivative contracts, the chapter ultimately demonstrates that contract law has played an active role in the emergence of a new market logic oriented towards financial accumulation.

London

2018 ◽  
Author(s):  
Richard Roberts
Keyword(s):  
New York ◽  
Financial Services ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Services Sector ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact ◽  
The Eu

At the onset of the Global Financial Crisis in 2007 London was one of the two foremost global financial centres, along with New York. London experienced a 12 per cent fall in wholesale financial services jobs in 2008–9, but a recovery got underway in 2010 and London’s wholesale financial services sector staged a wavering advance. But now there were new challenges, in particular the avalanche of financial regulation coming from the UK, the EU, the US and the G20. Fintech engendered new uncertainties. The impact of Brexit was uncertain, but mostly expected to be negative, at least in the short-term. Furthermore, there was growing competition from Asian and other financial centres. Nevertheless, London remained pre-eminent as one of the two largest global concentrations of wholesale financial services activity and at the top of the Global Financial Centres Index.

Regulation

2019 ◽  
pp. 107-135
Author(s):  
Anna Chadwick
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Price Formation ◽  
Over The Counter ◽  
The Us ◽  
European Regulations ◽  
The Global Financial Crisis ◽  
Derivative Markets ◽  
Food Commodity ◽  
The Eu

Chapter 4 analyses the new regulations introduced in the US and in the EU to respond to ‘excessive’ levels of speculation in commodity derivative markets. First, the chapter recalls the events of the global financial crisis and relates how concerns about the role that derivatives played in bringing it about have motivated reform. The chapter then outlines the new US and European regulations for over-the-counter derivatives focusing on those provisions with the potential to address concerns about food commodity speculation. After discussing a number of challenges that threaten the regulatory project, the author exposes a number of deeper, structural limitations of the Dodd Frank Act and EMIR-MiFID II reforms. The regulations are revealed to be predicated on a problematic ‘Neoliberal-Neoclassical’ understanding of how financial markets function that fundamentally fails to account for dynamics of price formation in contemporary markets.

Financialization and state capitalism in Hungary after the Global Financial Crisis

2021 ◽  
pp. 102452942110032
Author(s):  
David Karas
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Active Role ◽  
The State ◽  
State Capitalism ◽  
Political Risks ◽  
Role Of The State ◽  
Advanced Economies ◽  
The Global Financial Crisis

Whereas the active role of the state in steering financialization is consensual in advanced economies, the financialization of emerging market economies is usually examined through the prism of dependency: this downplays the domestic political functions of financialization and the agency of the state. With the consolidation of state capitalist regimes in the semi-periphery after the Global Financial Crisis, different interpretations emerged – some linking state capitalism with de-financialization, others with coercive projects deepening it. Preferring a more granular and multi-dimensional approach, I analyse how different facets of financialization might represent political risks or opportunities for state capitalist projects: Based on the Hungarian example, I first explain how the constitution of a ‘financial vertical’ after 2010 inaugurated a new mode of statecraft. Second, I show how the financial vertical enabled rentier bargains between state and society after 2015 by deepening the financialization of social policy and housing in response to a looming crisis of competitiveness.

Social work mobility in Europe: a case study from Ireland

2018 ◽  
Author(s):  
Trish Walsh ◽  
George Wilson ◽  
Erna O’Connor
Keyword(s):  
Social Work ◽  
Northern Ireland ◽  
Global Financial Crisis ◽  
Mobility Patterns ◽  
Worker Mobility ◽  
The Republic ◽  
The Global Financial Crisis ◽  
The Uk ◽  
National Governments

Social work has been viewed as one of the most nation-specific of the professions, ‘being closely tied up with national traditions, mentalities and institutions’ (Kornbeck, 2004, p 146). In addition, the political imperatives of national governments, austerity measures and managerialism drive approaches to service delivery which may supersede social work’s professional priorities. This militates against an automatic or easy transfer of professional knowledge from one country to another. In spite of this, there has been an enduring interest in developing international forms of social work that transcend national borders (Gray and Fook, 2004; Lyons et al, 2012). In this chapter, we present a case study of social worker mobility as it has evolved from the establishment of the first national social work registration body in the Republic of Ireland in 1997 with a particular focus on data from 2004-13 capturing the years leading up to, and in the aftermath of, the global financial crisis of 2008. We contrast this with the situation in Northern Ireland (NI), part of the UK and a separate and distinct political and legal entity with its own policies and practices. We draw on statistical and descriptive data provided by Irish social work registration bodies (NSWQB 1997-2011; CORU established in 2011 and NISCC, the Northern Ireland Social Care Council established in 2001) to illustrate (i) how sensitive contemporary mobility patterns are to changing economic and political factors; (ii) how rapidly patterns of mobility change and (iii) how much more mired in complexity European social work mobility is likely to be if the European project itself fractures, as is possible following the Brexit referendum vote in the UK.

