Financialisation and the coupon pool

By J. Froud, S. Johal, K. Williams. 2001

190 citations recorded by the source corpus.

This article aims to extend our understanding of the role of capital markets in present day capitalism. It starts from a critical examination of established terms, shareholder value, corporate governance and financialisation, before suggesting a new generic term, coupon pool capitalism. The second half aims to demonstrate that, unlike the other terms, the coupon pool concept distinctively emphasises the generation of contradictions and instabilities. Empirical evidence is used to support the concept and explore dynamics.

Subfields: Economics and Econometrics, Finance, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/88e2e8614aa085cfc57912122607943ba33c45d4

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

In Finance

In Sociology and Political Science

Citations in the corpus

Assets and assetization in financialized capitalism (2020, background): “Based on longer-standing research interests (Froud et al., 2001, 2002), they tend not to refer to assets, and instead prefer the older and more pejorative term of ‘coupon’.”
Financialization and the Consumer Credit Boom (2008, unknown): “…denotes the tendency toward the growth in the speculative issue and trading of all manner of financial market instruments and ownership claims (Amin 1996; Blackburn 2006; Boyer 2000; Brenner 2002; Duménil & Lévy 2004; Epstein & Jayadev 2005; Froud et al. 2001, 2002; Henwood 2003; Krippner 2005).”
Disconnected Capitalism: Or Why Employers Can't Keep Their Side of the Bargain (2003, methodology): “The term used to summarize these trends in the recent work of a group of researchers is financialized economies (Froud et al., 2002; Williams, 2000).”
Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding (2017, background): “Share ownership may have widened considerably to include the ‘fortunate forty’ per cent of the population in the US and UK (Froud et al., 2002), but this is primarily the result of transformations in occupational and personal pensions that concentrates capital and centralizes fund management…”
The Making of Investor Subjects in Anglo-American Pensions (2006, background): “Some interesting and illuminating parallels become apparent with the work of social accountants Froud et al (2001; 2002).”
Integrating Finance into Global Production Networks (2014, background): “…‘financialization’, which examines the growing power of financial markets and institutions on national economies (BLACKBURN, 2006; DORE, 2008), firms (FROUD et al., 2002a, 2002b; KRIPPNER, 2005; HO, 2009; PIKE and POLLARD, 2010), and households and individuals (LEYSHON et al., 2004; ENGELEN, 2008;…”
The democratization of finance? Promises, outcomes and conditions (2007, background): “In this way, savings are routed through a ‘coupon pool’ (Froud et al., 2002) to meet a range of financial needs, such as saving for retirement or for the university education of children, as well as to avoid risk and personal mishap from unemployment, ill health or falling house prices.”
The political economy debate on ‘financialization’ – a macroeconomic perspective (2009, unknown): “They conclude that ‘only the relatively affluent households can afford to forego current consumption, defer wages and put ten per cent of their income into shares and other coupons through pensions, insurance and savings plans’ (Froud et al., 2002: 142).”
Financializing space, spacing financialization (2011, methodology): “This aggregation and investment of savings, and the tasking of agents such as pension fund trustees to maximise the returns on their investments (Clark 2003), has begun to affect the behaviour of firms through the financial markets (Froud et al. 1998; 2002a).”
Creating ‘value’ beyond the point of production: branding, financialization and market capitalization (2010, background): “Reinvigorated by opportunities to trade in a variety of products and coupons (Froud et al., 2002), forms of financial liberalization—collectively conceived as financialization—became a salvationary, bust-beating driver of growth and stability (see Orhangazi, 2008: 49 et seq.).”
Securitising Suburbia: The Transformation of Anglo-American Mortgage Finance (2006, background): “…a growing body of cross-disciplinary research into pension funds (Clark 2000), mutual funds (Harmes 2001), mass investment (Aitken 2005; Langley forthcoming), new financial medias (Clark et al. 2004), and the associated financialisation of AngloAmerican capitalism (Boyer 2000; Froud et al. 2002).”