Banking Regulation and Globalization.rar
By Andreas Busch

Publisher:   Oxford University Press, USA
Number Of Pages:  295
Publication Date:   2009
ISBN-13 / EAN:   9780199218813

Contents
Foreword ix
List of Figures xi
List of Tables xi
1.Introduction:Globalization and State Capacity 1
1.1.The Central Question 5
1.2.Theoretical Approaches 7
1.3.Theory and Reality 11
1.4.The Design of the Study 12
1.5.The Plan of the Book 20
2.The State and the Regulation of the Banking Sector 23
2.1.Why the Banking Sector is Special 23
2.2.State Regulation of the Banking Sector 26
2.3.The Challenges of Last Three Decades 28
3.The United States:Deadlock Through Fragmentation 33
3.1.Historical Background 34
3.1.1.The Establishment of the Banking System 34
3.1.2.Development of State Regulation 37
3.1.3.The Political Context Until 1970 42
3.2.The Challenges 43
3.3.The Policy Network 45
3.3.1.The American Banking Industry 45
3.3.2.The Regulatory Agencies 49
3.3.3.The Legal Framework 55
3.4.The Battle for Reform 55
3.4.1.The First Phase of Deregulation 57
3.4.2.Legislative Deadlock and Administrative Action 59
3.4.3.Legislative Re-Regulation 64
3.4.4.Ratified Deregulation 66
3.5.Characteristics of the Policy Field 67
3.5.1.High Politicization 67
3.5.2.Confrontational and Legalistic Policy Approaches 68
3.5.3.Variety of Players 69vi Contents
3.5.4.Circumventing Deadlock at the Administrative
and Judicial Level 72
3.6.Summary:The American Case 72
4.The Federal Republic of Germany:Keeping the State at
Arm’s Length 75
4.1.The Historical Background 76
4.1.1.The Establishment of the Banking System 76
4.1.2.The Emergence of State Regulation 82
4.1.3.Key Aspects of the Policy Field Until 1970 85
4.2.New Challenges Facing Bank Regulators 87
4.2.1.Liberalization and Depositor Protection 87
4.2.2.Left-and Right-Wing Critiques of the
“Power of the Banks”89
4.3.The Policy Network 91
4.3.1.The German Banking Industry 91
4.3.2.The Regulatory Agencies 95
4.3.3.The Legal Framework 97
4.4.The Calm After the Storm:Continuity Rather than
Fundamental Change 99
4.4.1.The Herstatt Crisis and its Consequences 100
4.4.2.Gradual Europeanization:Further Amendments
to the KWG 111
4.5.Characteristics of the Policy Field 113
4.5.1.Integration and Consultation 113
4.5.2.Successful Policy-Outcomes 115
4.5.3.Ongoing Debate about the“Power of the Banks”117
4.5.4.Institutional Continuity 118
4.6.Summary:The German Case 120
5.The United Kingdom:Late Codification,Early Reform 123
5.1.Historical Background 124
5.1.1.Creation of the Banking System 124
5.1.2.The Development of State Regulation 128
5.1.3.The Policy Field Until 1970 130
5.2.New Challenges for Bank Regulators 131
5.3.The Policy Network 133
5.3.1.The British Banking Industry 133
5.3.2.The Regulatory Agencies 135
5.3.3.The Legislative Process 139Contents vii
5.4.The Interaction Between Crisis and Reform 141
5.4.1.The Secondary Banking Crisis and Codification 141
5.4.2.Johnson Matthey Bankers and Reform of the
Regulation System 146
5.4.3.BCCI and Barings Bank:Impulses for
Fundamental Reform 149
5.5.Characteristics of the Policy Field 156
5.5.1.Changes in the Style of Regulation 156
5.5.2.Reactive Policy-making 158
5.5.3.The Weak Role of Parliament 159
5.5.4.The Easy Implementation of Fundamental Reform 160
5.6.Summary:The British Case 160
6.Switzerland:High Risks,Joint Responsibilities 163
6.1.The Historical Background 164
6.1.1.Formation of the Banking System 164
6.1.2.The Development of State Regulation 169
6.1.3.The Policy Field Until 1970 175
6.2.New Challenges for Bank Regulators 176
6.3.The Policy Network 177
6.3.1.The Swiss Banking Industry 177
6.3.2.The Regulatory Agencies 185
6.3.3.The Legislative Framework 188
6.4.Liberal Consensus and Partial Politicization 190
6.4.1.The“Chiasso Scandal”and the Politicization of
Banking Issues 190
6.4.2.Banking Problems in the 1990s 200
6.5.Characteristics of the Policy Field 206
6.5.1.Consensual Approach 206
6.5.2.Strong Self-Regulation 208
6.5.3.“Autonomous Convergence”208
6.5.4.Specific Domestic Problems 209
6.6.Summary:The Swiss Case 209
7.State and Banking Regulation in Comparative Perspective 213
7.1.Policy Networks in Comparison 213
7.1.1.Industry and Interest Groups 213
7.1.2.The Executive Branch 215
7.1.3.The Legislative Branch 216
7.1.4.The Need for Reform and Policy Outcomes 218viii Contents
7.2.Political Systems in Comparison 219
7.3.“Anglo-Saxon”and“Rhenish”Capitalism in Comparison 224
8.Conclusion:National Institutions as Filters of Globalization 227
8.1.Convergence or Divergence?228
8.2.History,Institutions,and Path Dependence 234
8.3.The Case of the Missing Model 238
8.4.Conclusion 241
Postscriptum:The 2007/8 Subprime Mortgage Crisis and
Banking Regulation 245
Bibliography 257
Index 279