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Financial Deregulation. A Historical Perspective

Edited by Alexis Drach and Youssef Cassis

Informations techniques

Éditeur : Oxford University Press
Lieu : Oxford
ISBN : 9780198856955
Date de parution : 20 mai 2021
208 p.

Description

A wave of liberalization swept the developed world at end of the twentieth century. From the 1970s and 1980s onwards, most developed countries have passed various measures to liberalize and modernize the financial markets. Each country had its agenda, but most of them have experienced, to a different extent, a change in regulatory regime. This change, often labeled deregulation and associated with the advent of neoliberalism, was sharply contrasting with the previous era of the Bretton Woods system, which has sometimes been portrayed as an era of financial repression. On the other hand, a quick glance at financial regulation today – at the amount of paper it produces, at its complexity, at the number of people involved, and at the resources invested in it – is enough to say that, somehow, there is more regulation today than ever before. In the new system, financial regulation has taken unprecedented importance. As more archival material is becoming available, a better understanding of the fundamental changes in the regulatory environment towards the end of the twentieth century is now possible. What kind of change exactly was deregulation? Did competition between financial regulators lead to a race to the bottom in regulation? Is deregulation responsible for the recurring financial crises which seem to have characterised the international financial system since the 1980s? The movement towards a more liberal regulatory regime was neither linear nor simple. This book – a collection of chapters studying deregulation in various countries and contexts – examines the national and international pathways of deregulation by providing an in-depth analysis of a short but crucial period in a few major countries.

Contributions

Forrest Capie, Cass Business School, City University of London
Joao Rafael Cunha, University of St Andrews
Eiji Hotori, Yokohama National University
Christoph Kaserer, Technische Universitat Munchen
Olivier Feiertag, Université Paris 1 Panthéon-Sorbonne, IDHES
Giandomenico Piluso, University of Sienna
Agnieszka Smolenska, European University Institute

La direction de l’ouvrage

Edited by Alexis Drach, Research Associate in International Economic History, Glasgow University, UK, and in IDHES, Université Paris 1 Panthéon-Sorbonne, France and Youssef Cassis, Research Professor, Robert Schuman Centre for Advanced Studies, European University Institute, Italy.

Table des matières

Foreword, Youssef Cassis
1. Introduction, Alexis Drach
2. Financial Deregulation in the United States, João Rafael Cunha
3. Financial Deregulation in the United Kingdom, Forrest Capie
4. Drivers of Financial Deregulation in Japan, Eiji Hotori
5. Removing Obstacles to Integration: The European Way to Deregulation, Alexis Drach
6. Fifty Years of Financial Regulation in Germany, Christoph Kaserer
7. Financial Deregulation in France, Olivier Feiertag
8. Deregulation, Regulatory Convergence or Escaping from Inefficiency? The Italian Financial System in the 1970s-1980s, Giandomenico Piluso
9. Swinging the bank regulation pendulum into a new paradigm – the case of the EU, Agnieszka Smolenska

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