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Market-Based Banking and the International Financial Crisis

Market-Based Banking and the International Financial Crisis

Author: Iain Hardie; David Howarth
Publisher: Oxford University Press
ISBN: 9780199662289
Published In: August 2013
Format: Hardback , 288 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
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- Unprecedented comparative analysis of national banking systems
- Analysis of recent developments in the operation of banks
- Provides a strong framework for explaining the impact of the financial crisis upon a range of developed world economies
- Examination of the relationship of developments in banking in the context of the wider financial system and economy
- Analysis of different national reactions to the financial crisis
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 It demonstrates why this dichotomy is obsolete through an appreciation of the activities of banks.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.

Readership: Scholars and students in economics, political economy, business studies, and political science.
1: Iain Hardie, David Howarth, Sylvia Maxfield and Amy Verdun: Introduction: Towards a Political Economy of Banking
2: Iain Hardie and David Howarth: Framing Market-Based Banking and the Financial Crisis
3: Iain Hardie and Sylvia Maxfield: Market-Based Banking as the Worst of All Worlds: Illustrations from the US and UK
4: Michele Chang and Erik Jones: Belgium and the Netherlands: Impatient Capital
5: Iain Hardie and David Howarth: A Peculiar Kind of Devastation: German Market-Based Banking
6: David Howarth: State Intervention and Market-Based Banking in France
7: Sebastián Royo: A 'Ship in Trouble'. The Spanish Banking System and the International Financial Crisis
8: George Pagoulatos and Lucia Quaglia: Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece
9: Patrick Leblond: Cool Canada: A Case of Low Market-Based Banking in the Anglo-Saxon World
10: Ryunoshin Kamikawa: Market-Based Banking in Japan: From the Avant-Garde to Europe's Future?
Iain Hardie is a Lecturer in International Political Economy in the School of Social and Political Sciences at the University of Edinburgh. Prior to embarking on an academic career, Dr Hardie worked in investment banking in London and Hong Kong for over fifteen years, specialising in emerging bond markets. His PhD (2007) and first book examine the links between the financialization of government bond markets and emerging market government policy autonomy. He also works with Professor Donald Mackenzie on the sociology of financial markets.

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.

Contributors:
Michele Chang, College of Europe, Bruges
Iain Hardie, University of Edinburgh
David Howarth, University of Luxembourg
Erik Jones, Paul H. Nitze School of Advanced International Studies and The Johns Hopkins University
Ryunoshin Kamikawa, Osaka University
Patrick Leblond, University of Ottawa
Sylvia Maxfield, Providence College School of Business
George Pagoulatos, Athens University of Economics & Business
Lucia Quaglia, University of York
Sebastian Royo, Suffolk University, Boston
Amy Verdun, University of Victoria