Orban, Agnes (2016). Mobilizing moral boundaries: the politics of derivatives reform in the US. New Polit. Econ., 21 (6). S. 555 - 574. ABINGDON: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. ISSN 1469-9923

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Abstract

This paper explains the reform of derivatives markets in the US by stressing the influence of moral distinctions on financial market regulation. The results show that business and consumer groups outside finance activate boundaries between legitimate risk management and illegitimate speculative practices. This categorical distinction delegitimised certain practices within the financial industry and affected both the relative power of interest groups and the political agenda. First, the mobilisation of moral boundaries strengthened the position of legitimate groups and weakened that of the financial industry in negotiations. This forced the latter to alter its lobbying strategies. Second, by highlighting inappropriate speculative practices, groups outside the financial sector changed policy-makers' perception of problems. Policy-makers adopted a position which is congruent with broader moral understandings. The study is based on data from Congressional hearings, interviews, media articles, letters and interest group publications. The process tracing analysis advances our understanding of the social mechanisms linking moral perceptions and institutional change in financial markets.

Item Type: Journal Article
Creators:
CreatorsEmailORCIDORCID Put Code
Orban, AgnesUNSPECIFIEDUNSPECIFIEDUNSPECIFIED
URN: urn:nbn:de:hbz:38-255292
DOI: 10.1080/13563467.2016.1162777
Journal or Publication Title: New Polit. Econ.
Volume: 21
Number: 6
Page Range: S. 555 - 574
Date: 2016
Publisher: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Place of Publication: ABINGDON
ISSN: 1469-9923
Language: English
Faculty: Unspecified
Divisions: Unspecified
Subjects: no entry
Uncontrolled Keywords:
KeywordsLanguage
SOCIAL-MOVEMENTS; INSTITUTIONAL CHANGE; MARKETS; POWER; POLICY; CORPORATION; LEGITIMACY; MONETARY; FINANCE; IDEASMultiple languages
Economics; International Relations; Political ScienceMultiple languages
Refereed: Yes
URI: http://kups.ub.uni-koeln.de/id/eprint/25529

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