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Working Papers by Yamina Tadjeddine

Working Paper Beta, 2022

The French School of regulation gives us a framework for characterizing the organization of banks... more The French School of regulation gives us a framework for characterizing the organization of banks at the interface of four systems called institutional forms (Boyer, 2015): capitalism, state, money and the international monetary regime. She identifies several regimes of accumulation on which we will rely: competitive 19th century; Fordist 1930 – 1980; financialized 1990 – 2020. Through this theoretical framework, the article proposes to follow the transformations of the banking organization from the 19th century to the present.

Working Papuer BETA, 2022

The French School of regulation gives us a framework for characterizing the organization of banks... more The French School of regulation gives us a framework for characterizing the organization of banks at the interface of four systems called institutional forms (Boyer, 2015): capitalism, state, money and the international monetary regime. She identifies several regimes of accumulation on which we will rely: competitive 19th century; Fordist 1930 – 1980; financialized 1990 – 2020. Through this theoretical framework, the article proposes to follow the transformations of the banking organization from the 19th century to the present.

Financialization can be defined as a process of transformation of capitalism with the arrival of ... more Financialization can be defined as a process of transformation of capitalism with the arrival of financial operators and the development of new financial activities Our contribution focuses on French M&A activities which are becoming very attractive at the end of 2000. Numerous merger and acquisition transactions, LBO, MBO are taken place. The analysis of the deals permits to reveal the increasing influence of financial organizations. Our data consists of 664 deals collected during the year 2010 in a French professional outlet called Capital Finance, devoted to investment and mergers and acquisitions. Among those deals, 216 financial organizations and employees were involved. We dealt an CMA on collected data. We obtain an original segmentation of financial intermediaries in accordance with the theory of diversity of capitalism: a banking financial capitalism, a market financial capitalism and a competitive financial capitalism.

Les opérations de fusions acquisitions sont des moments particuliers sur le marché du capital car elles finalisent un arrangement marchand : le capital d’une PME ou la filiale d’un groupe qui n’existait pas en tant qu’objet échangeable librement sur un marché, se trouve doter de qualités marchandes, d’une valeur financière et fait l’objet d’un achat. Observer ces opérations permet de comprendre comment le capital d’une entreprise devient un objet financier. Pour aborder empiriquement le secteur des fusions-acquisitions, nous avons travaillé sur la base CARFI qui a recensé 363 opérations de FUSAC en 2010 en France. Nous avons complété cette base en ajoutant le niveau des organisations financières. Nous avons mené une ACM qui nous a permis de distinguer trois régimes financiers : le capitalisme bancaire impliquant les banques européennes, le capitalisme financier lié à la présence de banques d’investissement américaines et le capitalisme financier d’entreprise associé à des conseillers indépendants.

Le marché de la dette souveraine constitue l’un des secteurs les plus actifs et recherchés en mat... more Le marché de la dette souveraine constitue l’un des secteurs les plus actifs et recherchés en matière de transaction financière. Pourtant, l’échange d’un titre de dette publique n’est en rien naturel et résulte d’un long processus social et politique. Notre thèse est de considérer l’instauration de la paulette en 1604 comme un acte fondateur de cette marchandisation, car elle modifie les règles liées à l’octroi et la transmission des offices, augurant de la possibilité d’un marché où s’échangent librement des charges et surtout parce qu’il permet la mise en place d’une évaluation publique régulière de cette charge. L’article s’appuie sur un travail d’archives et de récoltes de données originales dans le fonds Sully des Archives nationales. Le concept d’agencement marchand proposé par Callon (2017) constitue notre référence théorique en cela qu’il nous permettra de caractériser la nature des relations marchandes instituées.

