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The global governance of systemic risk : how measurement practices tame macroprudential politics
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Kranke, Matthias and Yarrow, David (2019) The global governance of systemic risk : how measurement practices tame macroprudential politics. New Political Economy, 24 (6). pp. 816-832. doi:10.1080/13563467.2018.1545754 ISSN 1356-3467.
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Official URL: http://dx.doi.org/10.1080/13563467.2018.1545754
Abstract
This article explores how systemic risk has been governed at the international level after the financial crisis. While macroprudential ideas have been widely embraced, the policy instruments used to implement them have typically revolved more narrowly around the monitoring of risk posed by discrete ‘systemically important’ entities. This operational focus on individual entities sidelines the more radical implications of macroprudential theory regarding fallacies of composition, fundamental uncertainty and the public control of finance. We explain this tension using a performative understanding of risk as a socio-technical construction, and illustrate its underlying dynamics through case studies of systemic risk governance at the Financial Stability Board (FSB) and the International Monetary Fund (IMF or Fund). Drawing on official reports, consultation documents and archival sources, we argue that the FSB’s and IMF’s translations of systemic risk into a measurable and attributable object have undermined the transformative potential of the macroprudential agenda. The two cases illustrate how practices of quantification can make systemic risk seemingly more governable but ultimately more elusive.
| Item Type: | Journal Article | ||||||||||||
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| Subjects: | H Social Sciences > HG Finance | ||||||||||||
| Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||||||||
| Library of Congress Subject Headings (LCSH): | Banks and banking, International, Financial institutions, International, Global Financial Crisis, 2008-2009 | ||||||||||||
| Journal or Publication Title: | New Political Economy | ||||||||||||
| Publisher: | Routledge | ||||||||||||
| ISSN: | 1356-3467 | ||||||||||||
| Official Date: | 2019 | ||||||||||||
| Dates: |
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| Volume: | 24 | ||||||||||||
| Number: | 6 | ||||||||||||
| Page Range: | pp. 816-832 | ||||||||||||
| DOI: | 10.1080/13563467.2018.1545754 | ||||||||||||
| Status: | Peer Reviewed | ||||||||||||
| Publication Status: | Published | ||||||||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||||||||
| Date of first compliant deposit: | 20 December 2018 | ||||||||||||
| Date of first compliant Open Access: | 20 December 2018 | ||||||||||||
| RIOXX Funder/Project Grant: |
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