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Banking on Markets: The Transformation of Bank-State Ties in Europe and Beyond de Rachel A. Epstein

Banking on Markets: The Transformation of Bank-State Ties in Europe and Beyond

Autor Rachel A. Epstein
en Limba Engleză Hardback – 24 aug 2017

În contextul transformărilor geopolitice recente, un fapt rămâne surprinzător: în cea mai mare piață integrată a lumii, Europa, statele au pierdut controlul istoric asupra instituțiilor bancare, un sector considerat odinioară pilonul suveranității economice. Găsim în Banking on Markets o analiză autoritară a modului în care prăbușirea URSS, adoptarea monedei unice și criza financiară din 2008 au forțat o denaționalizare radicală a finanțelor. Reținem din cercetarea semnată de Rachel A. Epstein că această schimbare nu este doar un efect secundar al globalizării, ci rezultatul unor lupte politice intense care au redefinit legăturile dintre guverne și capital.

Dacă The Politics of Supranational Banking Supervision in Europe de David Howarth v-a oferit cadrul teoretic al reglementărilor și transferului de putere către nivelul supranațional, această carte oferă instrumentele practice pentru a înțelege impactul real asupra autonomiei politice. Rachel A. Epstein demonstrează că, deși proprietatea străină asupra băncilor nu crește neapărat vulnerabilitatea statelor gazdă, ea limitează drastic căile de recuperare în economia globală.

Această lucrare ocupă un loc central în opera autoarei, făcând trecerea de la studiul influenței internaționale și al condiționalităților din International Influence Beyond Conditionality către o analiză structurală a sistemelor de putere financiară. Spre deosebire de Speaking Science to Power, unde accentul era pus pe responsabilitatea cercetătorului, aici Rachel A. Epstein adoptă o perspectivă sistemică asupra economiei politice. Credem că rigoarea cu care este tratată Uniunea Bancară Europeană explică de ce acest volum a fost distins cu premiul Ed A Hewett, fiind o resursă esențială pentru a înțelege de ce statele membre ale zonei euro au astăzi o discreție limitată în gestionarea propriilor crize.

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Specificații

ISBN-13: 9780198809968
ISBN-10: 0198809964
Pagini: 232
Dimensiuni: 180 x 241 x 21 mm
Greutate: 0.51 kg
Editura: OUP OXFORD
Colecția OUP Oxford
Locul publicării:Oxford, United Kingdom

De ce să citești această carte

Recomandăm această carte profesioniștilor din economie și științe politice care doresc să înțeleagă mecanismele puterii în Europa modernă. Veți învăța cum s-a produs ruptura dintre state și bănci și care sunt consecințele directe asupra suveranității economice. Este o lectură fundamentală pentru a descifra de ce politicile naționale sunt tot mai des subordonate regulilor Uniunii Bancare Europene, oferind o perspectivă clară asupra stabilității financiare actuale.

Despre autor

Rachel A. Epstein este o figură proeminentă în studiul economiei politice internaționale, fiind recunoscută pentru analizele sale profunde asupra tranziției statelor din Europa Centrală și de Est și a integrării europene. Lucrarea sa, Banking on Markets, publicată de OUP OXFORD, a fost onorată cu premiul Ed A Hewett în 2018, confirmându-i expertiza în domeniul relațiilor dintre instituțiile financiare și autoritățile statale. Prin lucrări precum International Influence Beyond Conditionality, ea a explorat modul în care organizațiile internaționale modelează politicile interne, temă pe care o rafinează în contextul sectorului bancar european.

Descriere

States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance.Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead to economic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economic policy discretion. This book details the intense political struggles that have underpinned all three outcomes.

Recenzii

... this is an important book, which offers a novel, rich and multi-faceted account of the transformation of the ties between states and banks in Europe.
Epstein has produced an accessible and comprehensive guide to the structural forces that have directed the evolution of this very important stabilizing transformation.
fascinating study of how the recent economic and financial crisis unfolded in the countries of Central and Eastern Europe. ... It is still too early to tell whether Western European governments will find themselves as estranged from their home-grown financial institutions as are the governments of Central and Eastern Europe. What is clear is that the old relationship between states and banks deserves careful reconsideration. Epstein's book is a critical first step in that direction.
Professor Epstein has written a highly engaging and accessible account of the changing power dynamics between states and markets, in both eastern and western Europe. She convincingly debunks a number of widespread misconceptions about the political and economic implications of foreign bank ownership. Although focused on the political economy of banking in a European context, this is a work that is bound to become a classic and should be read by all students of political economy.
The globalization of finance around the world has transformed the way money is borrowed, debts managed, and economic risks navigated. Banking on Markets offers a much needed exploration of the foreign penetration of formerly insulated banking sectors in Eastern Europe, with surprising findings about the relative robustness this has produced in dealing with the Eurozone crisis. A very helpful guide to a complex set of issues facing the EU, and beyond.
Banking on Markets brilliantly analyses how the USSR's collapse, European monetary union, and the 2008 global financial crisis have fundamentally transformed bank-state relations in Europe. Through careful argumentation and compelling evidence, Epstein demonstrates that this intensely political process has empowered market actors and made the European banking system more resilient, while at the same time reducing the ability of governments in the poorer European states to use their national banks as development tools to help them catch up with the rest of Europe. Banking on Markets raises challenging questions, provides often unsettling answers, and should be read by everyone concerned with the future of banking and finance in Europe.

Notă biografică

Rachel A. Epstein is Professor of International Relations and European Politics at the Josef Korbel School of International Studies, University of Denver. Her publications include In Pursuit of Liberalism: International Institutions in Postcommunist Europe (Johns Hopkins 2008) and a special issue of the Review of International Political Economy entitled 'Assets or Liabilities? Banks and the Politics of Foreign Ownership versus National Control' (2014). Her research and teaching examine the relationship between economic trends and national security outcomes, the dynamics of postcommunist transition, the role of international organizations in global politics, and economic crises and financial reform.