L'édit de Paulette de 1604 est un acte juridique important dont nous proposons ici d'analyser les... more L'édit de Paulette de 1604 est un acte juridique important dont nous proposons ici d'analyser les conséquences institutionnelles. Cet édit ne crée pas les offices qui existaient depuis le XIIIe siècle, mais il modifie leur nature en conférant des droits de propriété et de transmission inaliénables à l'officier dès lors qu'un impôt (1/60ème de la valeur de l'office) est payé annuellement. À partir des archives du fonds de Sully complétées par des données publiées, notre article met en exergue les modifications économiques (en termes de finances publiques), les transformations socio-politiques (avec l'apparition d'une nouvelle classe sociale) induites par cette financiarisation des offices. Abstract : The edict of Paulette (1604) is an important legal act, which produced many institutional changes. Offices appeared in the XIIIth century in France, thus earlier than the edict. However, by giving property rights and inalienable handover to officeholders, in return of paying a tax that is valued at 1/60th of the office value, the edict had an important impact on office nature. Through data and documents that we picked up at Archives nationales and in the Sully collection, our article dwells on the consequences of financialization of offices, that is to say economic modifications (in terms of public finances), social and political transformations (by the emergence of a new social class).

Since 2008, new regulations have been implemented at international level with a view to mitigatin... more Since 2008, new regulations have been implemented at international level with a view to mitigating adverse effects caused by the shadow banking system. In this paper, we contend that these initiatives essentially fail at addressing the question of shadow banking and its regulation, and show that an effective regulation of shadow banking requires new ways of thinking regulation. We make the point that the functional representation of banking and financial activities put forward by the law and economics tradition, still used as a background for developing financial regulation, cannot offer solutions for improving regulation of the shadow banking system. The nature of shadow banking practices requires the ability to tackle with hybrid practices, meaning there is an urgent need to think outside of the categories currently used by regulators. We provide ideas for thinking financial regulation anew, based on the reframing of methodological individualism and on pushing forward a democratic approach of risk management practices.

Papers by Yamina Tadjeddine

HAL (Le Centre pour la Communication Scientifique Directe), 2019

International audienceThe aim of our work is to demonstrate how the social sciences can help us t... more International audienceThe aim of our work is to demonstrate how the social sciences can help us to adopt a denaturalizing approach to contemporary finance, changing the way we think about it. Building on the confrontations, exchanges and debates which have dominated social studies in the field of finance since the late 1980s, we aim to propose analytical perspectives based on the empirical practices applied by economists, sociologists, managers, anthropologists and historians. On one hand, the structure of our methodology is based on critical analysis of the three main phases in the development and institutionalisation of finance as presented in this introduction: a first section offering a “Critical analysis of mainstream financial theory and its applications,” a second section looking at “Structural dynamics in the financial industry” and a third section focusing on “Finance as a new system of accumulation.” One the other hand by recognising that the same social phenomenon can be analysed at multiple levels, divergences between disciplines – and between theories within these disciplines – melt away to reveal a continuous spectrum of complementary interpretations. Approaches adopting the perspective of individuals, tools, categories, classes, organisations, structures, fields, institutions and even nations are all legitimate, each making a complementary contribution to our understanding of the same phenomena. This collection uses three levels of observation to unfold and probe the financial field: techniques, organisations and institutions

HAL (Le Centre pour la Communication Scientifique Directe), 2016

HAL (Le Centre pour la Communication Scientifique Directe), 2012

HAL (Le Centre pour la Communication Scientifique Directe), 2015

HAL (Le Centre pour la Communication Scientifique Directe), 2013

Revue d'économie financière, 2021

La crise de 2008 avait stigmatise le systeme bancaire parallele ou banque de l’ombre comme un tra... more La crise de 2008 avait stigmatise le systeme bancaire parallele ou banque de l’ombre comme un travers du systeme bancaire traditionnel, resultat de comportements opportunistes cherchant a profiter des trous de la reglementation. Certains avaient reclame sa disparition. Loin d’avoir disparu, le shadow banking a poursuivi son essor. Il ne peut plus etre aborde comme un phenomene marginal, mais doit desormais etre analyse comme une « forme structurelle » du systeme financier et bancaire contemporain : il faconne le role et les fonctions des acteurs majeurs du systeme economique (Etat, banque centrale), en assure la viabilite, mais aussi est au cœur de sa fragilite. Cet article souligne le role essentiel du shadow banking dans la transformation de la hierarchie de la liquidite monetaire (1ere partie) et dans le maintien des activites bancaires et financieres malgre un contexte economique degrade (2e partie). Classification JEL : G23, G28

