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The rapacious ambivalence of VC investment: Venture capital, value capture, and the valorization of crisis 风险投资的贪婪矛盾心理：风险投资、价值攫取和危机估值
Finance and Society Pub Date : 2024-04-16 DOI: 10.1017/fas.2024.1
Mark Howard
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引用次数: 0
Towards a public sustainable finance paradigm for the green transition 为绿色转型建立可持续公共财政范式
Finance and Society Pub Date : 2024-03-25 DOI: 10.1017/fas.2023.15
Philipp Golka, Steffen Murau, Jan-Erik Thie
{"title":"Towards a public sustainable finance paradigm for the green transition","authors":"Philipp Golka, Steffen Murau, Jan-Erik Thie","doi":"10.1017/fas.2023.15","DOIUrl":"https://doi.org/10.1017/fas.2023.15","url":null,"abstract":"Sustainable finance is often discussed as a solution to the climate crisis, but its impacts are limited and its discourse focuses on mobilising private investments through public de-risking, without considering direct government action. We argue that this is due to an implicit reference to mainstream economic theory assuming that an active state leads to time inconsistency problems and crowding-out effects. However, these assumptions have been sufficiently refuted as public investments may actually crowd-in private capital. We therefore propose a paradigm shift towards what we call Public Sustainable Finance, aimed at empowering the role of the state in the green transition on the discursive, policy, and political economy levels. Studying the case of Germany, we show how Public Sustainable Finance can be introduced despite tight fiscal regimes. To this end, we propose that the Climate- and Transformation Fund be given its own borrowing powers. By borrowing an average of 23 billion euros annually from 2024 to 2030, the existing financing gap that has been exacerbated following the November 2023 constitutional court ruling can be closed, enabling a more rapid and effective green transition.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"3 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140382131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Applause, puzzlement, worry 掌声、不解、担忧
Finance and Society Pub Date : 2024-03-06 DOI: 10.2218/fas.2023.14
Paul Tucker
{"title":"Applause, puzzlement, worry","authors":"Paul Tucker","doi":"10.2218/fas.2023.14","DOIUrl":"https://doi.org/10.2218/fas.2023.14","url":null,"abstract":"\u0000 In this commentary, I argue that Leon Wansleben’s focus on financial plumbing as a source of central banks’ epistemic and instrumental power will be met by the profession with a mixture of relief, incredulity, and worry. More importantly, I maintain that central bankers’ relationship with finance varies according to whether or not they are independent from elected government, an under researched area. All this works as a point of departure for remarks, drawing on my own memories, on central banking’s relationship with neoliberalism in monetary policy, monetary operations, and banking. Finally, I urge that Wansleben’s method be applied to anti-trust and the micro-economic regulation of utility services.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"64 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140261512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Infrastructural power, institutional karma, and existential choices 基础权力、制度因果关系和生存选择
Finance and Society Pub Date : 2024-03-06 DOI: 10.2218/fas.2023.10
S. Omarova
{"title":"Infrastructural power, institutional karma, and existential choices","authors":"S. Omarova","doi":"10.2218/fas.2023.10","DOIUrl":"https://doi.org/10.2218/fas.2023.10","url":null,"abstract":"\u0000 Leon Wansleben’s new book, The Rise of Central Banks: State Power in Financial Capitalism, tells an intricately complex story of the world’s most influential central banks successfully harnessing the forces of financial globalization to build their institutional power as the principal managers of their national economies. The book argues that, regardless of central banks’ rationales and rationalizations, the resulting expansion of global money markets has failed to generate the intended macroeconomic and societal benefits. Instead, as became evident in the post-2008 era, the world’s most powerful central banks are now structurally dependent on the increasingly self-referential markets for financial assets. While the book’s narrative is focused on inflation targeting and other monetary policy innovations since the 1970s, it raises much broader questions and invites further reflection on the nonlinear dynamics of power in today’s financial markets and the uncertain future of central banks.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"34 21","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140262790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The triple glass ceiling: FinTech gender inequalities 三重玻璃天花板：金融科技性别不平等
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.16
Chloe Fox-Robertson, Dariusz Wójcik
{"title":"The triple glass ceiling: FinTech gender inequalities","authors":"Chloe Fox-Robertson, Dariusz Wójcik","doi":"10.2218/fas.2023.16","DOIUrl":"https://doi.org/10.2218/fas.2023.16","url":null,"abstract":"\u0000 While FinTech gets promoted as an innovative and progressive solution to meeting financial needs globally, it is afflicted by pervasive gender inequalities, only recently noticed in research. To explore these gender inequalities at the core of FinTech, we use a mixed-methods approach, combining data on 100 leading FinTech firms and 15 interviews with FinTech professionals, collected in the latter half of 2021. We argue that women in FinTech face the ‘triple glass ceiling’ at the intersection of financial, technological, and entrepreneurial gender inequalities. Our sample shows that women account for only 7.69% of (co-)founders, 18.2% of executive committee members, and merely 4.04% of FinTech companies are led by a woman. Gendered stereotypes and a privileging of masculine performances produce significant barriers to women entering and progressing within FinTech. Discriminatory practices are overt and implicit, everyday and exceptional, micro and acute. Shattering the ‘triple glass ceiling’ in FinTech represents an immense challenge.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"9 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140263674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Debating continuity and rupture in the sovereign lending nexus - Quentin Bruneau, States and the Masters of Capital: Sovereign Lending, Old and New, New York, Columbia University Press, 2022, 228 pp., $35 (paperback), ISBN: 978-0-231-20469-9. 辩论主权借贷关系中的连续性与断裂 - Quentin Bruneau，《国家与资本大师》：新旧主权贷款》，纽约，哥伦比亚大学出版社，2022 年，228 页，35 美元（平装本），国际标准书号：978-0-231-20469-9。
