Market-Based Banking and the International Financial Crisis

Hardcover | September 18, 2013

EditorIain Hardie, David Howarth

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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 transcendsthe 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 It demonstrates why this dichotomy is obsolete through an appreciation of the activities of banks.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 toexplain 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 respectedexperts 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 / financialsystems in any discipline.

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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 transcendsthe dominant dichotomous understanding of fin...

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...

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Format:HardcoverDimensions:304 pages, 9.21 × 6.14 × 0.98 inPublished:September 18, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199662282

ISBN - 13:9780199662289

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Table of Contents

1. Iain Hardie, David Howarth, Sylvia Maxfield and Amy Verdun: Introduction: Towards a Political Economy of Banking2. Iain Hardie and David Howarth: Framing Market-Based Banking and the Financial Crisis3. Iain Hardie and Sylvia Maxfield: Market-Based Banking as the Worst of All Worlds: Illustrations from the US and UK4. Michele Chang and Erik Jones: Belgium and the Netherlands: Impatient Capital5. Iain Hardie and David Howarth: A Peculiar Kind of Devastation: German Market-Based Banking6. David Howarth: State Intervention and Market-Based Banking in France7. Sebastian Royo: A 'Ship in Trouble'. The Spanish Banking System and the International Financial Crisis8. George Pagoulatos and Lucia Quaglia: Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece9. Patrick Leblond: Cool Canada: A Case of Low Market-Based Banking in the Anglo-Saxon World10. Ryunoshin Kamikawa: Market-Based Banking in Japan: From the Avant-Garde to Europe's Future?