Banking on Markets: The Transformation of Bank-State Ties in Europe and Beyond by Rachel A. EpsteinBanking on Markets: The Transformation of Bank-State Ties in Europe and Beyond by Rachel A. Epstein

Banking on Markets: The Transformation of Bank-State Ties in Europe and Beyond

byRachel A. Epstein

Hardcover | September 23, 2017

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States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets.The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europeno longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other worldregions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance.Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead toeconomic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economicpolicy discretion. This book details the intense political struggles that have underpinned all three outcomes.
Rachel A. Epstein is Professor of International Relations and European Politics at the Josef Korbel School of International Studies, University of Denver. Her publications include In Pursuit of Liberalism: International Institutions in Postcommunist Europe (Johns Hopkins 2008), and also edited a special issue of the Review of Interna...
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Title:Banking on Markets: The Transformation of Bank-State Ties in Europe and BeyondFormat:HardcoverDimensions:256 pages, 9.21 × 6.02 × 0 inPublished:September 23, 2017Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198809964

ISBN - 13:9780198809968

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Table of Contents

1. Introduction: The Paradox of Financial Control2. High and Low Levels of Foreign Bank Ownership: Sources and Consequences3. Foreign Banks in the Crisis: Retrenchment from the West, Continuing Exposures in the East4. Catching Up in the Global Economy: Good and Bad Banks in East Central Europe5. European Banking Union: The Weakening of Bank-State Ties6. Conclusion: Ceding Autonomy but Limiting Costs: Revisiting the Logic of National Bank Control