Banking Regulation and Globalization - download pdf or read online

By Andreas Busch

ISBN-10: 019155121X

ISBN-13: 9780191551215

ISBN-10: 0199218811

ISBN-13: 9780199218813

Does globalization erode the state state's skill to behave? Are kingdom states pressured to alter their guidelines 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 basically featured hugely in political debates in recent times, but additionally in educational discourse. This booklet seeks to give a contribution to that discuss. the overall query it addresses is whether or not globalization ends up in coverage convergence--a critical, yet contested subject within the debate, as theoretical arguments may be complex either in prefer of and opposed to the possibility of this kind of improvement. extra particularly, the booklet comprises targeted empirical case stories of 4 nations (the usa, the uk, Germany, and Switzerland) in a coverage zone the place nation motion has been really challenged through the emergence of world-wide, around-the-clock monetary markets within the previous few many years, specifically that of the law and supervision of the banking undefined. in accordance with cautious research of ancient advancements, particular demanding situations, the nature of coverage networks and associations, and their interplay within the political strategy, this booklet argues that kingdom states nonetheless own huge room for maneuver in pursuing their regulations. no matter if they opt for supranational coordination and cooperation, their nationwide institutional configurations nonetheless functionality as filters within the globalization approach. This booklet is of specific price to readers attracted to the politics and guidelines of globalization, the interplay of commercial groups and the political procedure in several nations, and scholars of comparative politics attracted to distinctive case stories of policy-making.

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2 Of particular interest to economists have been those aspects of banking policy involving access to information and institutional change. Banks can only play their crucial role as financial intermediaries if they enjoy the trust of their depositors. However, depositors have normally found it very difficult and often prohibitively expensive to acquire detailed information about the quality, solvency, and reliability of the assets of any bank. This has led to a relationship between banks and depositors shaped by what has become known as “asymmetric information”: a situation where the former has considerably more information about the creditworthiness of the latter than the latter has of the former.

2 Of particular interest to economists have been those aspects of banking policy involving access to information and institutional change. Banks can only play their crucial role as financial intermediaries if they enjoy the trust of their depositors. However, depositors have normally found it very difficult and often prohibitively expensive to acquire detailed information about the quality, solvency, and reliability of the assets of any bank. This has led to a relationship between banks and depositors shaped by what has become known as “asymmetric information”: a situation where the former has considerably more information about the creditworthiness of the latter than the latter has of the former.

7 As part of this reform, the Office of the Comptroller of the Currency (OCC) was established as a regulatory body whose responsibilities included monitoring the issue of currency by the banks. Though this federal system was set up in parallel to the pre-existing banking structures overseen by the individual states, it was still based upon the principles of “free banking” doctrine. This meant that it was still remarkably easy to set up both commercial and investment banks (Spong 1994: 16). Because the federal bank regulations were more rigorous compared with those of the states, 8 only a small number of banks chose the federal option.

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Banking Regulation and Globalization by Andreas Busch


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