Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.001.0001
- Subject:
- Political Science, International Relations and Politics, Political Economy
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 ...
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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 contributes 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 manoeuvre in pursuing their policies. Even if they choose supranational coordination and cooperation, their national institutional configurations still function as filters in the globalization process.Less
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 contributes 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 manoeuvre in pursuing their policies. Even if they choose supranational coordination and cooperation, their national institutional configurations still function as filters in the globalization process.
Devi Sridhar
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549962
- eISBN:
- 9780191720499
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549962.001.0001
- Subject:
- Political Science, International Relations and Politics, Political Economy
We live in an increasingly prosperous world, yet the estimated number of undernourished people has risen, and will continue to rise with the doubling of food prices. A large majority of those ...
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We live in an increasingly prosperous world, yet the estimated number of undernourished people has risen, and will continue to rise with the doubling of food prices. A large majority of those affected are living in India. Why have strategies to combat hunger, especially in India, failed so badly? How did a nation that prides itself on booming economic growth come to have half of its preschool population undernourished? Using the case study of a World Bank nutrition project in India, this book takes on these questions and probes the issues surrounding development assistance, strategies to eliminate undernutrition, and how hunger should be fundamentally understood and addressed. Throughout the book, the underlying tension between choice and circumstance is explored. How much are individuals able to determine their life choices? How much should policy-makers take underlying social forces into account when designing policy? This book examines the possibilities and obstacles to eliminating child hunger. This book is not just about nutrition, it is an attempt to uncover the workings of power through a close look at the structures, discourses, and agencies through which nutrition policy operates. In this process, the source of nutrition policy in the World Bank is traced to those affected by the policies in India.Less
We live in an increasingly prosperous world, yet the estimated number of undernourished people has risen, and will continue to rise with the doubling of food prices. A large majority of those affected are living in India. Why have strategies to combat hunger, especially in India, failed so badly? How did a nation that prides itself on booming economic growth come to have half of its preschool population undernourished? Using the case study of a World Bank nutrition project in India, this book takes on these questions and probes the issues surrounding development assistance, strategies to eliminate undernutrition, and how hunger should be fundamentally understood and addressed. Throughout the book, the underlying tension between choice and circumstance is explored. How much are individuals able to determine their life choices? How much should policy-makers take underlying social forces into account when designing policy? This book examines the possibilities and obstacles to eliminating child hunger. This book is not just about nutrition, it is an attempt to uncover the workings of power through a close look at the structures, discourses, and agencies through which nutrition policy operates. In this process, the source of nutrition policy in the World Bank is traced to those affected by the policies in India.
Alasdair Roberts
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195374988
- eISBN:
- 9780199776849
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195374988.001.0001
- Subject:
- Political Science, American Politics
The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a ...
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The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a globalized economy. Central banking, fiscal control, tax collection, regulation, port and airport management, infrastructure development—in all of these areas, radical reforms were made to the architecture of government. A common philosophy shaped all of these reforms: the logic of discipline. It was premised on deep skepticism about the ability of democratic processes to make sensible policy choices. It sought to impose constraints on elected officials and citizens, often by shifting power to technocrat-guardians who were shielded from political influence. It placed great faith in the power of legal changes—new laws, treaties, and contracts—to produce significant alterations in the performance of governmental systems. Even before the global economic crisis of 2007-2009, the logic of discipline was under assault. Faced with many failed reform projects, advocates of discipline realized that they had underestimated the complexity of governmental change. Opponents of discipline emphasized the damage to democratic values that followed from the empowerment of new groups of technocrat-guardians. The financial crisis did further damage to the logic of discipline, as governments modified their attitudes about central bank independence and fiscal control, and global financial and trade flows declined. It was the market that now appeared to behave myopically and erratically, and which now insisted that governments should abandon precepts about the role of government that it had once insisted were inviolable. An account of neoliberal governmental restructuring across the world, The Logic of Discipline offers an analysis of how this undemocratic model is unravelling in the face of a monumental and ongoing failure of the market.Less
The era of economic liberalization, spanning 1978 to 2008, is often regarded as a period in which government was simply dismantled. In fact, government was reconstructed to meet the needs of a globalized economy. Central banking, fiscal control, tax collection, regulation, port and airport management, infrastructure development—in all of these areas, radical reforms were made to the architecture of government. A common philosophy shaped all of these reforms: the logic of discipline. It was premised on deep skepticism about the ability of democratic processes to make sensible policy choices. It sought to impose constraints on elected officials and citizens, often by shifting power to technocrat-guardians who were shielded from political influence. It placed great faith in the power of legal changes—new laws, treaties, and contracts—to produce significant alterations in the performance of governmental systems. Even before the global economic crisis of 2007-2009, the logic of discipline was under assault. Faced with many failed reform projects, advocates of discipline realized that they had underestimated the complexity of governmental change. Opponents of discipline emphasized the damage to democratic values that followed from the empowerment of new groups of technocrat-guardians. The financial crisis did further damage to the logic of discipline, as governments modified their attitudes about central bank independence and fiscal control, and global financial and trade flows declined. It was the market that now appeared to behave myopically and erratically, and which now insisted that governments should abandon precepts about the role of government that it had once insisted were inviolable. An account of neoliberal governmental restructuring across the world, The Logic of Discipline offers an analysis of how this undemocratic model is unravelling in the face of a monumental and ongoing failure of the market.