Abstract: The location of financial activities is traditionally characterized by a great deal of ... more Abstract: The location of financial activities is traditionally characterized by a great deal of inertia. However, the 2007-10 crisis may considerably modify the geography of finance and cause an upheaval in world hierarchy. Financial centers in developed countries have been massively losing jobs, especially London, New York and tax havens. But, above all, they are on the way to lose the support implicitly provided by western governments until the crisis. At the same time, stock markets in Shanghai, Hong-Kong and Bombay are upstaging them as major players.

This article aims to elaborate an index of stability in the Algerian banking sector. We completin... more This article aims to elaborate an index of stability in the Algerian banking sector. We completing the battery of indicators developed by the bank of Algeria and by the IMF under the Financial Sector Assessment Program with the introduction of new variables and with the use of different econometric tools. Firstly, we propose different modelings of the stability index. We mobilize the principal components analysis for selecting the relevant information and the appropriate weights on the various variables. The article also uses the often adopted banking z-score. Secondly, we look for the best modeling with an econometric validation through the linear specification. The pattern of our aggregate banking stability index is in line with the recent evolution in Algeria. The index of stability of the Algerian banking sector is increasing during the considered period 2007-2011. This latter period is characterized both by deepening banking reforms and by recapitalization of public banks. The ...

Working Paper Beta, 2022

The French School of regulation gives us a framework for characterizing the organization of banks... more The French School of regulation gives us a framework for characterizing the organization of banks at the interface of four systems called institutional forms (Boyer, 2015): capitalism, state, money and the international monetary regime. She identifies several regimes of accumulation on which we will rely: competitive 19th century; Fordist 1930 – 1980; financialized 1990 – 2020. Through this theoretical framework, the article proposes to follow the transformations of the banking organization from the 19th century to the present.

Working Papuer BETA, 2022

The French School of regulation gives us a framework for characterizing the organization of banks... more The French School of regulation gives us a framework for characterizing the organization of banks at the interface of four systems called institutional forms (Boyer, 2015): capitalism, state, money and the international monetary regime. She identifies several regimes of accumulation on which we will rely: competitive 19th century; Fordist 1930 – 1980; financialized 1990 – 2020. Through this theoretical framework, the article proposes to follow the transformations of the banking organization from the 19th century to the present.

Financialization can be defined as a process of transformation of capitalism with the arrival of ... more Financialization can be defined as a process of transformation of capitalism with the arrival of financial operators and the development of new financial activities Our contribution focuses on French M&A activities which are becoming very attractive at the end of 2000. Numerous merger and acquisition transactions, LBO, MBO are taken place. The analysis of the deals permits to reveal the increasing influence of financial organizations. Our data consists of 664 deals collected during the year 2010 in a French professional outlet called Capital Finance, devoted to investment and mergers and acquisitions. Among those deals, 216 financial organizations and employees were involved. We dealt an CMA on collected data. We obtain an original segmentation of financial intermediaries in accordance with the theory of diversity of capitalism: a banking financial capitalism, a market financial capitalism and a competitive financial capitalism.

