Banking Regulation and Globalization by Andreas Busch

By Andreas Busch

Does globalization erode the state state's ability to behave? Are kingdom states compelled to alter their rules whether this is going opposed to the democratic will in their electorates? How does executive motion swap less than stipulations of globalization? Questions like those haven't in basic terms featured hugely in political debates lately, but in addition 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 critical, yet contested subject within the debate, as theoretical arguments will be complex either in want of and opposed to the chance of one of these improvement. extra in particular, the ebook comprises specific empirical case experiences of 4 international locations (the usa, the uk, Germany, and Switzerland) in a coverage zone the place nation motion has been fairly challenged via the emergence of world-wide, around-the-clock monetary markets within the previous few many years, particularly that of the law and supervision of the banking undefined. according to cautious research of historic advancements, particular demanding situations, the nature of coverage networks and associations, and their interplay within the political approach, this e-book argues that state states nonetheless own enormous room for maneuver in pursuing their guidelines. whether they opt for supranational coordination and cooperation, their nationwide institutional configurations nonetheless functionality as filters within the globalization strategy. This booklet is of specific worth to readers drawn to the politics and regulations of globalization, the interplay of commercial groups and the political process in several international locations, and scholars of comparative politics drawn to specific case reports of policy-making.

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Chapter 5 argues that regulatory policy in the United Kingdom was largely characterized by reaction to crises in the banking sector (such as the Secondary Banking Crisis in the 1970s, the failure of JMB in the 1980s, and BCCI and Barings in the 1990s). A weak role for Parliament let the Bank of England initially dominate a “club-style” sectoral policy network. After repeated piecemeal reforms failed to provide long-term stability, however, the latter was disempowered in favour of a new unified financial regulatory agency, thus providing an example of major institutional change.

Critics of current forms of oversight have also pointed to how regulatory structures can distort financial markets, which often try to anticipate state intervention in the banking industry. Sceptical economists have emphasized the fact that the very existence of state regulatory bodies often hampers competition for customers, thus making it more difficult for individual depositors to find more efficient alternatives to their own banks. Some economic theorists have even recommended that national and international bank regulation systems should either undergo a fundamental process of reform or be entirely dismantled.

13 In recent times this interpretation has been questioned since economic historians have come to put more emphasis on the responsibility of the central bank for such major miscalculations because of its unwillingness to fully use its powers as “lender of last resort”. ), as well as Baer and Mote (1992: 505). ). 15 The exact stipulations of the Glass–Steagall Act can be found in Dale (1992: 77–9). See also Spong (1994: 19–22) and Bonn (1998: 82–5). 1 Historical Background 41 turn, commercial banks received a monopoly over the market in current accounts.

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