"Bank Centrality" and Money Creation

« Centralité bancaire » et émission monétaire

François-Xavier Dudouet (), Eric Grémont () and Antoine Vion ()
Additional contact information
François-Xavier Dudouet: IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - INRA - Institut National de la Recherche Agronomique - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Eric Grémont: OpesC - Observatoire politico-économique des structures du Capitalisme
Antoine Vion: LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique

Working Papers from HAL

Abstract: For more than one century, interlocking directorate studies have provided evidence of bank centrality in corporate networks. Many interpretations of this phenomenon have been elaborated, but none of them was conclusive. In this paper, we assume that theoretical and methodological limits have affected this literature. Firstly, two usual confusions have been to assimilate bank centrality to bank control and to study corporate networks from the perspective of a sum of links rather than the one of a whole structure. Secondly, scholars have paid attention to immediate financial relations between bank and industry, such as credit and shareholding, but not to financial intermediation and money creation. We think that economic theory of money creation is worth bringing back in. From such a theoretical perspective, bank centrality seems to be better understood as a form of collegial regulation of money creation, while the absence of such a phenomenon indicates the rise of bureaucratic regulation by central banks and global financial institutions.

Keywords: interlocking directorate; networks analysis; sociology of finance; corporate governance; business community; stock exchange; social and economical theory; capitalisme financier; finance capital; analyse de réseaux; sociologie de la finance; gouvernance d'entreprise; milieu d'affaires; bourse; théorie sociologique et monétaire (search for similar items in EconPapers)
Date: 2014-12
New Economics Papers: this item is included in nep-ban and nep-mon
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01095256v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://shs.hal.science/halshs-01095256v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:halshs-01095256

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD ().