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When an irresistible force meets an immovable object: The interplay of agency and structure in the UK financial crisis

机译:当不可抗拒的力量遇到不可移动的对象时:英国金融危机中代理与结构的相互作用

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The study sheds light on why certain financial institutions exposed themselves, and the financial system as a whole, to excessive risk. The study examines the human side of the crisis and its relationship to certain organizational and sector-wide practices dominant at the time. The study draws on pre-existing insights from the field of crisis management, and use structuration theory to explore the inter-relationships between the micro- and macro-factors that contributed to the crisis. Structuration theory allows exploration of how the irresistible force of human agency and the immovable object of situational imperatives together provide an understanding of how and why the crisis occurred. The study argues that the crisis was largely due to failures in the implementation of certain risk management processes. The research findings challenge the notion that greater regulatory prescription and capital requirements are required, or that simple solutions such as caps on bonus payments will prove effective. Rather, implementing enhancements in the risk management and governance practices of financial institutions and their regulators is necessary, together with facilitating mechanisms that support cultural change.
机译:该研究揭示了某些金融机构为何使自己以及整个金融系统承受过度风险。该研究考察了危机的人性方面及其与当时占主导地位的某些组织和整个行业实践之间的关系。该研究借鉴了危机管理领域的现有见解,并使用结构化理论探索了导致危机的微观和宏观因素之间的相互关系。结构理论允许探索人类的不可抗拒的力量和情势命令的不可移动的对象如何共同提供对危机发生的方式和原因的理解。该研究认为,危机主要是由于某些风险管理流程的实施失败。该研究结果挑战了这样一个观念,即需要更大的监管规定和资本要求,或者简单的解决方案(如奖金支付上限)将证明是有效的。相反,有必要对金融机构及其监管者进行风险管理和治理实践方面的改进,并与支持文化变革的促进机制一起。

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