Just financial markets? : finance in a just society

348 Pages·2017·1.494 MB·English

by  Herzog, Lisa

JUST FINANCIAL MARKETS?
Diese Publikation geht hervor aus demDFG-gefördertenExzellenzcluster
“Die Herausbildung normativer Ordnungen” an der Goethe-Universität
FrankfurtamMain.

Just Financial
Markets?
Finance in a Just Society
EDITED BY
LISA HERZOG
1
OUPCORRECTEDPROOF–FINAL,23/2/2017,SPi
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Contents
ListofContributors vii
1. Introduction:Justfinancialmarkets?Financeinajustsociety 1
LisaHerzog
PARTI. NORMATIVEFOUNDATIONS
2. Justice,financialmarkets,andhumanrights 39
RosaM.LastraandAlanH.Brener
3. Acapabilityframeworkforfinancialmarketregulation 56
RutgerClaassen
4. Financialmarketsandinstitutionalpurposes:
Thenormativeissues 78
SeumasMiller
5. Canincomesinfinancialmarketsbedeserved?
Ajustice-basedcritique 103
LisaHerzog
PARTII. LEGALSTRUCTURES
6. Punishmentintheexecutivesuite:Moralresponsibility,
causalresponsibility,andfinancialcrime 125
MarkR.Reiff
7. Aculturebeyondrepair?Thenexusbetweenethics
andsanctionsinfinance 154
JayCullen
8. Moneys’legalhierarchy 185
KatharinaPistor
9. Investorrightsasnonsense—onstilts 205
AaronJames
PARTIII. INSTITUTIONSANDPRACTICES
10. Normativedimensionsofcentralbanking:Howtheguardians
offinancialmarketsaffectjustice 231
PeterDietsch
vi Contents
11. Informationasaconditionofjusticeinfinancialmarkets:
Theregulationofcredit-ratingagencies 250
BoudewijndeBruin
12. Genderjusticeinfinancialmarkets 271
RoseanneRussellandCharlotteVilliers
13. Ittakesavillagetomaintainadangerousfinancialsystem 293
AnatR.Admati
GeneralIndex 323
List of Contributors
AnatR.AdmatiistheGeorgeG.C.ParkerProfessorofFinanceand
EconomicsattheGraduateSchoolofBusiness,StanfordUniversity.Shehas
writtenextensivelyoninformationdisseminationinfinancialmarkets,trading
mechanisms,portfoliomanagement,financialcontracting,and,mostrecently,
oncorporategovernanceandbanking.Since2010,shehasbeenactiveinthe
policydebateonfinancialregulation,particularlycapitalregulation,writing
researchandpolicypapersandcommentary.Sheisaco-author,withMartin
Hellwig,ofthebookTheBankers’NewClothes:What’sWrongwithBanking
andWhattoDoaboutIt(2013).ShewasalsonamedbyTimeMagazineasone
ofthe100mostinfluentialpeopleintheworldandbyForeignPolicyMagazine
asoneofthe100globalthinkersin2014.
AlanH.BreneriscurrentlyundertakingaPhDattheCentreforCommercial
LawStudies(CCLS),QueenMaryUniversityofLondon.Heisamemberof
theAdvisoryBoardoftheCentreforEthicsandLawatUniversityCollege
LondonandacouncilmemberofTheCharteredInstituteofBankersin
Scotland.HeisalsoaqualifiedCharteredAccountantandmemberofthe
InstituteofCharteredAccountantsinEnglandandWalesandhasaLLMfrom
UCL.PriortostartinghisPhD,heworkedforSantanderUKandwas
responsible,atdifferenttimes,forthecomplianceandretaillegaldepartments
andregulatorypolicy.BeforejoiningSantanderin2005,from1996heheaded
thecompliancedepartmentsfortheretailbankingdivisionsofNatWestand
RBSbanks.From1989to1996hewasaseniorprudentialandconductof
businessregulatorfortheinsuranceandcollectiveinvestmentssectors,having
previouslyworkedonaspectsofpublicpolicyattheDepartmentofTrade
andIndustry.HealsohelpedsetuptheBankingStandardsBoardwiththe
objectiveofimprovingstandardsofconductandprofessionalismwithinthe
bankingindustry.
RutgerClaassenisAssociateProfessorofEthicsandPoliticalPhilosophyat
theDepartmentofPhilosophyofUtrechtUniversity.Hisresearchcenterson
threemainthemes:socio-economicjustice(especiallythecapabilityapproach,
onwhichheiswritingamonograph);economicandethicaltheoriesabout
theconceptofthemarketandthejustificationsforregulatingandlimiting
markets;andconceptionsoffreedom,autonomy,andpaternalism.Hehas
publishedinjournalssuchasEconomicsandPhilosophy,Inquiry,Lawand
Philosophy,JournalofSocialPhilosophyandPolitics,Philosophyand
Economics.HealsoregularlypublishesarticlesandbooksinDutch,to
viii ListofContributors
bringphilosophytoabroaderaudience.Heisaneditorofapublicjournal
(Filosofie&Praktijk)andco-organizerofamonthlyPhilosophicalCafé
inUtrecht.
JayCullenisalecturerinbankingandfinancelawattheUniversityof
Sheffield.Hismainresearchandteachinginterestsarebankingregulation,
shadowbanking,andcorporategovernanceoffinancialinstitutions.Hehas
beenavisitingscholaratColumbiaUniversity(2016)andhasreceived
researchgrantsfromtheBritishAcademyandEuropeanCommissionfor
workonfinancialregulation.Hisworkonbankleverageandcorporate