Hans Degryse, Moshe Kim, and Steven Ongena
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195340471
- eISBN:
- 9780199852406
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340471.003.0010
- Subject:
- Economics and Finance, Microeconomics
This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing ...
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This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing process” in credit markets on the estimated relationships; the development of loan conditions throughout the life-cycle of the bank; bank organization and its impact on competition; the geography of bank financing; the impact of technology on bank organization, banking geography, and banking activities; the role banks play in the development of emerging economies; the effects of monetary policy on bank behavior; the impact of the development of the regulatory and wider institutional framework on competition and bank rents; the interrelationships between social capital, trust, and the functioning of financial markets; and the causes of the banking crisis that started in August 2007 and the consequences on the development of banking products and banking in general.Less
This chapter concludes the study by summarizing the existing evidence and by providing a list of topics for further research. The list includes issues, such as the effect of the two-stage “purchasing process” in credit markets on the estimated relationships; the development of loan conditions throughout the life-cycle of the bank; bank organization and its impact on competition; the geography of bank financing; the impact of technology on bank organization, banking geography, and banking activities; the role banks play in the development of emerging economies; the effects of monetary policy on bank behavior; the impact of the development of the regulatory and wider institutional framework on competition and bank rents; the interrelationships between social capital, trust, and the functioning of financial markets; and the causes of the banking crisis that started in August 2007 and the consequences on the development of banking products and banking in general.
Sean D. Ehrlich
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199737536
- eISBN:
- 9780199918645
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199737536.001.0001
- Subject:
- Political Science, American Politics
Access Points develops a new theory about how democratic institutions influence policy outcomes. Access Point Theory argues that the more points of access that institutions provide to ...
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Access Points develops a new theory about how democratic institutions influence policy outcomes. Access Point Theory argues that the more points of access that institutions provide to interest groups, the cheaper lobbying will be, and, thus, the more lobbying will occur. This will lead to more complex policy, as policymakers insert specific provisions to benefit special interests, and, if one side of the debate has a lobbying advantage, to more biased policy, as the advantaged side is able to better take advantage of the cheaper lobbying. This book then uses Access Point Theory to explain why some countries have more protectionist and more complex trade policies than others; why some countries have stronger environmental and banking regulations than others; and why some countries have more complicated tax codes than others. In policy area after policy area, this book finds that more access points lead to more biased and more complex policy. Access Points provides scholars a powerful tool to explain how political institutions matter and why countries implement the policies they do.Less
Access Points develops a new theory about how democratic institutions influence policy outcomes. Access Point Theory argues that the more points of access that institutions provide to interest groups, the cheaper lobbying will be, and, thus, the more lobbying will occur. This will lead to more complex policy, as policymakers insert specific provisions to benefit special interests, and, if one side of the debate has a lobbying advantage, to more biased policy, as the advantaged side is able to better take advantage of the cheaper lobbying. This book then uses Access Point Theory to explain why some countries have more protectionist and more complex trade policies than others; why some countries have stronger environmental and banking regulations than others; and why some countries have more complicated tax codes than others. In policy area after policy area, this book finds that more access points lead to more biased and more complex policy. Access Points provides scholars a powerful tool to explain how political institutions matter and why countries implement the policies they do.
