Jump to ContentJump to Main Navigation
States, Debt, and Power'Saints' and 'Sinners' in European History and Integration$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 15 November 2018

States and Financial Markets

States and Financial Markets

The Imbalance of Power

Chapter:
(p.319) 11 States and Financial Markets
Source:
States, Debt, and Power
Author(s):

Kenneth Dyson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198714071.003.0012

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .