Shadow banking: a story of the (the Double) in science of finance

Ismail Erturk

Journal of Cultural Economy, 2017, vol. 10, issue 4, 377-392

Abstract: After the 2007 financial crisis central bank economists in the US produced a map of shadow banking system, a fragile interconnectedness of regulated and unregulated financial institutions, to explain why the crisis had happened. This piece of cartographic work in banking regulation had two aims: (a) to represent the economic reality, including the parts that were not in regulatory sight, with full realism and (b) to develop a regulatory surveillance regime to monitor shadow banking to prevent future crises. This paper problematises the first aim as a peculiar cognitive response to the knowledge crisis of economics which challenges the consensus on modern finance as post-modern Baudrilliardian simulacra. The paper then introduces a cultural economy perspective to explore the regulatory fear in the second aim of the shadow banking analysis with references to the theme of the Doppelgänger (the Double) in the genre of horror stories. Finally the societal consequences of the control oriented epistemological choices of the shadow banking analysis are problematised by using Michel Serres concepts of foedera natura versus foedera fati.

Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/17530350.2016.1251955 (text/html)
Access to full text is restricted to subscribers.

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:taf:jculte:v:10:y:2017:i:4:p:377-392

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJCE20

DOI: 10.1080/17530350.2016.1251955

Access Statistics for this article

Journal of Cultural Economy is currently edited by Michael Pryke, Joe Deville, Tony Bennett, Liz McFall and Melinda Cooper

More articles in Journal of Cultural Economy from Taylor & Francis Journals
Bibliographic data for series maintained by ().