Shadow banking and financial market regulation

FFM Conference 2019, Daniela Gabor
Hans-Böckler-Stiftung, 2019
Level: mittel
Perspektive: Diverse
Thema: Kapitalismuskritik, Mikroökonomie & Märkte, Geld & Schulden, Ressourcen, Umwelt & Klima
Format: Vortrag / Vorlesung
Dauer: 01:24:51
Link: https://www.youtube.com/watch?v=FC7UV9vYGbc&list=PLRIU-ZP0fg50OuMQjkkNXg3smf4YMTFzq&index=2

Shadow banking became one of the main features of modern market based financial capitalism and financial globalisation. Daniel Gabor locates this development in Palley's Minsky Super-Cycle framework and shows how it was an integral part of the power-shift towards neo-rentiers which occured in the last decades. The increased importance of asset-based welfare instruments and market-based financing of companies and states are identified as core drivers to bypass the thwarting mechanisms of the last cycle and let to a scale-up of complexity and instability. Based on this analysis, Gabor is able to criticise the current tendencies in Green Finance as endangered by green washing and makes a strong case in favour of stronger public control over financial markets. She advocates for the state to take active leadership to launch the next green and just Super-Cycle. 

Comment from our editors:

This lecture is a great introduction into Gabor's thinking. She sucessfully explains the workings of market-based financial capitalism in plain language and sketches out the risks that come from the strong reliance of repo-markets before linking it to the necessary future greening of finance. She shows why the current efforts in sustainable finance are at risk to repeat the mistakes of the past and why the state needs to play an active role to prevent it.

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Jakob Nitschke
Tags: finance | financial capitalism | financial instability hypothesis | financial market public | financial market regulation | markets | sustainability
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