Narrating imagined crises: How central bank storytelling exerts infrastructural power

IF 4 2区 社会学 Q1 ECONOMICS
N. Coombs
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引用次数: 7

Abstract

Abstract While a rich literature has examined how central banks mobilize narratives to enrol publics in monetary policymaking, the effects of the narratives deployed in banking supervision remain neglected. Drawing on 21 expert interviews, this paper fills that lacuna through a study of stress testing, a technique that became a fixture of international banking supervision after the 2008 crisis and which the Bank of England is using to align the risk management of the United Kingdom’s banks with its sense-making about emerging financial stability risks. I theorize the entanglements of the Bank’s financial stability narratives with binding supervisory requirements as giving rise to a new form of ‘infrastructural power’. This perspective explains why some financial sector actors see their decision-making autonomy being sapped away by the Bank’s stress tests even though they work through banks’ own risk sensitive calculative infrastructures. The paper’s findings also point to how the infrastructural affordances of central banks’ forward-looking narratives are pushing the temporal frontier of the state-economy boundary further into the future than has traditionally been considered an appropriate operational domain.
叙述想象中的危机:央行讲故事如何发挥基础设施力量
虽然大量文献研究了央行如何动员叙事让公众参与货币政策制定,但叙事在银行监管中的作用仍然被忽视。通过对21位专家的访谈,本文通过对压力测试的研究填补了这一空白。压力测试在2008年危机后成为国际银行监管的一项固定技术,英国央行(Bank of England)正利用压力测试将英国银行的风险管理与其对新出现的金融稳定风险的理解结合起来。我将银行的金融稳定叙述与具有约束力的监管要求的纠缠理论化,认为这产生了一种新形式的“基础设施权力”。这一观点解释了为什么一些金融行业参与者认为他们的决策自主权被世行的压力测试削弱了,尽管他们是通过银行自己的风险敏感计算基础设施进行工作的。该论文的研究结果还指出,央行前瞻性叙事的基础设施支持如何将国家经济边界的时间边界推向未来,而不是传统上被认为是合适的操作领域。
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来源期刊
CiteScore
6.30
自引率
5.90%
发文量
23
期刊介绍: This radical interdisciplinary journal of theory and politics continues to be one of the most exciting and influential resources for scholars in the social sciences worldwide. As one of the field"s leading scholarly refereed journals, Economy and Society plays a key role in promoting new debates and currents of social thought. For 37 years, the journal has explored the social sciences in the broadest interdisciplinary sense, in innovative articles from some of the world"s leading sociologists and anthropologists, political scientists, legal theorists, philosophers, economists and other renowned scholars.
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