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Les swaps ou l'innovation financière aux mains des juristes : contribution à l'étude socio-juridique de la financiarisation

Abstract : The last few decades have witnessed a considerable increase in the weight and influence of finance in contemporary societies, a phenomenon that social scientists have begun to study with the concept of financialization. Financialization remains rarely studied in law. This dissertation contributes to its study by adopting a socio-legal approach: it assumes that such a transformation of social and economic relations must have given rise to controversies in the legal arena, from which one could better understand what financialization means in law. I have chosen to approach these controversies through a specific question, that of financial innovation. I took as a case study a particular type of financial instruments, which have transformed the financial landscape since their invention in the 1980s: swaps, or over-the-counter (OTC) derivatives. Based on the analysis of contractual documents crafted by the industry, of the professional literature in financial law, and of the case law arising from swap disputes, this study recounts the legal history of these financial instruments. It shows that legal practitioners, through the legal shaping of financial innovation, have not only fostered the success of the new markets for financial instruments, but have also initiated a profound transformation of business’s legal culture. Financialization thus coincides, in law, with a renewal of concepts, values, practices, instruments and modes of argument deployed by financial lawyers. I argue that, under the influence of the latter, it is ultimately the law itself that was financialized, in a way that significantly increased the legal autonomy of the financial industry.
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Submitted on : Thursday, April 28, 2022 - 9:57:36 AM
Last modification on : Friday, April 29, 2022 - 3:35:37 AM


  • HAL Id : tel-03653773, version 1



Pascale Cornut St-Pierre. Les swaps ou l'innovation financière aux mains des juristes : contribution à l'étude socio-juridique de la financiarisation. Droit. Institut d'études politiques de Paris - Sciences Po, 2017. Français. ⟨NNT : 2017IEPP0036⟩. ⟨tel-03653773⟩



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