governancehasbeenquotedbytheFinancialTimesandtheBBC.Inaddition,
heisanassociatedexpertattheInstituteforNewEconomicThinkingand
amemberoftheSustainableMarketActorsNetwork,hostedbytheLaw
FacultyattheUniversityofOslo.Hismonographonexecutivecompensation
(ExecutiveCompensationinImperfectFinancialMarkets)waspublishedin
2014.HehaspublishedarticlesinjournalssuchasTheColumbiaJournal
ofEuropeanLawandtheJournalofFinancialPerspectives.Hisworkhas
beenpresentedatleadingacademicvenuesincludingtheInstituteforNew
EconomicThinking,OxfordUniversity,Berkeley,andTheNationalInstitute
forEconomicandSocialResearch.
BoudewijndeBruinisProfessorofFinancialEthicsattheUniversityof
Groningen.HeheldvisitingpositionsatCambridgeUniversity,theFondation
Maisondessciencesdel’hommeinParis,andHarvardBusinessSchool,andis
aLifeMemberofClareHall(Cambridge).WithAlexOliver(Cambridge),he
isdirectingaprogramonTrustingBanksfinancedbytheDutchResearch
Council(NWO).DeBruin’sresearchinterestsarefinancialethics,moral,
andpoliticalphilosophy,theoryofknowledge,philosophyofmathematics,
economicsandfinance,gametheory,andphilosophicallogic.Heistheauthor
ofamonographonExplainingGames:TheEpistemicProgrammeinGame
Theory,publishedin2010,andco-editor,withChristopherF.Zurn,ofNew
WavesinPoliticalPhilosophy(2008).HismonographEthicsandtheGlobal
FinancialCrisis:WhyIncompetenceIsWorsethanGreedwaspublished
in2015.
PeterDietschisAssociateProfessorinthePhilosophyDepartmentatthe
UniversitédeMontréal.Hisresearchinterestslieinthedomainofeconomic
justice,withafocusonincomeinequalityaswellasonnormativeissuesin
economicpolicy,includingfiscalandmonetarypolicy.HisbookCatching
Capital:TheEthicsofTaxCompetitionwaspublishedbyOxfordUniversity
Pressin2015.Amongotherjournals,hehaspublishedinTheJournalof
PoliticalPhilosophy,theJournalofMoralPhilosophy,theJournalofSocial
Philosophy,andPolitics,PhilosophyandEconomics.
ListofContributors ix
LisaHerzogisProfessorofPoliticalPhilosophyandTheoryattheBavarian
SchoolofPublicPolicyattheTechnicalUniversityMunich.Sheworksonthe
intersectionofeconomicandpoliticalquestions,withafocusonthehistoryof
economicandpoliticalthought,thenormativestatusofmarkets,and,most
recently,theroleofcomplexorganizationsinmarketsandtheirmoralstatus.
SheistheauthorofInventingtheMarket.Smith,Hegel,andPoliticalTheory
(2013)andnumerousacademicpapersinEnglishandGerman.Shealsowrites
forabroaderaudience,includingthemonographFreiheitgehörtnichtnurden
Reichen.PlädoyerfüreinenzeitgemäßenLiberalismus(2014).
AaronJamesisProfessorofPhilosophyattheUniversityofCalifornia,Irvine.
Heistheauthorofvariouspapersthathaveappearedinjournalsincluding
PhilosophyandPublicAffairsandPhilosophyandPhenomenologicalResearch,
andofFairnessinPractice:ASocialContractforaGlobalEconomy(2012).He
hasbeenarecipientofACLS’sBurkhardtFellowship,afellowattheCenterfor
AdvancedStudyintheBehavioralSciences,StanfordUniversity,andVisiting
ProfessorofPhilosophyatNYU.
RosaM.LastraisProfessorinInternationalFinancialandMonetaryLawat
theCentreforCommercialLawStudies(CCLS),QueenMaryUniversityof
London.SheisamemberoftheMonetaryCommitteeoftheInternational
LawAssociation(MOCOMILA),afoundingmemberoftheEuropeanShadow
FinancialRegulatoryCommittee(ESFRC),anassociateoftheFinancial
MarketsGroupoftheLondonSchoolofEconomicsandPoliticalScience,
andanaffiliatedscholaroftheCenterfortheStudyofCentralBanksat
NewYorkUniversitySchoolofLaw.From2008to2010shewasaVisiting
ProfessoroftheUniversityofStockholm.Shehasservedasaconsultanttothe
InternationalMonetaryFund,theEuropeanCentralBank,theWorldBank,
theAsianDevelopmentBank,andtheFederalReserveBankofNewYork.
FromNovember2008toJune2009sheactedasSpecialistAdvisertothe
EuropeanUnionCommittee[Sub-CommitteeA]oftheHouseofLords
regardingitsInquiryintoEUFinancialRegulationandresponsestothe
financialcrisis.Since2015shehasbeenamemberoftheMonetaryExpert
PaneloftheEuropeanParliamentandsince2016shehasbeenamemberof
theBankingUnion(Resolution)ExpertPaneloftheEuropeanParliament.She
haswrittenextensivelyinherfieldsofexpertise(centralbanking,financial
regulation,internationalmonetarylaw,EUlaw),withseveralauthoredand
editedbooksandnumerousarticles.
SeumasMillerisaprofessorialresearchfellowattheCentreforApplied
PhilosophyandPublicEthics(anAustralianResearchCouncilSpecial
ResearchCentre)atCharlesSturtUniversity(Canberra)andthe3TUCentre
forEthicsandTechnologyatTUDelft(TheHague)(jointposition).Heisthe
authororco-authorofover200academicarticlesandfifteenbooks,including