Miriam L. Campanella
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198297574
- eISBN:
- 9780191598982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297572.003.0006
- Subject:
- Political Science, European Union
This chapter examines the conflict between the European Central Bank (ECB) and Council of Ministers and the Economic and Finance Ministers of the eleven countries taking part in the common currency ...
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This chapter examines the conflict between the European Central Bank (ECB) and Council of Ministers and the Economic and Finance Ministers of the eleven countries taking part in the common currency (ECOFIN-11). The theoretical game of chicken is used to highlight the preferences of the two parties and ensuing dynamics. It is shown that the ECB’s commitment to its institutional objective counters political authorities’ attempts to gain fiscal dominance over monetary policy.Less
This chapter examines the conflict between the European Central Bank (ECB) and Council of Ministers and the Economic and Finance Ministers of the eleven countries taking part in the common currency (ECOFIN-11). The theoretical game of chicken is used to highlight the preferences of the two parties and ensuing dynamics. It is shown that the ECB’s commitment to its institutional objective counters political authorities’ attempts to gain fiscal dominance over monetary policy.
J. C. R. Dow and I. D. Saville
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283195
- eISBN:
- 9780191596186
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283199.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also ...
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This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties.Less
This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also examines the relationship of the central banks to the public and private sectors. Both authors have extensive experience working in the Bank of England, and so are attempting to transfer this experience to the area of economic theory. The theoretical analysis is complemented by an examination of the successes and failures of monetary policy in the UK from the mid‐1960s. As such, the book acts as an important work for students of economics and economic theory, but is also accessible to those involved in policy‐making, journalism, and other interested parties.
Tommaso Padoa-Schioppa
- Published in print:
- 2004
- Published Online:
- July 2005
- ISBN:
- 9780199270569
- eISBN:
- 9780191602542
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199270562.001.0001
- Subject:
- Economics and Finance, Financial Economics
This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank ...
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This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank licensing principles. Essay three explores the changing attitude towards banking competition. Essay four discusses self-regulation by financial institutions. Essay five explores the increasing links between banking and securities activities. Essay six examines the organisational structure of financial regulatory and supervisory functions. Essays seven and eight discuss the abandonment of the coincidence between the jurisdiction of monetary policy and the jurisdiction of banking supervision, and the important role of central banks in financial stability, respectively.Less
This book presents eight essays on financial regulation, focusing on the European context. Essay one examines the concept of market-friendly regulation. Essay two discusses the need for stronger bank licensing principles. Essay three explores the changing attitude towards banking competition. Essay four discusses self-regulation by financial institutions. Essay five explores the increasing links between banking and securities activities. Essay six examines the organisational structure of financial regulatory and supervisory functions. Essays seven and eight discuss the abandonment of the coincidence between the jurisdiction of monetary policy and the jurisdiction of banking supervision, and the important role of central banks in financial stability, respectively.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0003
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter begins by examining the historical development of state policy towards the banking sector and its implications for the new challenges which have emerged in the last few decades. It then ...