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.11
Robin Jaspert
{"title":"Debating continuity and rupture in the sovereign lending nexus - Quentin Bruneau, States and the Masters of Capital: Sovereign Lending, Old and New, New York, Columbia University Press, 2022, 228 pp., $35 (paperback), ISBN: 978-0-231-20469-9.","authors":"Robin Jaspert","doi":"10.2218/fas.2023.11","DOIUrl":"https://doi.org/10.2218/fas.2023.11","url":null,"abstract":"","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"22 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140264313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
When transactions turn awry: Infrastructural ambivalence in financial security 当交易出现问题时：金融安全基础设施的矛盾性
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.5
A. Langenohl
{"title":"When transactions turn awry: Infrastructural ambivalence in financial security","authors":"A. Langenohl","doi":"10.2218/fas.2023.5","DOIUrl":"https://doi.org/10.2218/fas.2023.5","url":null,"abstract":"\u0000 This article conceptualizes financial transactions as parts of financial infrastructures. Not only do transactions perform services for the economy, mainly in the area of calculation and pricing, but there is also merit in a conceptually infrastructural view on transactions which uncovers their ambivalence for the stability of the financial system. This is based on a conceptualization of infrastructures that distances itself from inherited modernist notions of the completeness, full operability, and functional integration of infrastructures, and instead highlights the constitutive incompleteness, error-proneness, and looming disintegration of infrastructures owing not to external threats but to their very modes of operation. The article analyzes two post-crisis reports that try to sort out this infrastructural ambivalence of transactions, and, in that attempt, mobilize different imaginaries. In the Brady Report following Black Monday of 1987, the imaginary of the efficient competitive market was cited to stabilize the boundary between functional and dysfunctional transactions. In the FCIC Report reflecting on the subprime mortgage crisis, a quasi-sociological diagnosis of mushrooming, and morally problematic transactional relationships were invoked to separate functional from dysfunctional intermediation by financial transactions.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"29 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140263706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Real estate financialisation and the production of ‘investable’ spaces in Johannesburg 约翰内斯堡的房地产金融化与 "可投资 "空间的形成
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.6
Cecilia Schultz
{"title":"Real estate financialisation and the production of ‘investable’ spaces in Johannesburg","authors":"Cecilia Schultz","doi":"10.2218/fas.2023.6","DOIUrl":"https://doi.org/10.2218/fas.2023.6","url":null,"abstract":"\u0000 This article contributes to an understanding of how real estate financialisation unfolds within a city in the global South, Johannesburg. It firstly shows that compared to what has been witnessed in the global North, real estate financialisation in South Africa is characteristically conservative: market actors do not engage in high-risk, low-income neighbourhoods. Indeed, in Johannesburg, financialisation has displayed minimal interest in residential markets. Instead, financialisation in the city has been driven by commercial property investments, typically in the form of urban enclaves such as securitised office parks, malls, mixed-use developments, and increasingly ‘satellite cities’ built from scratch. This article considers how the selective character of financialisation in the country is mediated by power relations in the global political economy. In particular, it highlights how South Africa’s status as an ‘emerging market’ encourages a prudent lending regime for domestic financial institutions and real estate actors.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"54 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140264822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Introducing The Rise of Central Banks 介绍中央银行的崛起
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.12
Leon Wansleben
{"title":"Introducing The Rise of Central Banks","authors":"Leon Wansleben","doi":"10.2218/fas.2023.12","DOIUrl":"https://doi.org/10.2218/fas.2023.12","url":null,"abstract":"\u0000 I use this introduction to the book forum to situate my work within scholarly discussions of relevance to the readers of Finance and Society, thereby indicating how my work advances the broader field. I also provide a brief synopsis of the book’s core findings and offer some ideas on how to think with and beyond the book.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"23 21","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140263978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Central bank power without central bank autonomy? 没有中央银行自主权的中央银行权力？
Finance and Society Pub Date : 2024-03-05 DOI: 10.2218/fas.2023.8
Nathan Coombs
{"title":"Central bank power without central bank autonomy?","authors":"Nathan Coombs","doi":"10.2218/fas.2023.8","DOIUrl":"https://doi.org/10.2218/fas.2023.8","url":null,"abstract":"\u0000 Leon Wansleben’s new book, The Rise of Central Banks, explains how central banks have emerged as powerful monetary governors over the past half-century. Yet the book’s recognition that central banks cannot extricate themselves from quantitative easing and market bailouts begs the question: what does it mean for central banks to be dominant but captive? In this commentary, I identify the book’s ambiguities with the concept of infrastructural power the book draws from Michael Mann. Unless the dynamics of state-market interdependence are well specified, giving due attention to the sources of both public and private power, it is unclear what kind of agency central bankers are exercising if they lack sufficient autonomy to act in the public interest.","PeriodicalId":413608,"journal":{"name":"Finance and Society","volume":"13 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140264175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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