Financial officers, the municipal swap industry and the rise of risky innovations among states
Dados Bibliográficos
| ID | 4237757 |
|---|---|
| Autores | Anna Janssen (0000-0001-8913-159X, University of Cologne, autor correspondente) |
| Ano | 2022 |
| Volume | 20 |
| Fascículo | 3 |
| Páginas | 1287-1314 |
| Data de publicação | 2022-09-29 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | Socio-Economic Review (JOURNAL) |
| Identificadores do periódico | ISSN: 1475-1461 • E-ISSN: 1475-147X |
| Editora | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ser/mwaa032 |
| OpenAlex | W3092346694 |
| Idioma | EN |
| Citações recebidas | 2 |
| Referências citadas | 66 |
At the turn of the millennium, US states started to employ debt-related derivatives. Surprisingly, the prevalence of these instruments among states peaked soon after the first corporate scandals involving such complex financial tools. Why did states embrace swaps? I build on political and sociological arguments and posit that both the industry's and the state's interests must be considered. The swaps industry started marketing swaps to treasurers as part of their fee-based business model and in response to declining profits, while governments welcomed swaps as they fit the treasurers' professional agenda. I test this argument with original data on the initial swaps adoption by US states between 1989 and 2014. The event history analysis lends support for the theory. The findings complement explanations for the rise of risky instruments among states and contribute to the literature on financialization
Business · Debt · Economics · Financial economics · Financialization · Political science · Politics · State (computer science) · Swap (finance) · Banking stability, regulation, efficiency · Finance · Housing, Finance, and Neoliberalism · Law · State Capitalism and Financial Governance
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Bringing the State Back In
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Creative Capital Financing in the State and Local Sector
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Markets as Politics
Event History Modeling
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State and Local Debt Burdens in the 1980s
The diffusion of climate policies among German municipalities
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Fashions and Fads in Finance
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The Iron Cage Revisited
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The financialization of the American economy
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The financialization of US higher education
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State Lottery Adoptions as Policy Innovations
The rise of the 'shareholding state
Structural Power and Bank Bailouts in the United Kingdom and the United States
The Miracles of Bookkeeping
How to Stop Harassment
The Recursivity of Law
Constructing a Market, Performing Theory
The Rebirth of the Liberal Creed
Legal Environments and Organizational Governance
Institutionalized Organizations
| Obras citantes distintas | 2 |
|---|---|
| Citações por ano | 1 |
| Intervalo de citações | 2024 - 2026 (3) |
| Velocidade de citação | current |
| Altamente citado | Não |
| Tipos de citação | Neutras: 2 |