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This chapter begins by examining the historical development of state policy towards the banking sector and its implications for the new challenges which have emerged in the last few decades. It then describes the different private and state actors who have tried to exert influence over the banking regulation system. The final section analyzes the ongoing debate over the implementation of regulatory reforms of the banking system before looking at the defining characteristics of this policy field in the United States. It argues that in the United States, a political reform of the restrictive 1930s New Deal banking regulation largely failed in the 1980s and 1990s. Deadlock was caused by path-dependent ‘lock-in’ even though there was, by and large, agreement on the necessity of change, as evidenced by the crisis of the Savings & Loans sector in the late 1980s. As Congress, with its adversarial political style, and many veto players produced blockade, courts and regulatory agencies provided a safety valve functions in the system through a reinterpretation of existing regulations.Less
This chapter begins by examining the historical development of state policy towards the banking sector and its implications for the new challenges which have emerged in the last few decades. It then describes the different private and state actors who have tried to exert influence over the banking regulation system. The final section analyzes the ongoing debate over the implementation of regulatory reforms of the banking system before looking at the defining characteristics of this policy field in the United States. It argues that in the United States, a political reform of the restrictive 1930s New Deal banking regulation largely failed in the 1980s and 1990s. Deadlock was caused by path-dependent ‘lock-in’ even though there was, by and large, agreement on the necessity of change, as evidenced by the crisis of the Savings & Loans sector in the late 1980s. As Congress, with its adversarial political style, and many veto players produced blockade, courts and regulatory agencies provided a safety valve functions in the system through a reinterpretation of existing regulations.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0004
- Subject:
- Political Science, International Relations and Politics, Political Economy
Most academic studies have come to the conclusion that compared with other countries, German banking policy has not had to confront any major problems. This chapter presents a case study which shows ...
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Most academic studies have come to the conclusion that compared with other countries, German banking policy has not had to confront any major problems. This chapter presents a case study which shows that the German finance and banking sectors have experienced moments of crisis which threatened existing patterns of regulation. It begins by examining the historical background of banking regulation as a policy field. The specific challenges which policymakers in the Federal Republic have had to face in recent decades are then described. Next, the case study moves on to take a look at the relevant actors involved in the banking policy network before examining a key political moment, — the Herstatt Bank crisis. It argues that in Germany, a consultative, often informal, policy style and a high degree of both self-regulation and institutional continuity have contributed to a successful policy outcome with no major bank failures since the 1974 Herstatt Bank case. This success, however, had its own costs as the administrative system was not forced to enhance state capacity in this area and thus found it difficult to project its interests on the European and international levels which both grew in importance.Less
Most academic studies have come to the conclusion that compared with other countries, German banking policy has not had to confront any major problems. This chapter presents a case study which shows that the German finance and banking sectors have experienced moments of crisis which threatened existing patterns of regulation. It begins by examining the historical background of banking regulation as a policy field. The specific challenges which policymakers in the Federal Republic have had to face in recent decades are then described. Next, the case study moves on to take a look at the relevant actors involved in the banking policy network before examining a key political moment, — the Herstatt Bank crisis. It argues that in Germany, a consultative, often informal, policy style and a high degree of both self-regulation and institutional continuity have contributed to a successful policy outcome with no major bank failures since the 1974 Herstatt Bank case. This success, however, had its own costs as the administrative system was not forced to enhance state capacity in this area and thus found it difficult to project its interests on the European and international levels which both grew in importance.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0005
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter examines banking regulation in the United Kingdom. It begins with a description of the historical development of the banking system and its regulatory structure, followed by an ...
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This chapter examines banking regulation in the United Kingdom. It begins with a description of the historical development of the banking system and its regulatory structure, followed by an examination of the relevant protagonists involved in this policy field. It then considers the interplay between crises and reforms which have influenced bank regulation during this period. It argues that regulatory policy in the UK was largely characterized by a reaction to crises in the banking sector (such as the Secondary Banking Crisis in the 1970s, the failure of JMB in the 1980s, and the cases of BCCI and Barings in the 1990s). A weak role for the UK Parliament let the Bank of England initially dominate a ‘club-style’ sectoral policy network. After repeated piecemeal reforms failed to provide long-term stability, the latter was disempowered in favour of a new unified financial regulatory agency, thus providing an example of major institutional change.Less
This chapter examines banking regulation in the United Kingdom. It begins with a description of the historical development of the banking system and its regulatory structure, followed by an examination of the relevant protagonists involved in this policy field. It then considers the interplay between crises and reforms which have influenced bank regulation during this period. It argues that regulatory policy in the UK was largely characterized by a reaction to crises in the banking sector (such as the Secondary Banking Crisis in the 1970s, the failure of JMB in the 1980s, and the cases of BCCI and Barings in the 1990s). A weak role for the UK Parliament let the Bank of England initially dominate a ‘club-style’ sectoral policy network. After repeated piecemeal reforms failed to provide long-term stability, the latter was disempowered in favour of a new unified financial regulatory agency, thus providing an example of major institutional change.
