Institutional work amidst the financial crisis: emerging positions of elite actors

Organization ◽  
2011 ◽  
Vol 18 (2) ◽  
pp. 187-214 ◽  
Author(s):  
Suhaib Riaz ◽  
Sean Buchanan ◽  
Hari Bapuji
Keyword(s):  
Financial Crisis ◽  
Research Agenda ◽  
Global Financial Crisis ◽  
Critical Discussion ◽  
Status Quo ◽  
Institutional Work ◽  
Mainstream Media ◽  
The Us ◽  
The Status ◽  
The Global Financial Crisis

We draw on the institutional work literature to analyse the rhetoric in mainstream media spawned by the global financial crisis. We identify the emerging positions (status quo, neutral and change) of actors on major themes (policy, practices, recovery and regulation) related to the crisis and the rhetorical processes used (appeals to expert authority, finding someone to blame, use of scenarios, and avoidance of critical discussion) to communicate these positions. We find that academics lead the charge for change in policy, relying mostly on rhetorical processes that involve the use of past scenarios and blame, but also often avoid critical discussion through over-generalization. In contrast, banks focus on changes in practices, mostly using future scenarios, finding specific others to blame, and also appealing to expert authority. The US Federal Reserve takes the lead on maintaining the status quo on regulation-related issues, largely through using various scenarios and appeals to expert authority. We also find a large number of neutral positions and interpret this as tacit support for existing institutions. We conclude by charting out a broader research agenda for further investigation of the actors-institutions interplay, particularly within the context of the financial crisis.

Belén Gopegui’s literature in crisis: Anticipating the literatura de la crisis?

2020 ◽  
Vol 33 (1) ◽  
pp. 9-25
Author(s):  
Maite Usoz de la Fuente
Keyword(s):  
Short Stories ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Job Insecurity ◽  
Status Quo ◽  
The Status ◽  
Key Features ◽  
Financial Crisis Of 2008 ◽  
The Global Financial Crisis

In recent years, and in response to the global financial crisis of 2008, Spain has seen the surge of a new literary sub-genre, that of literatura de la crisis: novels, essays and short stories attempting to reflect and make sense of the crisis and its effects in the country. In this article, I propose that there is an alternative literature in crisis that, while at times overlapping with the aforementioned literatura de la crisis, also antedates it. Such literature shows a concern with socio-economic phenomena such as unemployment and job insecurity, precarity, the effects of globalization or the rise in inequality long before these issues became fashionable. In this article, I analyse four novels by Belén Gopegui that predate the crisis in order to trace the key features of her literature in crisis ‐ chief among them is her meta-literary exploration of her own assimilation of (or possible complicity with) the hegemonic discourses she seeks to critique. Finally, I contend that the vindication of this literature in crisis is timely and relevant not only because of its connection to the booming sub-genre of literatura de la crisis but also because it is only through the radical interrogation of the status quo carried out by this author that the full emancipatory potential of literature and culture may be realized.

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. 

Financial Reform Efforts since the Global Financial Crisis—An Overview

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Shadow Banking ◽  
Reform Agenda ◽  
Current State ◽  
The Us ◽  
The Global Financial Crisis ◽  
Institutional Architecture ◽  
Market Infrastructure

The chapter provides an overview of the current state of the reform efforts in the jurisdictions under consideration with a focus on the institutional architecture, banking regulation, shadow banking, and financial market infrastructure. It briefly reviews the generally accepted causes of the global financial crisis and the eurozone crisis, as well as the reform agenda at global/international level. It summarizes the reform efforts in the EU and the US that are of particular relevance for the recovery and resolution of credit institutions and investment firms. These reform efforts form the context in which the new recovery and resolution regime must be viewed.

scholarly journals Would Macroprudential Regulation Have Prevented the Last Crisis?

2019 ◽  
Vol 33 (1) ◽  
pp. 107-130 ◽  
Author(s):  
David Aikman ◽  
Jonathan Bridges ◽  
Anil Kashyap ◽  
Caspar Siegert
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial System ◽  
Mortgage Lending ◽  
Financial Policy ◽  
Policy Interventions ◽  
The Us ◽  
Set Up ◽  
The Global Financial Crisis

How well equipped are today’s macroprudential regimes to deal with a rerun of the factors that led to the global financial crisis? To address the factors that made the last crisis so severe, a macroprudential regulator would need to implement policies to tackle vulnerabilities from financial system leverage, fragile funding structures, and the build-up in household indebtedness. We specify and calibrate a package of policy interventions to address these vulnerabilities—policies that include implementing the countercyclical capital buffer, requiring that banks extend the maturity of their funding, and restricting mortgage lending at high loan-to-income multiples. We then assess how well placed are two prominent macroprudential regulators, set up since the crisis, to implement such a package. The US Financial Stability Oversight Council has not been designed to implement such measures and would therefore make little difference were we to experience a rerun of the factors that preceded the last crisis. A macroprudential regulator modeled on the UK’s Financial Policy Committee stands a better chance because it has many of the necessary powers. But it too would face challenges associated with spotting build-ups in risk with sufficient prescience, acting sufficiently aggressively, and maintaining political backing for its actions.