Les opérations de fusions acquisitions sont des moments particuliers sur le marché du capital car elles finalisent un arrangement marchand : le capital d’une PME ou la filiale d’un groupe qui n’existait pas en tant qu’objet échangeable librement sur un marché, se trouve doter de qualités marchandes, d’une valeur financière et fait l’objet d’un achat. Observer ces opérations permet de comprendre comment le capital d’une entreprise devient un objet financier. Pour aborder empiriquement le secteur des fusions-acquisitions, nous avons travaillé sur la base CARFI qui a recensé 363 opérations de FUSAC en 2010 en France. Nous avons complété cette base en ajoutant le niveau des organisations financières. Nous avons mené une ACM qui nous a permis de distinguer trois régimes financiers : le capitalisme bancaire impliquant les banques européennes, le capitalisme financier lié à la présence de banques d’investissement américaines et le capitalisme financier d’entreprise associé à des conseillers indépendants.

Le marché de la dette souveraine constitue l’un des secteurs les plus actifs et recherchés en mat... more Le marché de la dette souveraine constitue l’un des secteurs les plus actifs et recherchés en matière de transaction financière. Pourtant, l’échange d’un titre de dette publique n’est en rien naturel et résulte d’un long processus social et politique. Notre thèse est de considérer l’instauration de la paulette en 1604 comme un acte fondateur de cette marchandisation, car elle modifie les règles liées à l’octroi et la transmission des offices, augurant de la possibilité d’un marché où s’échangent librement des charges et surtout parce qu’il permet la mise en place d’une évaluation publique régulière de cette charge. L’article s’appuie sur un travail d’archives et de récoltes de données originales dans le fonds Sully des Archives nationales. Le concept d’agencement marchand proposé par Callon (2017) constitue notre référence théorique en cela qu’il nous permettra de caractériser la nature des relations marchandes instituées.

L'édit de Paulette de 1604 est un acte juridique important dont nous proposons ici d'analyser les... more L'édit de Paulette de 1604 est un acte juridique important dont nous proposons ici d'analyser les conséquences institutionnelles. Cet édit ne crée pas les offices qui existaient depuis le XIIIe siècle, mais il modifie leur nature en conférant des droits de propriété et de transmission inaliénables à l'officier dès lors qu'un impôt (1/60ème de la valeur de l'office) est payé annuellement. À partir des archives du fonds de Sully complétées par des données publiées, notre article met en exergue les modifications économiques (en termes de finances publiques), les transformations socio-politiques (avec l'apparition d'une nouvelle classe sociale) induites par cette financiarisation des offices. Abstract : The edict of Paulette (1604) is an important legal act, which produced many institutional changes. Offices appeared in the XIIIth century in France, thus earlier than the edict. However, by giving property rights and inalienable handover to officeholders, in return of paying a tax that is valued at 1/60th of the office value, the edict had an important impact on office nature. Through data and documents that we picked up at Archives nationales and in the Sully collection, our article dwells on the consequences of financialization of offices, that is to say economic modifications (in terms of public finances), social and political transformations (by the emergence of a new social class).

Since 2008, new regulations have been implemented at international level with a view to mitigatin... more Since 2008, new regulations have been implemented at international level with a view to mitigating adverse effects caused by the shadow banking system. In this paper, we contend that these initiatives essentially fail at addressing the question of shadow banking and its regulation, and show that an effective regulation of shadow banking requires new ways of thinking regulation. We make the point that the functional representation of banking and financial activities put forward by the law and economics tradition, still used as a background for developing financial regulation, cannot offer solutions for improving regulation of the shadow banking system. The nature of shadow banking practices requires the ability to tackle with hybrid practices, meaning there is an urgent need to think outside of the categories currently used by regulators. We provide ideas for thinking financial regulation anew, based on the reframing of methodological individualism and on pushing forward a democratic approach of risk management practices.

