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States, Debt, and Power'Saints' and 'Sinners' in European History and Integration$
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Kenneth Dyson

Print publication date: 2014

Print ISBN-13: 9780198714071

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780198714071.001.0001

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States and Financial Markets

States and Financial Markets

The Imbalance of Power

(p.319) 11 States and Financial Markets
States, Debt, and Power

Kenneth Dyson

Oxford University Press

This chapter looks at the imbalance between financial-market power in branding states and state power in taming financial markets. It examines collective-action problems in the face of the various channels and instruments of financial-market power, including regulatory and tax arbitrage and regulatory capture. The Basel agreements are used as case studies of these problems. The chapter addresses the question of why creditors originate problems for states. It examines the impacts of digitalization, globalization, and the de-synchronization of state and market time. Particular attention is paid to the distinctive character of financial markets, including the compound of fear and greed that plays such a vital part in their ‘animal spirits’. The chapter analyses in depth the distinctive configuration of power in sovereign-bond markets, focusing on the role of the Primary Dealer investment banks. Finally, the chapter examines the cultural, social, and political consequences of financial-market power.

Keywords:   financial markets, power, sector size, shadow banking, derivatives, collective action, prudential regulation, sovereign-bond markets, Primary Dealers, Basel

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