scholarly journals Empty talk? University voices on the Global Financial Crisis

2010 ◽  
Vol 6 (4) ◽  
Author(s):  
Todd Bridgman
Keyword(s):  
Financial Crisis ◽  
News Media ◽  
Global Financial Crisis ◽  
Housing Prices ◽  
Banking System ◽  
Policy Makers ◽  
The Us ◽  
Complex Events ◽  
The Global Financial Crisis ◽  
Company Sector

The global financial crisis (GFC) which began in 2007 with a liquidity squeeze in the US banking system and which continues to play out today has affected us all, whether through the collapse of the finance company sector, rising unemployment, falling housing prices or the recession which followed the initial market crash. The speed and scope of the crisis surprised most experts – policy makers included. Specialists from a myriad of disciplines, from economics and finance to risk management, corporate governance and property, are trying to make sense of what happened, why it happened and what it means for us now and into the future. Members of the public rely on the news media to keep them informed of the crisis as it unfolds and they rely on experts to translate these complex events into a language which they can understand. The GFC is educating us all, and it is important that we all learn from it to avoid making the same mistakes again. 

scholarly journals Cointegration of Stock Market and Exchange Rate in Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 125 ◽  
Author(s):  
Pribawa E Pantas ◽  
Muhamad Nafik Hadi Ryandono ◽  
Misbahul Munir ◽  
Rofiul Wahyudi
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The Us ◽  
Us Dollar ◽  
The Exchange Rate ◽  
Johansen Cointegration Test ◽  
The Global Financial Crisis

This study aims to determine the long-term relationship between stock market and exchange rate in Indonesia. The research method used is Johansen cointegration test. The results of this study found no cointegration between the variables tested. Thus the exchange rate, JII, and IHSG have no relationship in the long term. The fluctuation of the rupiah exchange rate in recent years did not generally affect the performance of stock indices especially after the global financial crisis of 2008. This shows the capital market in Indonesia has a good performance so that it is not so sensitive to the sentiment of the decline in the rupiah against the US dollar. This finding is in line with the findings of Syahrer (2010) which states the exchange rate has no effect on the stock market.

scholarly journals Electoral Shocks

2019 ◽  
Author(s):  
Edward Fieldhouse ◽  
Jane Green ◽  
Geoffrey Evans ◽  
Jonathan Mellon ◽  
Christopher Prosser ◽  
...  
Keyword(s):  
Global Financial Crisis ◽  
The European Union ◽  
Electoral Volatility ◽  
Liberal Democrats ◽  
Scottish National Party ◽  
Electoral Choice ◽  
General Elections ◽  
Scottish Independence ◽  
The Global Financial Crisis ◽  
The Uk

This book offers a novel perspective on British elections, focusing on the importance of increasing electoral volatility in British elections, and the role of electoral shocks in the context of increasing volatility. It demonstrates how shocks have contributed to the level of electoral volatility, and also which parties have benefited from the ensuing volatility. It follows in the tradition of British Election Study books, providing a comprehensive account of specific election outcomes—the General Elections of 2015 and 2017—and a more general approach to understanding electoral change.We examine five electoral shocks that affected the elections of 2015 and 2017: the rise in EU immigration after 2004, particularly from Eastern Europe; the Global Financial Crisis prior to 2010; the coalition government of the Conservatives and the Liberal Democrats between 2010 and 2015; the Scottish Independence Referendum in 2014; and the European Union Referendum in 2016.Our focus on electoral shocks offers an overarching explanation for the volatility in British elections, alongside the long-term trends that have led us to this point. It offers a way to understand the rise and fall of the UK Independence Party (UKIP), Labour’s disappointing 2015 performance and its later unexpected gains, the collapse in support for the Liberal Democrats, the dramatic gains of the Scottish National Party (SNP) in 2015, and the continuing period of tumultuous politics that has followed the EU Referendum and the General Election of 2017. It provides a new way of understanding electoral choice in Britain, and beyond, and a better understanding of the outcomes of recent elections.

scholarly journals Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization

2021 ◽  
Vol 93 ◽  
pp. 05017
Author(s):  
Olga Sokolova ◽  
Nadezhda Goncharova ◽  
Pavel Letov
Keyword(s):  
Capital Market ◽  
Global Financial Crisis ◽  
Banking System ◽  
The European Union ◽  
Important Trend ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk ◽  
High Degree ◽  
New Industrialization

The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.

Sign in / Sign up

Export Citation Format

Share Document