Participant Info

First Name
Erin
Last Name
Lockwood
Country
University
Northwestern University
Keywords
financial regulation, global financial governance, derivatives, risk and uncertainty, history of finance, politics of global financial markets
Availability
No Media Contact

Personal Info

About Me

My dissertation examines how the 2008 financial crisis altered the practices that the over-the-counter (OTC) derivatives market uses to operate and preserve its unparalleled power and autonomy in the global financial system. Prior to the crisis, OTC derivatives were both immune from public regulation and seen as beneficial to the global economy. While we might expect the crisis to have changed regulators’ perceptions of derivatives, it is unclear to what extent this is the case. Even as regulation has shifted from private to public agencies, trading volumes remain high and many of the same actors are involved in setting regulatory standards.

Recognizing the limitations of approaches that regards markets as theoretically separable from politics, my research uses an interpretive framework and takes as its object of inquiry the practices, such as risk modeling and collateralization, through which the authority of financial actors is constituted, reproduced, contested, and changed. Focusing on these practices, as well as the narratives that legitimized derivatives, allows me to capture continuities in market governance that are obscured by a framework of regulatory capture. To identify these practices, I draw on an extensive archive of regulatory and industry documents.

My research draws on economic sociology, finance, and international political economy, while contributing to contemporary debates on the origins of the financial crisis, the role of finance in global politics, and the power of economic ideas and values. My research challenges the dichotomy between the market as a would-be autonomous sphere, on the one hand, and external, political rules and standards, on the other.

Recent Publications

 

  • “The Politics and Practices of Central Clearing in OTC Derivatives Markets.” In Governing the World’s Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis. Eds. Eric Helleiner, Stefano Pagliari, and Irene Spagna. Oxford University Press. Under review.
  • “The Global Politics of Central Banking: A View from Political Science.” Marco Einaudi Center for International Studies Working Paper Series, No. 5-16. July 2016.
  • “Predicting the Unpredictable: Value-at-Risk, Performativity, and the Politics of Financial Uncertainty.” Review of International Political Economy 22(4) 2015: 719-756.

 

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