Market-Based Banking and the International Financial Crisis

Iain Hardie is a Lecturer in International Political Economy in the School of Social and Political Sciences at the University of Edinburgh. Prior to embarking on an academic career, Dr Hardie worked in investment banking in London and Hong Kong for over fifteen years, specialising in emerging bond markets. His PhD (2007) and first book examine the links between the financialization of government bond markets and emerging market government policy autonomy. He also works with Professor Donald Mackenzie on the sociology of financial markets. David Howarth is Professor in Political Economy at the University of Luxembourg. Until September 2012, he was a Jean Monnet Chair at the University of Edinburgh. He has written widely on European political economy topics, specifically EMU, central banking and, more recently national banking systems. In additional to over 70 journal articles and book chapters on these subjects, Professor Howarth has written The French Road to European Monetary Union (Macmillan 2001), The European Central Bank: The New European Leviathan? (Macmillan 2003 and 2005) (with Peter Loedel) and co-edited At the Frontier of the Single European Market: The Political Economy of Market Integration in the Early Twenty-First Century (Routledge 2011). He is a regular contributor to the Economist Intelligence Unit on European political economy topics.

1. Introduction: Towards a Political Economy of Banking ; 2. Framing Market-Based Banking and the Financial Crisis ; 3. Market-Based Banking as the Worst of All Worlds: Illustrations from the US and UK ; 4. Belgium and the Netherlands: Impatient Capital ; 5. A Peculiar Kind of Devastation: German Market-Based Banking ; 6. State Intervention and Market-Based Banking in France ; 7. A 'Ship in Trouble'. The Spanish Banking System and the International Financial Crisis ; 8. Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece ; 9. Cool Canada: A Case of Low Market-Based Banking in the Anglo-Saxon World ; 10. Market-Based Banking in Japan: From the Avant-Garde to Europe's Future?