The Politics of Public Debt Financialisation: (Re)Inventing the Market for French Sovereign Bonds and Shaping the Public Debt Problem (1966–2012)

Primary Dealer Systems in the European Union

“…In analyzing primary dealer systems, I shall focus on the specific ways in which banks position themselves on the global financial markets, the strategies they develop to this end, and the hierarchies that are thereby established. This work complements previous studies on the transformation of the government debt sector, which have primarily focused on government debt management (Trampusch 2015(Trampusch , 2019Massó 2016;Lemoine 2017;Streeck 2014). This article explores the transnational structures of government debt markets by way of European primary dealer systems.…”

“…Previous studies (Hardie et al 2012;Lemoine 2017;Massó 2016;Brewster Stearns and Mizruchi 2005;Trampusch 2015Trampusch , 2019 have primarily focused on the strategies adopted by governments and banks in the national context. In contrast, it became obvious in this study that the European primary dealer systems can be only understood from a transnational perspective.…”

“…have primarily focused on government debt management [Lemoine 2017;Streeck 2014;Trampusch 2015Trampusch , 2019Massó 2016]. This article explores the transnational structures of government debt markets by way of European primary dealer systems.…”

Financialization, confidence, and sovereign debt markets: The role of Credit Default Swaps in the Southern European debt crisis

“…In this context, an emerging research agenda on how sovereign debt securities are managed and how sovereign debt markets work is gaining prominence among financialization studies and power research and literature (Dutta, 2020;Lemoine, 2013Lemoine, , 2017Lagna, 2016). Understanding the process of sovereign debt management-how sovereign debt securities are sold, how sovereign markets work, and what actors are involved-provides visibility to a state's capacity to implement policies and to the institutional constraints that render market governance possible.…”

La forme financiarisée de la relation de crédit des collectivités locales françaises. De la crise à l’institutionnalisation .

“…Elle donne la possibilité de mettre en évidence des transformations plus ou moins radicales des circuits du crédit, traditionnellement construits autour d'une transformation bancaire des dépôts en crédits, vers une hybridation avec des chaînes de financement prenant racine dans la finance de marché (Chiapello, à paraître), y compris lorsqu'elles concernent des acteurs publics. Des dispositifs comme la titrisation, les émissions obligataires (Lemoine, 2017) ou des véhicules d'investissement (Mertens et Thiemann, 2017 ;Chiapello, 2017) sont autant d'illustrations de ces évolutions des pratiques des autorités publiques. L'approche de la financiarisation adoptée se focalise donc sur la construction de ces nouveaux circuits de financement dans lesquels les acteurs financiers sont les principaux opérateurs, sur les formes de savoir et de savoir-faire qu'ils mobilisent et sur les techniques qui les structurent.…”