000			01618nam a22001457a 4500
999			_c513549 _d513549
008			200306b ||||| |||| 00| 0 eng d
100			_aKuchler, Barbara _916622
245			_aFinancial markets as commensurating machines
260			_bSocial Science Information
300			_a58(4), Dec, 2019: p.539-565.
520			_aEver since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including (i) the rise of derivatives markets, and (ii) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products (such as loans, deposits) and non-bank products (capital market securities). - Reproduced.
773			_aSocial Science Information
906			_aFinancial markets
942			_cAR