Libor 1986–2021
The making and unmaking of ‘the world's most important price’
Bibliographic Data
| ID | 12848129 |
|---|---|
| Authors | Alexis Stenfors (0000-0002-1266-7051, University of Portsmouth, corresponding author), Duncan Lindo (0000-0002-7847-6442, University of Leeds) |
| Year | 2018 |
| Volume | 19 |
| Issue | 2 |
| Pages | 170-192 |
| Publication date | 2018-02-11 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Distinktion Journal of Social Theory (JOURNAL) |
| Journal identifiers | ISSN: 1600-910X • E-ISSN: 2159-9149 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/1600910x.2018.1430599 |
| OpenAlex | W2785742496 |
| Language | EN |
| Citations received | 3 |
| References cited | 30 |
Up until around 2008 and the subsequent revelation of systematic manipulation, the integrity and ‘facticity’ of the London Interbank Offered Rate (LIBOR) were rarely questioned. Academics treated LIBOR and the Eurodollar market as if they were synonyms. Central bankers conducted monetary policy as if the LIBOR was an objective reflection of the money market rate. Corporates and households entered into LIBOR-indexed financial contacts as if a money market was the underlying benchmark. This paper investigates how and why LIBOR managed to maintain its status as a term for the competitive money market colloquially, professionally and in the economic literature for so long. By adopting a theoretical framework drawing insights from both political economy and sociology, and applying it to the LIBOR-indexed derivatives market, it is shown how the benchmark's appearance betrays its fundamental nature. This process benefits certain actors within the market: the banks. Importantly, however, it also reveals how LIBOR became, and remained, such an important benchmark, how it came to be perceived as an ‘objective fact’, and why the regulation that came into place was insufficient to sustain its future use
Benchmark (surveying · Economics · Eurodollar · Financial economics · Financial market · Interest rate · Libor · Monetary economics · Money market · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies · Finance
Towards a New Paradigm in Monetary Economics
Capitalism with Derivatives
Power
Financialization and the World Economy
Existence of an Equilibrium for a Competitive Economy
Tools of the trade
An Engine, Not a Camera
States and the Reemergence of Global Finance
The Retreat of the State
Dialectics of the Ideal (2009)
Libor as a Keynesian Beauty Contest
Financial Theory and Corporate Policy
Global Hegemony and the Structural Power of Capital
The unaccountable risks of Libor
Reforming Libor and Other Financial Market Benchmarks
What do Heads of Dealing Rooms do? The Social Capital of Internal Entrepreneurs
Derivatives
Constructing a Market, Performing Theory
On arbitration, arbitrage and arbitrariness in financial markets and their governance
The material production of virtuality
Financial derivatives and the rise of circulation
| Unique citing works | 3 |
|---|---|
| Citations per year | 0.43 |
| Citation span | 2019 - 2026 (8) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 3 |