What does this research mean for the field?

The attempted greening of repurchase agreement (repo) markets serves to moralize but ultimately reproduces the existing elite, state-entangled structures of collateral-based finance, challenging the view of repo markets as neutral financial plumbing. Novelty: ClaimNovelty.NOVEL_FINDING. Consensus alignment: ConsensusAlignment.CHALLENGES_CONSENSUS.

What question did this study set out to answer?

Analyze the attempted greening of repurchase agreement (repo) markets and evaluate how collateral circulation shapes institutional hierarchies in financial governance.

September 10, 2026Economy and Society

The green nexum: Collateral, clan finance and the moral economy of repo markets

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Authors

AMAlessandro MarescaUniversity of Campania "Luigi Vanvitelli"

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Implication

Qualitative field study reveals green repo frameworks moralize collateral systems in global finance, highlighting elite institutional dependency.

Key Points

Analyze the attempted greening of repurchase agreement (repo) markets and evaluate how collateral circulation shapes institutional hierarchies in financial governance.
Fieldwork conducted within international industry standard-setting forums.
Participant observation in specialized green-finance professional training sessions.
Semi-structured qualitative interviews with key financial market participants and regulators.
Characterizes repo markets as an elite Braudelian antimarket that binds dealer banks, central banks, and asset managers into hierarchical chains of financial obligation.
Demonstrates that green repo initiatives seek to moralize market practices while fundamentally depending on traditional criteria of liquidity, eligibility, and reusability.
Shows that incorporating green assets into repo mechanisms reproduces and reinforces conventional collateral-based financial structures rather than reforming them.

Cite This Study

Alessandro Maresca (2026) studied this question.

synapsesocial.com/papers/6aa27aca58559d80afc739b7 https://doi.org/10.1080/03085147.2026.2705773

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Implication

Qualitative field study reveals green repo frameworks moralize collateral systems in global finance, highlighting elite institutional dependency.

The green nexum: Collateral, clan finance and the moral economy of repo markets

Discussion

Member takes

Implication

Key Points

Cite This Study

The green nexum: Collateral, clan finance and the moral economy of repo markets

Discussion

Member takes

Implication

Key Points

Cite This Study

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