Sun, wind, rain and the sewer: outward form opportunities in a degraded landscape

2009 ◽  
Vol 13 (3-4) ◽  
pp. 285-294
Author(s):  
Timothy Stenson
Keyword(s):  
Carbon Dioxide ◽  
Financial Crisis ◽  
Housing Market ◽  
Global Financial Crisis ◽  
Good News ◽  
The Us ◽  
The Usa ◽  
And Performance ◽  
The Global Financial Crisis

The US housing market is infamous on at least two counts: implicated in the global financial crisis and notorious for its unsustainable consumption of resources and consequent discharge of carbon dioxide. Lately anything like good news regarding housing in the USA is scarce. However, the pause resulting from the collapse of the market, and increasing concern regarding building's agency in the environment, combine to provide an opportunity to reconsider the form and performance of housing. This may yet create an opening for design.

scholarly journals An Empirical Study on Effects of US Treasury Futures Market on the KTB Futures Market and Its Information Transfer Effect – Mainly after the Global Financial Crisis

2015 ◽  
Vol 7 (12) ◽  
pp. 262
Author(s):  
Kim Sung-Hyun ◽  
Park Sang-Bum
Keyword(s):  
Financial Crisis ◽  
Information Transfer ◽  
Global Financial Crisis ◽  
Futures Market ◽  
Future Market ◽  
Risky Assets ◽  
The Us ◽  
Treasury Market ◽  
The Global Financial Crisis ◽  
Treasury Futures

Since the Global Financial Crisis in 2008, funds have been moved to safe assets from previously preferred risky assets on a global basis. Moreover, the financial crisis ignited in the U.S.A. led to strong quantitative easing policies, which played a major variable in the monetary policies of the major countries. So, the US treasury yield rates and Korean counterpart have showed signs of being synchronized. On the other hand, foreigners’ investments on Korean bonds became accelerated; the amount invested to Korean treasury by foreigners as well as their influence in the Korean treasury market has been expanded. Particularly, investment on the 10 year treasury bonds has increased, which spread influence of the Korean treasury market. In this regard, the study analyzed effects of the US treasury market on Korean counterpart. In order to analyze the volatility transfer effects from US treasury market to the KTB future market, in consideration of the synchronized maturity dates of the treasury and the officially announced prices, data on US 10 year treasury futures index and Korean 10 year treasury futures index . GARCH model was used for empirical analysis. Effects of the daily volatility and direction of US 10 year treasury futures index on the Korean counterpart was analyzed. Through the analysis, it was confirmed that information was transferred to the yield of Korean 10 year treasury futures index from the US counterpart. The study will be able to help establish more rational and efficient strategy for bond investment and operation.

scholarly journals Effects of the Global Financial Crisis on the Agency Cost of Islamic Banks and Conventional Banks

2017 ◽  
Vol 4 (1) ◽  
pp. 44
Author(s):  
Talla M Aldeehani
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Gulf Cooperation Council ◽  
Agency Cost ◽  
Islamic Banks ◽  
Empirical Testing ◽  
Before And After ◽  
The Status ◽  
Conventional Banks ◽  
The Global Financial Crisis

In this paper, we investigate the effect of the 2008 global financial crisis on the agency cost (AC) of Islamic banks (IBs) and conventional banks (CBs). Many pioneering scholars (see, for example, Archer et al., 1998) have recognized fundamental differences in the capital structures and risks of IBs compared to CBs and called for more empirical testing of these issues. This effort is in response to those calls. Focusing on AC, we collected data for all Gulf Cooperation Council (GCC) banks satisfying the period from 2001-2014. The data was split into “before” and “after” the 2008 crisis. Although statistically insignificant, the analysis shows higher AC for IB compared to CBs before and after the crisis. However, we provide evidence of significant differences in AC causal models for the two types of banks. For conventional banks, only profitability factors explain variability in AC before and after the crisis. For Islamic banks, however, in addition to profitability, liquidity, deposits and financing facilities matter depending on the status of the economy. We provide further discussions, implications, and recommendations.

Sign in / Sign up

Export Citation Format

Share Document