Innovations financières:construire et légitimer un nouveau marché financier de gré à gré–le cas des dérivés de créditIsabelle Huault and
Hélène Rainelli-Le Montagner ()
Revue Finance Contrôle Stratégie, 2007, vol. 10, issue 1, pages 211-243 Abstract: (VF)L’objectif de cet article est d’étudier le processus de construction sociale d’un nouveau marché financier. L’analyse qualitative longitudinale menée sur la période 1996-2005 concerne le développement du marché des dérivés de crédit, marché de gré à gré transnational. Comment ce marché est-il né? Par quel processus est-il venu au jour et a-t-il pérennisé son existence? Quel est le rôle joué par la théorie financière du risque dans ce processus? Nous montrons dans cet article que le marché des dérivés de crédit présente de fortes spécificités par rapport aux marchés antérieurement étudiés et que son développement se heurte à la question de la performativité de la théorie financière du risque qui ne constitue pas le cadre cognitif commun à tous les acteurs de la sphère financière. (VA)The aim of this paper is to analyze the social construction of a new financial market. A longitudinal qualitative study is used to describe the development of the market for credit derivatives over the 1996-2005 period. Special attention is given to the fact that the market is a transnational over-the-counter market. How was the market born? How did it come into existence and how did it succeed in developing? What role did the financial theory of risk play in the process? This article emphasizes specificities of the market for credit derivatives when compared to previously analyzed financial markets. We show that its development is conditioned by the performativity of the financial theory of risk, which is by no means a naturally shared cognitive frame for the financial actors of the market. Keywords: innovation financière; légitimation; performativité; gestion du risque; financial innovation; legitimization; performativity; risk management. (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:dij:revfcs:v:10:y:2007:i:q1:p:211-243 Ordering information: This journal article can be ordered from Access Statistics for this article Revue Finance Contrôle Stratégie is edited by Albert David More articles in Revue Finance Contrôle Stratégie from Editions Economica |
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