Banking Regulation and Globalization

by Busch, Andreas

• ISBN13: 9780199218813
• ISBN10: 0199218811
• Format: Hardcover
• Copyright: 2009-02-15
• Publisher: Oxford University Press

Summary

"This book is of particular value to readers interested in the politics and policies of globalization, the interaction of business communities and the political system in different countries, and students of comparative politics interested in detailed case studies of policy-making."--BOOK JACKET.

Author Biography

Andreas Busch is Reader in European Politics in the Department of Politics and International Relations of Oxford University and a Fellow of Hertford College. He holds a doctorate and a Habilitation in political science from the University of Heidelberg, where he also was Assistant Professor from 1993 to 2000. In 1997/98 he was John F. Kennedy Memorial Fellow at the Center for European Studies of Harvard University.

Table of Contents

Foreword	p. ix
List of Figures	p. xi
List of Tables	p. xi
Introduction: Globalization and State Capacity	p. 1
The Central Question	p. 5
Theoretical Approaches	p. 7
Theory and Reality	p. 11
The Design of the Study	p. 12
The Plan of the Book	p. 20
The State and the Regulation of the Banking Sector	p. 23
Why the Banking Sector is Special	p. 23
State Regulation of the Banking Sector	p. 26
The Challenges of Last Three Decades	p. 28
The United States: Deadlock Through Fragmentation	p. 33
Historical Background	p. 34
The Establishment of the Banking System	p. 34
Development of State Regulation	p. 37
The Political Context Until 1970	p. 42
The Challenges	p. 43
The Policy Network	p. 45
The American Banking Industry	p. 45
The Regulatory Agencies	p. 49
The Legal Framework	p. 55
The Battle for Reform	p. 55
The First Phase of Deregulation	p. 57
Legislative Deadlock and Administrative Action	p. 59
Legislative Re-Regulation	p. 64
Ratified Deregulation	p. 66
Characteristics of the Policy Field	p. 67
High Politicization	p. 67
Confrontational and Legalistic Policy Approaches	p. 68
Variety of Players	p. 69
Circumventing Deadlock at the Administrative and Judicial Level	p. 72
Summary: The American Case	p. 72
The Federal Republic of Germany: Keeping the State at Arm's Length	p. 75
The Historical Background	p. 76
The Establishment of the Banking System	p. 76
The Emergence of State Regulation	p. 82
Key Aspects of the Policy Field Until 1970	p. 85
New Challenges Facing Bank Regulators	p. 87
Liberalization and Depositor Protection	p. 87
Left- and Right-Wing Critiques of the "Power of the Banks"	p. 89
The Policy Network	p. 91
The German Banking Industry	p. 91
The Regulatory Agencies	p. 95
The Legal Framework	p. 97
The Calm After the Storm: Continuity Rather than Fundamental Change	p. 99
The Herstatt Crisis and its Consequences	p. 100
Gradual Europeanization: Further Amendments to the KWG	p. 111
Characteristics of the Policy Field	p. 113
Integration and Consultation	p. 113
Successful Policy-Outcomes	p. 115
Ongoing Debate about the "Power of the Banks"	p. 117
Institutional Continuity	p. 118
Summary: The German Case	p. 120
The United Kingdom: Late Codification, Early Reform	p. 123
Historical Background	p. 124
Creation of the Banking System	p. 124
The Development of State Regulation	p. 128
The Policy Field Until 1970	p. 130
New Challenges for Bank Regulators	p. 131
The Policy Network	p. 133
The British Banking Industry	p. 133
The Regulatory Agencies	p. 135
The Legislative Process	p. 139
The Interaction Between Crisis and Reform	p. 141
The Secondary Banking Crisis and Codification	p. 141
Johnson Matthey Bankers and Reform of the Regulation System	p. 146
BCCI and Barings Bank: Impulses for Fundamental Reform	p. 149
Characteristics of the Policy Field	p. 156
Changes in the Style of Regulation	p. 156
Reactive Policy-making	p. 158
The Weak Role of Parliament	p. 159
The Easy Implementation of Fundamental Reform	p. 160
Summary: The British Case	p. 160
Switzerland: High Risks, Joint Responsibilities	p. 163
The Historical Background	p. 164
Formation of the Banking System	p. 164
The Development of State Regulation	p. 169
The Policy Field Until 1970	p. 175
New Challenges for Bank Regulators	p. 176
The Policy Network	p. 177
The Swiss Banking Industry	p. 177
The Regulatory Agencies	p. 185
The Legislative Framework	p. 188
Liberal Consensus and Partial Politicization	p. 190
The "Chiasso Scandal" and the Politicization of Banking Issues	p. 190
Banking Problems in the 1990s	p. 200
Characteristics of the Policy Field	p. 206
Consensual Approach	p. 206
Strong Self-Regulation	p. 208
"Autonomous Convergence"	p. 208
Specific Domestic Problems	p. 209
Summary: The Swiss Case	p. 209
State and Banking Regulation in Comparative Perspective	p. 213
Policy Networks in Comparison	p. 213
Industry and Interest Groups	p. 213
The Executive Branch	p. 215
The Legislative Branch	p. 216
The Need for Reform and Policy Outcomes	p. 218
Political Systems in Comparison	p. 219
"Anglo-Saxon" and "Rhenish" Capitalism in Comparison	p. 224
Conclusion: National Institutions as Filters of Globalization	p. 227
Convergence or Divergence?	p. 228
History, Institutions, and Path Dependence	p. 234
The Case of the Missing Model	p. 238
Conclusion	p. 241
Postscriptum: The 2007/8 Subprime Mortgage Crisis and Banking Regulation	p. 245
Bibliography	p. 257
Index	p. 279
Table of Contents provided by Ingram. All Rights Reserved.