Market-based Banking and the International Financial CrisisHardback
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- Publisher: Oxford University Press
- Format: Hardback | 288 pages
- Dimensions: 162mm x 236mm x 26mm | 600g
- Publication date: 18 October 2013
- Publication City/Country: Oxford
- ISBN 10: 0199662282
- ISBN 13: 9780199662289
- Illustrations note: 23 Figures, 50 Tables
- Sales rank: 907,453
Economics and political economy lack the analytical tools to explain the differing impact of the recent international financial crisis that erupted in 2007 on developed economies. The principal contribution of this edited volume is to offer a 'market-based banking' framework which transcends the dominant dichotomous understanding of financial systems in terms of credit-based and capital-based. It demonstrates why this dichotomy is obsolete through an appreciation of the activities of banks. Further, it employs 'market-based banking' to overcome the inability of existing typologies to explain financial system change. 'Market-based banking' provides a framework that is more reflective of banking in modern financial systems, and one that provides a more successful explanation of the differential impact of the recent financial crisis. The comparative and single-country chapters in this volume compare the extent of 'market-based banking' across eleven countries, including all of the G7 economies. The chapters also consider the impact of the financial crisis in terms of necessary government support and lending to non-financial companies. The edited volume includes work by authors who are widely respected experts in national political economies, finance, financial regulation, banking, central banking, and monetary policy. This volume is one of the first book-length comparative studies of the financial crisis and its impact and one of the few recent comparative studies of national banking / financial systems in any discipline.
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David Howarth is Professor in Political Economy at the University of Luxembourg. Until September 2012, he was a Jean Monnet Chair at the University of Edinburgh. He has written widely on European political economy topics, specifically EMU, central banking and, more recently national banking systems. In additional to over 70 journal articles and book chapters on these subjects, Professor Howarth has written The French Road to European Monetary Union (Macmillan 2001), The European Central Bank: The New European Leviathan? (Macmillan 2003 and 2005) (with Peter Loedel) and co-edited At the Frontier of the Single European Market: The Political Economy of Market Integration in the Early Twenty-First Century (Routledge 2011). He is a regular contributor to the Economist Intelligence Unit on European political economy topics.
Table of contents
1. Introduction: Towards a Political Economy of Banking ; 2. Framing Market-Based Banking and the Financial Crisis ; 3. Market-Based Banking as the Worst of All Worlds: Illustrations from the US and UK ; 4. Belgium and the Netherlands: Impatient Capital ; 5. A Peculiar Kind of Devastation: German Market-Based Banking ; 6. State Intervention and Market-Based Banking in France ; 7. A 'Ship in Trouble'. The Spanish Banking System and the International Financial Crisis ; 8. Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece ; 9. Cool Canada: A Case of Low Market-Based Banking in the Anglo-Saxon World ; 10. Market-Based Banking in Japan: From the Avant-Garde to Europe's Future?