Area(s) of Interest
Topics: Banks, Finance, Globalization, Neoliberalism, Risk & Transparency, Inequality. Fields: Economic Sociology, Historical Sociology, Sociology of Knowledge, Science & Technology Studies, Theory, Pragmatism.
My Second Year Paper is on the transatlantic social construction of the London Interbank Offer Rate (LIBOR). This paper traces, from its humble days, LIBOR as an informal technique to determine the daily market rate for roll-over and syndicated loans, to its later apogee as the world’s “most important number” for credit and derivative markets as a benchmark for 300 trillion dollars of global financial positions. I use the case of LIBOR to illuminate how the rules underlying global financial markets are made with a piecemeal and ad-hoc nature rooted in a transatlantic relationship between London and New York. I begin my research in the early days of the Euro-dollar market.