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Andrew Whitworth - Regulating Banks, Inbunden

Inbunden, Engelska, 2021

Regulating Banks

The Politics of Instability

Av Andrew Whitworth

Del 17 i serien Finance Matters

1303 kr

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Beskrivning
Banks have been at the heart of economic activity for centuries, but since the 2008 financial crisis scrutiny of their activities and regulation of their actions has become the focus of fervent academic, policy and political activity. This focus takes for granted the existence and nature of banks.In Regulating Banks, Andrew Whitworth looks one stage deeper to question what a bank really is, and what the implications of that are. He argues that the institutional form of a bank represents the political compromise of a specific time and place - and can therefore change. This has implications for financial stability. Far from creating stability, he argues, the regulatory impulse of policy-makers inevitably leads to greater financial instability.Whitworth examines the postwar period of UK banking to show how regulation influences the nature of banks as much as their behaviour. Regulation, by changing the nature of what is regulated, encourages banks and other actors over time to alter their behaviour, which leads to future boom and bust cycles. These cycles then require further regulation to rein in the disruption their new pattern of behaviour inevitably instigates.Regulating Banks reveals the cyclical nature of banking regulation, the inherent mismatch between political impulses and market reactions, and the price banks, banking and society pay for such instability.
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Andrew Whitworth is Academic Director of the Masters in FinTech and Adjunct Professor in the School of Science and Technology at IE University, Madrid. He is also a Visiting Fellow at the Robert Schuman Centre of the European University Institute in Florence where he runs their research project on Tokenisation and the Savings and Investment Union. He previously worked at the Bank of England and in the fintech industry and has founded the FinTech advisory firm Global Policy LTD. He holds a PhD and MA from the Johns Hopkins University SAIS in Washington DC and Bologna, Italy, and a BA/MA (Oxon) from the University of Oxford. He is the author of Regulating banks: the politics of instability (Agenda Publishing, 2021) and How to understand MiCA: a policy guide (Global Policy LTD online, 2024).

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Succinctly and expertly, Whitworth builds a case in which regulatory changes (often initiated as part of a political process) change what a bank is. His argument is very powerful. The reader is treated to an exceptionally well-researched and well-written discourse on key events in British banking history. The scope of the analysis is impressive and leaves no doubt that the task of regulating banks in a competitive international system, while ensuring financial stability in the face of political and geopolitical pressures, is challenging though fundamental to the success of the financial sector and the wider economy.

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