HAL (Le Centre pour la Communication Scientifique Directe), 2019

International audienceThe aim of our work is to demonstrate how the social sciences can help us t... more International audienceThe aim of our work is to demonstrate how the social sciences can help us to adopt a denaturalizing approach to contemporary finance, changing the way we think about it. Building on the confrontations, exchanges and debates which have dominated social studies in the field of finance since the late 1980s, we aim to propose analytical perspectives based on the empirical practices applied by economists, sociologists, managers, anthropologists and historians. On one hand, the structure of our methodology is based on critical analysis of the three main phases in the development and institutionalisation of finance as presented in this introduction: a first section offering a “Critical analysis of mainstream financial theory and its applications,” a second section looking at “Structural dynamics in the financial industry” and a third section focusing on “Finance as a new system of accumulation.” One the other hand by recognising that the same social phenomenon can be analysed at multiple levels, divergences between disciplines – and between theories within these disciplines – melt away to reveal a continuous spectrum of complementary interpretations. Approaches adopting the perspective of individuals, tools, categories, classes, organisations, structures, fields, institutions and even nations are all legitimate, each making a complementary contribution to our understanding of the same phenomena. This collection uses three levels of observation to unfold and probe the financial field: techniques, organisations and institutions

HAL (Le Centre pour la Communication Scientifique Directe), 2016

HAL (Le Centre pour la Communication Scientifique Directe), 2012

HAL (Le Centre pour la Communication Scientifique Directe), 2015

HAL (Le Centre pour la Communication Scientifique Directe), 2013

Revue d'économie financière, 2021

La crise de 2008 avait stigmatise le systeme bancaire parallele ou banque de l’ombre comme un tra... more La crise de 2008 avait stigmatise le systeme bancaire parallele ou banque de l’ombre comme un travers du systeme bancaire traditionnel, resultat de comportements opportunistes cherchant a profiter des trous de la reglementation. Certains avaient reclame sa disparition. Loin d’avoir disparu, le shadow banking a poursuivi son essor. Il ne peut plus etre aborde comme un phenomene marginal, mais doit desormais etre analyse comme une « forme structurelle » du systeme financier et bancaire contemporain : il faconne le role et les fonctions des acteurs majeurs du systeme economique (Etat, banque centrale), en assure la viabilite, mais aussi est au cœur de sa fragilite. Cet article souligne le role essentiel du shadow banking dans la transformation de la hierarchie de la liquidite monetaire (1ere partie) et dans le maintien des activites bancaires et financieres malgre un contexte economique degrade (2e partie). Classification JEL : G23, G28

Abstract: The location of financial activities is traditionally characterized by a great deal of ... more Abstract: The location of financial activities is traditionally characterized by a great deal of inertia. However, the 2007-10 crisis may considerably modify the geography of finance and cause an upheaval in world hierarchy. Financial centers in developed countries have been massively losing jobs, especially London, New York and tax havens. But, above all, they are on the way to lose the support implicitly provided by western governments until the crisis. At the same time, stock markets in Shanghai, Hong-Kong and Bombay are upstaging them as major players.

This article aims to elaborate an index of stability in the Algerian banking sector. We completin... more This article aims to elaborate an index of stability in the Algerian banking sector. We completing the battery of indicators developed by the bank of Algeria and by the IMF under the Financial Sector Assessment Program with the introduction of new variables and with the use of different econometric tools. Firstly, we propose different modelings of the stability index. We mobilize the principal components analysis for selecting the relevant information and the appropriate weights on the various variables. The article also uses the often adopted banking z-score. Secondly, we look for the best modeling with an econometric validation through the linear specification. The pattern of our aggregate banking stability index is in line with the recent evolution in Algeria. The index of stability of the Algerian banking sector is increasing during the considered period 2007-2011. This latter period is characterized both by deepening banking reforms and by recapitalization of public banks. The ...

