Knowledge Capture in Financial Regulation Data-, Information- and Kn
Eva Becker assesses the US financial crisis as a crisis of regulatory data, information and knowledge. Based on the Financial Crisis Inquiry Commission’s interviews as well her own interviews, and drawing on Capture Theory and recent reformulations thereo
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Knowledge Capture in Financial Regulation Data-, Information- and KnowledgeAsymmetries in the US Financial Crisis
Knowledge Capture in Financial Regulation
Eva Becker
Knowledge Capture in Financial Regulation Data-, Information- and KnowledgeAsymmetries in the US Financial Crisis
Eva Becker München, Deutschland Zugl. Dissertation, Universität Friedrichshafen 2014
ISBN 978-3-658-13665-9 ISBN 978-3-658-13666-6 (eBook) DOI 10.1007/978-3-658-13666-6 Library of Congress Control Number: 2016937382 Springer VS © Springer Fachmedien Wiesbaden 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer VS imprint is published by Springer Nature The registered company is Springer Fachmedien Wiesbaden GmbH
“Politics works in episodes, in short stories each finishing with a collectively binding decision, a symbolic gesture of conclusion. The political system is thus free to turn to new topics or to await feedback from old ones. But what happens with the risks?” (Luhmann 2008, 165)
Abstract In 2007, the world economy was hit by a financial crisis of systemic nature and global reach. Confronted with the failure of (potentially) systemically important financial institutions (SIFIs), governments were forced to make a binary choice: To either rescue these institutions or let them go down, weighing up moral hazard and too-big-to-fail expectations on the one hand, and the risk of a market breakdown on the other. Financial regulation had apparently not kept pace with the fastevolving, highly complex financial system. It is therefore widely agreed that the crisis was rooted in economic as well as governmental failure. A growing dependency by policymakers and regulators on private expertise, especially in the area of financial governance, has been an issue of academic debate for some time now. However, the severity of data-, information- and knowledgerelated problems in financial regulation became only evident in 2007 and 2008: Then, policymakers and
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