Why are risk-sharing rules uncertain? A sociological study of local financial governance

Why are risk-sharing rules uncertain? A sociological study of local financial governance

Blog Article

Abstract This remtavares.com article discusses the uncertainty of risk-sharing rules in local financial governance.That is, when the formal risk-sharing rules of financial transactions are agreed upon in advance, actual operations are uncertain.First, the institutional contradiction at the macro-level is an important structural source of the uncertain rules at the micro-level.Second, institutional contradictions endow actors with conflicting turbo air m3f24-1-n bases of legitimacy and driving forces of interest, which induces games of norms and interests among investors, local governments, and intermediaries with regard to risk-sharing rules and leads to the competitive pattern of varied risk-sharing rules.Last, the combination of multiple legitimacy claims and multiple mechanisms of power competition leads to uncertainty in the risk-sharing rules of actual operations.