Le Centre pour la Communication Scientifique Directe - HAL - SHS, 2009

Aussi, comme nous l'avons précédemment signalé, cette situation pose la question des déterminants... more Aussi, comme nous l'avons précédemment signalé, cette situation pose la question des déterminants de l'attractivité de la place de Londres. La méthodologie retenue pour étudier ces déterminants a consisté à procéder, en France et en Grande-Bretagne principalement (mais aussi à New-York et surtout à Genève), à des entretiens avec des gérants de fonds, des organisations professionnelles, des représentants des administrations concernées, et des conseils ainsi qu'à l'utilisation de bases de données incluant les fonds alternatifs 1. Note Ce travail a été réalisé conjointement par G. Cavalier et E. Suel de la manière suivante. Les entretiens et réunions ont été conduits à deux. E. Suel a soumis un projet concernant la première partie du rapport intitulée « Réglementation des hedge funds et de leurs gérants » dont elle a rédigé la moitié, G. Cavalier ayant rédigé l'autre moitié. G. Cavalier s'est également chargé de l'intégralité de la seconde partie intitulée « Fiscalité des hedge funds et de leurs gérants ». Enfin G. Cavalier a inséré ces deux parties dans un texte unique et a révisé l'ensemble.

Sociologie du travail, 2017

Le livre de Mohamed Oubenal est issu de sa these de sociologie sur un terrain a priori peu propic... more Le livre de Mohamed Oubenal est issu de sa these de sociologie sur un terrain a priori peu propice a des observations : celui de l’innovation financiere. Son travail s’inscrit dans le champ des etudes sociales de la finance a travers l’etude du dispositif des exchange trade funds (ETF), dits aussi trackers ou fonds indiciels, et de son marche en construction. Le livre peut etre apprecie pour son volet ethnologique qui devoile le petit monde francais des ETF a travers une enquete minutieuse, e...

Research Papers in Economics, 2013

Critical Studies on Corporate Responsibility, Governance and Sustainability, 2021

This article considers the contribution of social science in the teaching of finance based on per... more This article considers the contribution of social science in the teaching of finance based on personal teaching experience in the fields of both market finance and corporate finance. We show how adopting a social science lens can help to change teaching practice in the field. First, due to the social science research epistemology, we apply an inductive method based on observations of real facts, e.g., a financial scandal, a crisis, evaluation of a product, the bank credit granting process. Second, we portray objectified finance as it actually works. Third, we focus on deconstruction to offer a fresh take on the world of finance with the help of critical analysis. Depending on the finance course and the target audience, this can be done through the lens of techniques, financial organisation or an analysis of institutions. The paper offers new ideas to rejuvenate finance education. More specifically, by teaching finance through the lens of social science, we can abandon the monolithic and dogmatic framework of finance theory and instead propose a pluralism of theoretical frameworks and a continuum of complementary interpretations. In addition to developing students' open-mindedness in the field of finance, the inductive approach starting from by how finance actually works enriches the material provided by ‘seminal’ finance books that are mostly confined to mainstream theory. Social science is a developing and rich area of research, but, to our knowledge, its implications for finance teaching have yet to be analysed.

Natures Sciences Sociétés, 2019

Les arbres doivent-ils pouvoir plaider ? Vers la reconnaissance de droits juridiques aux objets n... more Les arbres doivent-ils pouvoir plaider ? Vers la reconnaissance de droits juridiques aux objets naturels Christopher Stone Le Passager clandestin, 2017, 154 p.

Revue d'économie financière, 2021

The 2008 crisis had stigmatized the shadow banking system as resulting of deviant behavior of ban... more The 2008 crisis had stigmatized the shadow banking system as resulting of deviant behavior of banks seeking to take advantage of regulatory loopholes. Some had called for its disappearance. Far from having disappeared, Shadow Banking in 2021 can no longer be approached as a marginal phenomenon. It must now be analyzed as the structural form of the contemporary financial and banking system: it shapes the role and functions of the members of the system, ensures its viability but is also at the heart of its fragility. This article highlights the essential role of shadow banking in transforming the hierarchy of monetary liquidity (Part 1) and in maintaining banking and financial activities despite a deteriorated economic context (Part 2).

Journal of Financial Regulation and Compliance, 20(2), 147-168, 2012

Purpose – The purpose of this paper is to highlight the potentials offered by New Product Committ... more Purpose – The purpose of this paper is to highlight the potentials offered by New Product Committees for the development of responsible innovation in the financial services industry; and to provide grounds for policy recommendations.

