The green nexum

This paper analyses the attempted greening of repurchase agreement (repo) markets through the figure of the ‘green nexum’. Repos are not green in themselves: collateral normally matters insofar as it is liquid, eligible and reusable. Drawing on critical macro-finance, social studies of finance and anthropological theories of exchange, the paper argues that repo markets are not neutral financial ‘plumbing’ but a Braudelian antimarket: an elite, state-entangled formation above ordinary market exchange. The circulation of collateral produces a distinct sociality, binding dealer banks, central banks and asset managers into ranked chains of obligation. Based on fieldwork in international industry standard-setting forums, green-finance training and interviews, the paper shows how green repo attempts to moralize, yet reproduces, collateral-based finance.

Clan · Financial market · Money market · Moral economy · African studies and sociopolitical issues · Agriculture, Land Use, Rural Development · Microfinance and Financial Inclusion

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