Luis Correia Da Silva, Marc Goergen, and Luc Renneboog
- Published in print:
- 2004
- Published Online:
- April 2004
- ISBN:
- 9780199259304
- eISBN:
- 9780191600852
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199259305.003.0004
- Subject:
- Economics and Finance, Financial Economics
Discusses the research questions that will be addressed in the next chapters. The research questions relate to the link between dividend levels and corporate control, and dividend flexibility and ...
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Discusses the research questions that will be addressed in the next chapters. The research questions relate to the link between dividend levels and corporate control, and dividend flexibility and corporate control.Less
Discusses the research questions that will be addressed in the next chapters. The research questions relate to the link between dividend levels and corporate control, and dividend flexibility and corporate control.
T.A. Bhavani and N.R. Bhanumurthy
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780198076650
- eISBN:
- 9780199081868
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076650.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This study focuses on the state of financial access in post-reform India. It is analysed from the macroeconomic growth perspective keeping in view the importance of rapid growth for the Indian ...
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This study focuses on the state of financial access in post-reform India. It is analysed from the macroeconomic growth perspective keeping in view the importance of rapid growth for the Indian economy and the fact that majority of production organizations especially in the unorganized segment are yet to have access to the formal financial system. Financial access is considered in terms of actual use of one of the financial services, that is, supply of financial resources for productive investment purpose. The study measures financial access in terms of availability of finances from the formal financial institutions and their adequacy in taking care of productive investment needs. Adequacy of finances is assessed through financial resource gap, that is, proportion of productive investment that is not funded by the formal financial institutions. Availability and adequacy of resources from the formal financial system is analysed at different levels of aggregation: household, sector (agriculture, industry and services), segment (unorganized and organized), and economy. Industry and services sectors are divided into organized and unorganized segments given their differential access to the formal financial system and financial access is computed separately for the two segments. In addition, the study compares India with selected countries (Brazil, China, and United Kingdom) and within India it compares private sector banks with public sector banks. Finally, it provides policy recommendations.Less
This study focuses on the state of financial access in post-reform India. It is analysed from the macroeconomic growth perspective keeping in view the importance of rapid growth for the Indian economy and the fact that majority of production organizations especially in the unorganized segment are yet to have access to the formal financial system. Financial access is considered in terms of actual use of one of the financial services, that is, supply of financial resources for productive investment purpose. The study measures financial access in terms of availability of finances from the formal financial institutions and their adequacy in taking care of productive investment needs. Adequacy of finances is assessed through financial resource gap, that is, proportion of productive investment that is not funded by the formal financial institutions. Availability and adequacy of resources from the formal financial system is analysed at different levels of aggregation: household, sector (agriculture, industry and services), segment (unorganized and organized), and economy. Industry and services sectors are divided into organized and unorganized segments given their differential access to the formal financial system and financial access is computed separately for the two segments. In addition, the study compares India with selected countries (Brazil, China, and United Kingdom) and within India it compares private sector banks with public sector banks. Finally, it provides policy recommendations.
Hans Degryse, Moshe Kim, and Steven Ongena
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195340471
- eISBN:
- 9780199852406
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340471.001.0001
- Subject:
- Economics and Finance, Microeconomics
This book provides a compendium to the empirical work investigating the hypotheses generated by recent banking theory. Since the publication of the The Microeconomics of Banking by Xavier Freixas and ...
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This book provides a compendium to the empirical work investigating the hypotheses generated by recent banking theory. Since the publication of the The Microeconomics of Banking by Xavier Freixas and Jean Charles Rochet, work in empirical banking has further blossomed, not only in sheer volume but also in the variety of questions being tackled, datasets becoming available, and methodologies being introduced. This book follows the structure in Freixas and Rochet’s book and arranges the relevant methodologies, applications, and results according to each of their original chapters in order to have a coherent synthesis between available theory and supporting empirics. Each chapter contains a modest introduction (where possible and appropriate), a concise methodology section with one or more relevant methodologies, and several illustrative applications. In a “muscular” results section the authors summarize the main robust and seminal findings in the literature that are in the text, and provide the details of many other studies in figures and tables.Less
This book provides a compendium to the empirical work investigating the hypotheses generated by recent banking theory. Since the publication of the The Microeconomics of Banking by Xavier Freixas and Jean Charles Rochet, work in empirical banking has further blossomed, not only in sheer volume but also in the variety of questions being tackled, datasets becoming available, and methodologies being introduced. This book follows the structure in Freixas and Rochet’s book and arranges the relevant methodologies, applications, and results according to each of their original chapters in order to have a coherent synthesis between available theory and supporting empirics. Each chapter contains a modest introduction (where possible and appropriate), a concise methodology section with one or more relevant methodologies, and several illustrative applications. In a “muscular” results section the authors summarize the main robust and seminal findings in the literature that are in the text, and provide the details of many other studies in figures and tables.
