Get Banking Regulation and Globalization PDF

By Andreas Busch

ISBN-10: 019155121X

ISBN-13: 9780191551215

ISBN-10: 0199218811

ISBN-13: 9780199218813

Does globalization erode the country state's potential to behave? Are state states compelled to alter their rules whether this is going opposed to the democratic will in their electorates? How does executive motion switch lower than stipulations of globalization? Questions like those haven't simply featured hugely in political debates lately, but additionally in educational discourse. This ebook seeks to give a contribution to that discuss. the final query it addresses is whether or not globalization results in coverage convergence--a vital, yet contested subject within the debate, as theoretical arguments may be complicated either in prefer of and opposed to the chance of any such improvement. extra particularly, the e-book comprises specific empirical case reviews of 4 nations (the usa, the uk, Germany, and Switzerland) in a coverage zone the place nation motion has been really challenged via the emergence of world-wide, around-the-clock monetary markets within the previous couple of many years, specifically that of the law and supervision of the banking undefined. in line with cautious research of historic advancements, particular demanding situations, the nature of coverage networks and associations, and their interplay within the political approach, this ebook argues that country states nonetheless own massive room for maneuver in pursuing their regulations. no matter if they opt for supranational coordination and cooperation, their nationwide institutional configurations nonetheless functionality as filters within the globalization technique. This ebook is of specific worth to readers drawn to the politics and regulations of globalization, the interplay of industrial groups and the political process in numerous nations, and scholars of comparative politics attracted to distinctive case stories of policy-making.

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As in the United Kingdom, most of the banks established in the late eighteenth and early nineteenth centuries were relatively small and geographically close to their customer base. The exceptions to this rule were banks and investment houses based in rapidly expanding cities. Yet the emerging American banking system was far less centralized than its British counterpart, in which the Bank of England (founded in 1694) played a central role. This was the consequence of 2 A detailed description of the highly complex American financial system can be found in Baer and Mote (1992), Berger, Kashyap, and Scalise (1995), and Saunders and Walter (1994).

10 The original structure of the Federal Reserve System, which was changed in order to increase central control, is described in Robertson (1995: 93). 11 However only if they were members of the Federal Reserve System. 3 for details. 40 The United States: Deadlock Through Fragmentation The economic depression of the 1930s was a traumatic experience for the United States with GDP falling by a third, industrial production being halved, and consumer prices falling to a quarter of their 1929 levels.

Parallel to these shifts, the banking industry in the United States continued to operate under a comparatively heavy regulatory regime. A wide variety of regulations controlling the products, prices, and the geographic extent of American banks created a highly specialized market which was now confronted by a general trend towards international deregulation. Though originally intended as a stabilizing factor, under changed circumstances these regulations proved counter-productive. Since the prevalence of geographic and product-oriented market segmentation led to an insufficient level of portfolio and risk diversification, most small and regional banks found it difficult to cope with recessions and heightened market volatility.

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Banking Regulation and Globalization by Andreas Busch

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