Banking Regulation and Globalization 1st Edition by Andreas Busch ISBN 0191029866 9780191029868

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ISBN 10: 0191029866 
ISBN 13: 9780191029868
Author: Andreas Busch

Does globalization erode the nation state’s capacity to act? Are nation states forced to change their policies even if this goes against the democratic will of their electorates? How does government action change under conditions of globalization? Questions like these have not only featured highly in political debates in recent years, but also in academic discourse. This book seeks to contribute to that debate. The general question it addresses is whether globalization leads to policy convergence — a central, but contested topic in the debate, as theoretical arguments can be advanced both in favour of and against the likelihood of such a development. More specifically, the book contains detailed empirical case studies of four countries (the United States, the United Kingdom, Germany, and Switzerland) in a policy area where state action has been particularly challenged by the emergence of world-wide, around-the-clock financial markets in the last few decades, namely that of the regulation and supervision of the banking industry. Based on careful analysis of historical developments, specific challenges, the character of policy networks and institutions, and their interaction in the political process, this book argues that nation states still possess considerable room for manouevre in pursuing their policies. Even if they choose supranational coordination and cooperation, their national institutional configurations still function as filters in the globalization process. This book is of particular value to readers interested in the politics and policies of globalization, the interaction of business communities and the political system in different countries, and students of comparative politics interested in detailed case studies of policy-making.

Banking Regulation and Globalization 1st Table of contents:

1. Introduction: Globalization and State Capacity
1.1 The Central Question
1.2 Theoretical Approaches
1.3 Theory and Reality
1.4 The Design of the Study
1.5 The Plan of the Book
2. The State and the Regulation of the Banking Sector
2.1 Why the Banking Sector is Special
2.2 State Regulation of the Banking Sector
2.3 The Challenges of Last Three Decades
3. The United States: Deadlock Through Fragmentation
3.1 Historical Background
3.1.1. The Establishment of the Banking System
3.1.2. Development of State Regulation
3.1.3. The Political Context Until 1970
3.2 The Challenges
3.3 The Policy Network
3.3.1. The American Banking Industry
3.3.2. The Regulatory Agencies
3.3.3. The Legal Framework
3.4 The Battle for Reform
3.4.1. The First Phase of Deregulation
3.4.2. Legislative Deadlock and Administrative Action
3.4.3. Legislative Re-Regulation
3.4.4. Ratified Deregulation
3.5 Characteristics of the Policy Field
3.5.1. High Politicization
3.5.2. Confrontational and Legalistic Policy Approaches
3.5.3. Variety of Players
3.5.4. Circumventing Deadlock at the Administrative and Judicial Level
3.6 Summary: The American Case
4. The Federal Republic of Germany: Keeping the State at Arm’s Length
4.1 The Historical Background
4.1.1. The Establishment of the Banking System
4.1.2. The Emergence of State Regulation
4.1.3. Key Aspects of the Policy Field Until 1970
4.2 New Challenges Facing Bank Regulators
4.2.1. Liberalization and Depositor Protection
4.2.2. Left- and Right-Wing Critiques of the “Power of the Banks”
4.3 The Policy Network
4.3.1. The German Banking Industry
4.3.2. The Regulatory Agencies
4.3.3. The Legal Framework
4.4 The Calm After the Storm: Continuity Rather than Fundamental Change
4.4.1. The Herstatt Crisis and its Consequences
4.4.2. Gradual Europeanization: Further Amendments to the KWG
4.5 Characteristics of the Policy Field
4.5.1. Integration and Consultation
4.5.2. Successful Policy-Outcomes
4.5.3. Ongoing Debate about the “Power of the Banks”
4.5.4. Institutional Continuity
4.6 Summary: The German Case
5. The United Kingdom: Late Codification, Early Reform
5.1 Historical Background
5.1.1. Creation of the Banking System
5.1.2. The Development of State Regulation
5.1.3. The Policy Field Until 1970
5.2 New Challenges for Bank Regulators
5.3 The Policy Network
5.3.1. The British Banking Industry
5.3.2. The Regulatory Agencies
5.3.3. The Legislative Process
5.4 The Interaction Between Crisis and Reform
5.4.1. The Secondary Banking Crisis and Codification
5.4.2. Johnson Matthey Bankers and Reform of the Regulation System
5.4.3. BCCI and Barings Bank: Impulses for Fundamental Reform
5.5 Characteristics of the Policy Field
5.5.1. Changes in the Style of Regulation
5.5.2. Reactive Policy-making
5.5.3. The Weak Role of Parliament
5.5.4. The Easy Implementation of Fundamental Reform
5.6 Summary: The British Case
6. Switzerland: High Risks, Joint Responsibilities
6.1 The Historical Background
6.1.1. Formation of the Banking System
6.1.2. The Development of State Regulation
6.1.3. The Policy Field Until 1970
6.2 New Challenges for Bank Regulators
6.3 The Policy Network
6.3.1. The Swiss Banking Industry
6.3.2. The Regulatory Agencies
6.3.3. The Legislative Framework
6.4 Liberal Consensus and Partial Politicization
6.4.1. The “Chiasso Scandal” and the Politicization of Banking Issues
6.4.2. Banking Problems in the 1990s
6.5 Characteristics of the Policy Field
6.5.1. Consensual Approach
6.5.2. Strong Self-Regulation
6.5.3. “Autonomous Convergence”
6.5.4. Specific Domestic Problems
6.6 Summary: The Swiss Case
7. State and Banking Regulation in Comparative Perspective
7.1 Policy Networks in Comparison
7.1.1. Industry and Interest Groups
7.1.2. The Executive Branch
7.1.3. The Legislative Branch
7.1.4. The Need for Reform and Policy Outcomes
7.2 Political Systems in Comparison
7.3 “Anglo-Saxon” and “Rhenish” Capitalism in Comparison
8. Conclusion: National Institutions as Filters of Globalization
8.1 Convergence or Divergence?
8.2 History, Institutions, and Path Dependence
8.3 The Case of the Missing Model
8.4 Conclusion

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