Luca Ricolfi
- Published in print:
- 2005
- Published Online:
- January 2007
- ISBN:
- 9780199276998
- eISBN:
- 9780191707735
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199276998.003.0003
- Subject:
- Political Science, International Relations and Politics
This chapter examines the suicide missions (SMs) related to the Arab-Israeli conflict that took place from 1981 to December 2003. SMs are a relatively recent phenomenon in the Middle East, with only ...
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This chapter examines the suicide missions (SMs) related to the Arab-Israeli conflict that took place from 1981 to December 2003. SMs are a relatively recent phenomenon in the Middle East, with only sporadic cases before 1981. In the two decades under examination, the great majority of the SMs related to the Arab-Israeli conflict took place in three geographic areas: Israel, the Occupied Territories (Gaza Strip and the West Bank), and Lebanon (primarily in the south). This concentration is largely due to the outcome of the 1967 war, the so-called Six Day War. Israel managed to sign effective peace agreements with its neighbours in the south (Egypt) and in the east (Jordan), but not in the north (Syria). Hence, a shift in the conflict towards the Occupied Territories and Lebanon, the latter squeezed between the Israeli army in the south and Syrian influence in the north.Less
This chapter examines the suicide missions (SMs) related to the Arab-Israeli conflict that took place from 1981 to December 2003. SMs are a relatively recent phenomenon in the Middle East, with only sporadic cases before 1981. In the two decades under examination, the great majority of the SMs related to the Arab-Israeli conflict took place in three geographic areas: Israel, the Occupied Territories (Gaza Strip and the West Bank), and Lebanon (primarily in the south). This concentration is largely due to the outcome of the 1967 war, the so-called Six Day War. Israel managed to sign effective peace agreements with its neighbours in the south (Egypt) and in the east (Jordan), but not in the north (Syria). Hence, a shift in the conflict towards the Occupied Territories and Lebanon, the latter squeezed between the Israeli army in the south and Syrian influence in the north.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0002
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter presents an overview of the peculiarities of the banking sector and the principal tools states have at their disposal for regulating it. It also addresses the challenges states faced in ...
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This chapter presents an overview of the peculiarities of the banking sector and the principal tools states have at their disposal for regulating it. It also addresses the challenges states faced in the period after 1973 when liberalization of capital and currency markets, computerization, and a telecommunications revolution fundamentally altered world capital flows, thus creating new banking opportunities and risks. Four case studies are presented which follow form the empirical core of the book. They follow the same structure for each country by providing a brief historical background of the banking and regulatory systems, a description of the specific new challenges, a description of the sectoral policy network, a narrative, and a concluding analysis.Less
This chapter presents an overview of the peculiarities of the banking sector and the principal tools states have at their disposal for regulating it. It also addresses the challenges states faced in the period after 1973 when liberalization of capital and currency markets, computerization, and a telecommunications revolution fundamentally altered world capital flows, thus creating new banking opportunities and risks. Four case studies are presented which follow form the empirical core of the book. They follow the same structure for each country by providing a brief historical background of the banking and regulatory systems, a description of the specific new challenges, a description of the sectoral policy network, a narrative, and a concluding analysis.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0006
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter begins by exploring the historical development of the Swiss banking system and those state institutions charged with overseeing and regulating it, before moving on to examine the ...
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This chapter begins by exploring the historical development of the Swiss banking system and those state institutions charged with overseeing and regulating it, before moving on to examine the relevant actors in the political sphere. A closer analysis of the decision-making process in the area of bank policy illustrates a policy composed of a combination of liberal consensus and partial politicization. The chapter argues that the consensual style that is generally characteristic for policy-making in Switzerland produced a largely positive policy outcome in the face of a high potential risk caused by concentration of the banking system. The highly federal political system does, therefore, not lead to political deadlock, since a strong element of centralized self-regulation manages to balance the fragmentation. The influence of European regulations is considerable, however, despite being concealed in the euphemistic phrase ‘autonomous adaptation’.Less
This chapter begins by exploring the historical development of the Swiss banking system and those state institutions charged with overseeing and regulating it, before moving on to examine the relevant actors in the political sphere. A closer analysis of the decision-making process in the area of bank policy illustrates a policy composed of a combination of liberal consensus and partial politicization. The chapter argues that the consensual style that is generally characteristic for policy-making in Switzerland produced a largely positive policy outcome in the face of a high potential risk caused by concentration of the banking system. The highly federal political system does, therefore, not lead to political deadlock, since a strong element of centralized self-regulation manages to balance the fragmentation. The influence of European regulations is considerable, however, despite being concealed in the euphemistic phrase ‘autonomous adaptation’.
Andreas Busch
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199218813
- eISBN:
- 9780191711763
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199218813.003.0007
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter compares the structures and outputs of the four policy networks discussed in the preceding chapters, arguing that country-specific contingencies lead to different outcomes in the face of ...
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This chapter compares the structures and outputs of the four policy networks discussed in the preceding chapters, arguing that country-specific contingencies lead to different outcomes in the face of similar challenges during the period of investigation. In the United States, a pluralist system of associations in combination with a fragmented regulatory and legislative system leads to policy failure and blockade; in the United Kingdom, market concentration and a concentrated regulatory and legislative system create high state capacity despite a pluralist system of associations. In Germany, a concerted associational system is weakened by market fragmentation, but combined with concentrated regulation creates policy success; in Switzerland, a segmented but concentrated market combines with comprehensive concentration to create flexible adaptation with minimal resource requirements. Compared with these factors, standard political institutions (parliamentarism versus presidentialism; party system; unitary versus federalism) show little influence on their own, but a mediated one depending on context. Different ‘varieties of capitalism’ show an influence through their differences in associational systems, but overall do not have much explanatory value, as the substantial differences between the two ‘Anglo-Saxon’ cases of the United States and United Kingdom demonstrate.Less
This chapter compares the structures and outputs of the four policy networks discussed in the preceding chapters, arguing that country-specific contingencies lead to different outcomes in the face of similar challenges during the period of investigation. In the United States, a pluralist system of associations in combination with a fragmented regulatory and legislative system leads to policy failure and blockade; in the United Kingdom, market concentration and a concentrated regulatory and legislative system create high state capacity despite a pluralist system of associations. In Germany, a concerted associational system is weakened by market fragmentation, but combined with concentrated regulation creates policy success; in Switzerland, a segmented but concentrated market combines with comprehensive concentration to create flexible adaptation with minimal resource requirements. Compared with these factors, standard political institutions (parliamentarism versus presidentialism; party system; unitary versus federalism) show little influence on their own, but a mediated one depending on context. Different ‘varieties of capitalism’ show an influence through their differences in associational systems, but overall do not have much explanatory value, as the substantial differences between the two ‘Anglo-Saxon’ cases of the United States and United Kingdom demonstrate.
Francesca Carnevali
- Published in print:
- 2005
- Published Online:
- September 2006
- ISBN:
- 9780199257393
- eISBN:
- 9780191603846
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199257396.003.0007
- Subject:
- Economics and Finance, Economic History
This chapter focuses on the structure of British banking after 1945, and the internal organization of the commercial banks. It shows how these two elements induced credit rationing to small firms.
This chapter focuses on the structure of British banking after 1945, and the internal organization of the commercial banks. It shows how these two elements induced credit rationing to small firms.
Aurelia Colombi Ciacchi and Stephen Weatherill (eds)
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199594559
- eISBN:
- 9780191595714
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199594559.001.0001
- Subject:
- Law, Comparative Law, EU Law
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. ...
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Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.Less
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.