Design/methodology/approach – The paper takes the form of collective, interdisciplinary reflection and experience within the industry.

Findings – New Product Committees can serve a practical approach to responsible innovation in finance.

Originality/value – The paper fills a gap in the empirical consideration of New Product Committees in the financial services industry and proposes original directions for policy orientations within organizations and at a regulatory level.

Classical financial theory ignores the existence of financial intermediaries. In neoclassical mic... more Classical financial theory ignores the existence of financial intermediaries. In neoclassical micro-economics, the capital market brings together agents with financing capacity – investors – and agents with financing needs – companies. Thanks to the private information they possess, the latter on the productive potential of the company, the former on the marginal productivity of their investment, the trade can take place. I propose first of all to review the discourse that legitimises financial intermediaries through economic theory. This naturalised vision of finance could not be further removed from reality: the financial security only exists because of the presence of systems and organisations that give it its attributes (liquidity, status), take care of its distribution (via market institutions, distributors, advisors) and ensure its price history can be traced. The angle adopted is a resolutely micro-economic one, starting with the initial theory of financial intermediation put forward by Gurley and Shaw (1956). In a second part, I will present some socio-politically-inspired approaches that highlight the appearance of financial intermediaries through the possibility of legitimising the capture of economic rents. This aspect, which appears in many recent works focusing on the financialisation of the economy, emphasises the link between financial institutions and certain forms of political domination. Finally, the third part will present some of my own work in the field of social studies of finance which are based on observational field research and which explore the socioeconomic nature of financial intermediation. JEL: G2 Classical financial theory ignores the existence of financial intermediaries. In neoclassical micro-economics, the capital market brings together agents with financing capacity – investors – and agents with financing needs – companies. Thanks to the private information they possess, the latter on the productive potential of the company, the former on the marginal productivity of their investment, the trade can take place. In the Asset Pricing Theory approach, only financial securities are considered, these being defined through two statistical dimensions: their risk and their return. The resulting optimum portfolio depends on these parameters as well as on the investor's degree of risk aversion. Once again, there is no need to seek the services of an intermediary. Naturally, in macroeconomics , we find the same absence. Hicks (1974) contrasts the intermediated economy with the market economy where investors purchase their securities directly from issuers. The bank is distinguished by its inevitable presence in the transformation of deposits into loans. This naturalised vision of finance could not be further removed from reality: the financial security only exists because of the presence of systems and organisations that give it its attributes (liquidity, status), take care of its distribution (via market institutions, distributors, advisors) and ensure its price history can be traced. For financial institutions existed before securities (Carruthers, Stinchcombe, 1999) and it is these institutions and not securities themselves that have driven the development of finance. Without them, without their reputation, without the trust the community places in them, securities

Mobilisant une variété de cadres théoriques issus des sciences sociales, les auteurs, membres de ... more Mobilisant une variété de cadres théoriques issus des sciences sociales, les auteurs, membres de l'Association des Études Sociales de la Finance, font le point sur quinze années de recherches interdisciplinaires. Ils proposent une perspective critique des représentations portées par le paradigme dominant de la finance contemporaine, en les confrontant aux réalités financières.
À travers une étude fine de ses instruments, du fonctionnement de ses intermédiaires financiers et de ses institutions, ils analysent la fabrique de la finance : la structuration des dispositifs bancaires et financiers, leur capacité à prescrire l'action et à la contrôler, les modes et les pratiques de régulation mis en œuvre et, plus globalement, le processus de financiarisation. Ils s’adressent ainsi à toutes celles et tous ceux qui souhaitent mieux comprendre cet étrange et si puissant univers.

