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BANKING, POLITICS AND GLOBAL FINANCE

American Commercial Banks and Regulatory Change, 1980–1990
Wolfgang H. Reinicke, Blavatnik School of Government, University of Oxford, UK
Banking, Politics and Global Finance presents an innovative, micro-political examination of the US banking system’s response to the ongoing globalization of financial markets. This approach contrasts sharply with earlier studies which have emphasized the macro-structural aspects of politics through concentrating on elements of stability and consistency in the policy responses by advanced industrial countries to external economic pressures.
Extent: 256 pp
Hardback Price: $155.00 Web: $139.50
Publication Date: 1995
ISBN: 978 1 85898 176 5
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  • Economics and Finance
  • Money and Banking
  • Political Economy
  • Politics and Public Policy
  • International Relations
  • Political Economy
Banking, Politics and Global Finance presents an innovative, micro-political examination of the US banking system’s response to the ongoing globalization of financial markets. This approach contrasts sharply with earlier studies which have emphasized the macro-structural aspects of politics through concentrating on elements of stability and consistency in the policy responses by advanced industrial countries to external economic pressures.

By micro–political analysis of policy making, this book reveals a multitude of changes in the interests, coalitions and power constellations among private and public sector actors and institutions in the US financial system, in the absence of any macrostructural adjustment. These changes have opened alternative channels for policy making leading to substantial adjustments in the regulatory framework governing US financial markets. Using detailed discussion of the unsuccessful attempts to repeal the law that separates commercial from investment banking – the Glass-Steagall Act – and the successful raising of the capital standards of US commercial banks, Dr Reinicke’s book also explains why the same policy network can respond very differently to an external economic challenge – a phenomenon usually neglected in the literature on comparative political economy.
‘Accessible to all audiences; most useful to upper-division undergraduates and graduate students.
– R. Grossman, Choice
Contents: 1. Introduction 2. The Politics of Domestic Response to External Economic Pressure 3. The U.S. Banking System: Structure and Regulation 4. The Global Integration of Financial Markets 5. Glass-Steagall and the Politics of Gridlock 6. Glass-Steagall and the Politics of Change 7. The Domestic Politics of Capital Adequacy Regulation 8. Capital Adequacy and the Politics of Change 9. Conclusions: Defending the National Interest: U.S. Comparative Responses to External Economic Shocks