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During the twentieth century the financial sector became possibly
the most regulated area of the economy in many advanced and
developing countries. The interwar years represented the defining
moment for the escalation of governments' intervention, turning the
State into the core of financial systems in its capacity of
regulator, supervisor or owner. The essays in this collection shed
light on different aspects of the experience of financial
regulation, ownership and deregulation in Europe and the USA from a
secular historical perspective. The volume's chapters explore how
the political economy of finance changed in the nineteenth and
twentieth centuries and how such changes were related to shifting
attitudes towards globalization. They also investigate how
regulation responded to governance problems of financial
intermediaries and markets, and how different legal frameworks and
institutional architectures influenced such response. The
collection engages with a set of issues as diverse as they are
interrelated across countries and over time: the regulatory
attitude of British authorities toward the banking system and the
stock exchange market in the nineteenth and twentieth centuries;
the comparative evolution of bankruptcy laws and procedures; the
link between state, regulation and governance in the evolution of
the US and French financial systems; the emergence of banking
regulation and supervision by central banks; the regulation and
supervision of international financial markets since the 1950s; and
the connection between deregulation and banking crises at the end
of the past century. Taken as a whole, the chapters offer an
intriguing insight into the differing ways western countries
approached and responded to the challenges of the international
financial system, and the legacy of this on the modern world. In so
doing the volume holds up to historical scrutiny the debate as to
whether overt state regulation of financial markets always has a
negative affect on economic growth, or whether it can be an
essential tool for developing nations in their efforts to expand
their economies.
This book focuses on the international banking revolution of the 1960s and provides a fresh historical perspective on the foundations of the subsequent financial globalization. The contributors address four main issues: the revival of London as a world financial centre; the emergence of Euro-banking as a new frontier of growth for credit institutions; the competitive challenge brought home by American banks to their European counterparts; and the strategic response by British and Continental banks.
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Paperback
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R398
R330
Discovery Miles 3 300
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