Banker Interests and the Making of a European Capital Market
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Köp båda 2 för 960 krThis book charts and analyses the centrality of the European-global link in financial governance, covering the whole breadth of financial markets from banking, auditing and accounting to derivatives trading, money laundering, and tax governance.
In the years leading up the global financial crisis, the European Union (EU) had emerged as a central actor in global financial governance, almost rivalling the United States in influence. While the USA and the EU continue to dominate financial ru...
The strengthening of European supranantional governance was designed to foster integrated financial markets, but Daniel Mugge's impressive analysis shows how it also generated financial transformations that contributed to the recent financial crisis. This very readable and theoretically rich book should act as a cautionary tale to those inclined to leave regulatory policy in the hands of powerful bankers. Professor Eric Helleiner, Chair in International Governance, Center for International Governance Innovation, University of Waterloo Daniel Mugge's book investigates the supranationalization of capital market governance in Europe and the interests behind it. Drawing upon British, French and German cases, Mugge explains brilliantly how financial reform in Europe shifted from national divergence to transnational lobbying. Theoretically innovative and thoroughly researched, this is an important book for all scholars of the international political economy and European governance. Professor Leonard Seabrooke, Director of the Centre for the Study of Globalisation and Regionalisation, University of Warwick As capital markets eluded national governments, so the EU sensibly developed more supranational forms of financial governance. What sort of bargain was struck, whose interests prevailed? Did outcomes enhance the quality of financial governance or contribute to the lengthening shadow of crisis? A compelling read, Mugge's analysis fashions our understanding of the tragic options we now face. Professor Geoffrey Underhill, Chair of International Governance, University of Amsterdam
ince August 2008, Daniel Mugge has been Assistant Professor in International Relations and International Political Economy at the University of Amsterdam. In 2002, he was awarded an MA in International Relations (with honours) at the International School for Humanities and Social Sciences (ISHSS), University of Amsterdam. In September 2008, he defended his dissertation Widen the Market, Narrow the Competition: The Emergence of Supranational Governance in EU Capital Markets with a committee composed of Prof GRD Underhill (advisor), Dr BM Burgoon, Prof GCA Junne, Prof SP Lutz, and Prof JHF Story.
contents List of Figures and Tables viii Chapter One: Introduction 1 Established Approaches and their Limits 3 The Argument: Banker Interests in EU Capital Markets 7 Chapter Two: Competition Politics and Supranational Integration 13 European Integration 13 Financial Market Liberalisation and Regulation 18 Private and Public Actors in Regulatory Policy 22 The Competition Politics Approach 25 The Core Features of the Approach 29 Chapter Three: The Domestic Roots of Regulatory Reform 31 European Capital Markets at the End of the 1980s 32 Regulatory Reform in German Managed Capitalism 35 Regulatory Reform in French State-led Capitalism 40 Regulatory Reform in British Market Capitalism 44 European State-market Condominiums in Comparison 49 Chapter Four: Negotiating the Single Market 51 Financial Services in the Single Market Project 52 Negotiating a European Market in Investment Services 58 Competitive Fault Lines and Intergovernmental Politics 67 Chapter Five: The 1990s' Capital Market Revolution in Europe 69 Measuring Change in EU Investment Banking Markets 70 Market Concentration as a Source of Economic and Political Power 72 The Rise of Capital Markets and Investment Banking in Europe 74 Explaining Internationalisation 80 European Bourses: From Members-only Clubs to Profi t-Seeking Firms 88 Chapter Six: The Re-launch of Financial Market Integration 93 Shifting Industry Preferences in the 1990s 94 The Emergence of EU-level Lobbying 98 EU Action and Industry-Commission Contacts Ahead of the FSAP 102 The FSAP, the ISD and the Forum Groups 106 Chapter Seven: The Emergence of Supranational Governance 109 Supranational Cooperation before Lamfalussy 110 viii widen the market, narrow the competition Launching Institutional Change 111 Negotiating Lamfalussy 113 Supranational Governance in Practice 120 Industry Interests and Institutional Reform 122 Chapter Eight: Renegotiating the ISD in the Supranational Constellation 125 European Lobbying Transformed 126 Lamfalussy in Action: Renegotiating the ISD 133 Clearing and Settlement: the Persistence of National Competition Politics 139 The supranational constellation in EU capital market governance 141 Chapter Nine: Conclusion 143 Banker Interests in EU Capital Market Integration 143 EU Capital Market Governance and The Crisis 148 Governing Finance in the Interest of All? 151 Appendices 155 Overview of the International Expansion of European Banks 155 References 159 List of Interviews 176 Index 179 LIST OF FIGURES AND TABLES Figures Figure 2.1: Actors and the political economy environment they confront and shape 25 Figure 2.2: A schematic depiction of EU fi nancial market structuration 28 Figure 3.1: Financial structures in 1991 32 Figure 3.2: Economic relevance of fi nancial sectors in 1985 34 Figure 5.1: The stock market boom 74 Figure 5.2: Germany: fi nancial structure 76 Figure 5.3: France: fi nancial structure 76 Figure 5.4: UK: fi nancial structure 76 Figure 5.5: Securitisation of large commercial bank business 82 Figure 5.6: Comparing large commercial banks with banks in general, Germany 82 Tables Table 3.1: Financial systems and their embeddedness compared 50 Table 6.1: Hypothetical policy preferences of fi rms 95