Table des matières :

Avant-propos. Pour une approche interdisciplinaire de la finance
Isabelle Chambost, Marc Lenglet et Yamina Tadjeddine

Introduction. Ce que la finance fabrique
Olivier Godechot

Partie 1 : Remise en cause du paradigme classique dominant

Chapitre 1. Domestication sociologique d'un produit financier. Le cas des dérivés
David Martin

Chapitre 2. Comment maîtriser le risque porté par les produits financiers ?
Pierre de Larminat

Chapitre 3. Le service financier, un bien singulièrement social
Yamina Tadjeddine

Chapitre 4. Imaginaires politiques et moraux des pratiques financières
Horacio Ortiz

Partie 2 : Analyse des dispositifs bancaires et financiers

Chapitre 5. Les marchés boursiers juniors et les PME : une relation idyllique ?
Le cas de l'Alternative Investment Market
Valérie Revest

Chapitre 6. Travail institutionnel de justification dans la notation de crédit : la réaffirmation du pouvoir des agences
Benjamin Taupin

Chapitre 7. Le rôle des analystes financiers dans la construction sociale de la valeur financière
Isabelle Chambost

Chapitre 8. Force de travail et formation professionnelle dans les banques
Marnix Dressen

Chapitre 9. Banques coopératives : une place sociale dans la finance ?
Pascale Moulévrier

Partie 3 : Analyse des modes et des pratiques de régulation

Chapitre 10. Structures et dispositifs de la finance responsable
Élise Penalva-Icher

Chapitre 11. Déontologie financière et régulation des pratiques : un paradoxe redoublé
Marc Lenglet

Chapitre 12. La régulation financière : questions de point de vue
Jacques-Olivier Charron

Partie 4 : Processus de financiarisation

Chapitre 13. Les territoires de la finance, le cas parisien
Yamina Tadjeddine

Chapitre 14. Les partenariats public-privé (PPP) : des justifications scientifiques et vulgaires entre besoin de financement et gouvernance microéconomique
Géry Deffontaines

Chapitre 15. Le tissage de notre vie quotidienne et de la finance
Jeanne Lazarus

Chapitre 16. Les ressorts de la domination financière. Le cas des LBO
Isabelle Chambost

Chapitre 17. Penser la finance comme rapport social : la gestion d'actifs, nouvelle arène du conflit capital-travail
Sabine Montagne

Postface
Michel Aglietta

Bibliographie générale
Notices biographiques

Une version légèrement différente sera publiée en anglais Citer : Tadjeddine, Y. (à paraître), Fi... more Une version légèrement différente sera publiée en anglais Citer : Tadjeddine, Y. (à paraître), Financial Intermediaries, in Routledge Handbook of Critical Finance Studies, eds. C. Borch and R. Wosnitzer.
Le monde financier contemporain se compose d’une myriade d’organisations financières. Pourtant, la théorie financière classique ignore l’existence des intermédiaires financiers. En micro-économie néo-classique, le marché du capital réunit les agents à capacité de financement –les épargnants- et les agents à besoin de financement –les entreprises. Dans l’approche Asset Pricing Theory, seuls les titres financiers sont considérés, définis à travers deux dimensions statistiques : leur risque et leur rendement. Cette vision naturalisée de la finance est l’antithèse de la réalité : le titre financier n’existe que par la présence de dispositifs et d’organisations qui le dote de ses attributs (liquidité, statut), assure sa distribution (via des institutions de marché, des distributeurs, des conseillers) et lui permette de disposer d’un historique de cours. Je propose ici de revenir dans un premier temps sur le discours de légitimation des intermédiaires financiers par la théorie économique. L’angle est résolument micro-économique avec notamment la théorie initiale de l’intermédiation financière proposée par Gurley et Shaw (1956). Dans un deuxième temps, je présenterai des approches d’inspiration socio-politiques qui mettent en exergue l’apparition d’intermédiaires financiers à travers la possibilité de légitimer une capture de la rente économique. Cet aspect que l’on retrouve dans de nombreux travaux récents autour de la financiarisation de l’économie met l’accent sur le lien entre les institutions financières et les formes de domination politique.