Title Banking on markets : the transformation of bank-state ties in Europe and beyond / Rachel A. Epstein

Published Oxford : Oxford University Press, 2017

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Description 1 online resource Contents Introduction : the paradox of financial control -- High and low levels of foreign bank ownership : sources and consequences -- Foreign banks in the crisis : retrenchment from the West, continuing exposures in the East -- Catching up in the global economy : good and bad banks in East Central Europe -- European Banking Union : the weakening of bank-state ties -- Conclusion : ceding autonomy but limiting costs : revisiting the logic of national bank control Summary 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 work, 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. This book explains why we have witnessed the radical denationalization of this politically vital sector Bibliography Includes bibliographical references and index Notes Online resource; title from PDF title page (EBSCO, viewed August 31, 2017) Subject Banks and banking -- European Union countries Banks and banking -- Political aspects Banks and banking, International -- European Union countries Banks and banking -- Foreign ownership Financial crises -- European Union countries BUSINESS & ECONOMICS -- Finance. Banks and banking -- Political aspects Banks and banking Banks and banking -- Foreign ownership Banks and banking, International Financial crises European Union countries Form Electronic book ISBN 9780192538017 0192538012 9780191847219 0191847216

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