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首页> 外文期刊>Cambridge journal of economics >Understanding the shift from micro- to macro-prudential thinking: a discursive network analysis
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Understanding the shift from micro- to macro-prudential thinking: a discursive network analysis

机译：理解从微观审慎思维向宏观审慎思维的转变：一种话语网络分析

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摘要

Macro-prudential thinking and its emphasis on endogenously created systemic risks, marginal in the banking regulation discourse until the mid-2000s, has become central post-crisis. This paper analyzes this intellectual shift by using discourse and citation-network analysis of the most-cited scholarly works on banking regulation and systemic risk from 1985 to 2014 and six in-depth interviews with central scholars. It demonstrates that the predominance of formalism, particularly partial equilibrium analysis, in studies on banking regulation pre-crisis impeded economists' engagement with the endogenous sources of systemic risks discussed in the systemic risk sample. These studies excluded observed phenomena that could not be accommodated in mathematical models, largely ignoring contributions based on historical and practitioners' styles of reasoning. Post-crisis, while informal analyses gain prominence in studies on banking regulation, attempts to conceptualize systemic risk as a negative externality indicate the persistence of formalism and equilibrium thinking and its concomitant epistemological limitations that stymie theoretical progress.
机译：宏观审慎的思想及其对内生性系统风险的重视在危机后一直处于中心地位，这种风险在2000年代中期之前一直在银行业监管中处于边缘地位。本文通过对1985年至2014年间有关银行业监管和系统风险的最受关注的学术论文进行话语和引文网络分析，并进行了六次与中央学者的深度访谈，对这种智力转变进行了分析。它表明，在对银行业监管前危机的研究中，形式主义尤其是局部均衡分析的存在阻碍了经济学家对系统性风险样本中讨论的系统性风险的内生源的参与。这些研究排除了数学模型中无法容纳的观察到的现象，很大程度上忽略了基于历史和从业人员推理方式的贡献。危机后，尽管非正式分析在银行业监管研究中倍受关注，但尝试将系统性风险概念化为负外部性，表明形式主义和均衡思维的持续存在及其伴随的认识论限制，阻碍了理论进展。

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