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Banking Regulation and Globalization$
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Andreas Busch

Print publication date: 2008

Print ISBN-13: 9780199218813

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199218813.001.0001

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State and Banking Regulation in Comparative Perspective

State and Banking Regulation in Comparative Perspective

Chapter:
(p.213) 7 State and Banking Regulation in Comparative Perspective
Source:
Banking Regulation and Globalization
Author(s):

Andreas Busch (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199218813.003.0007

This chapter compares the structures and outputs of the four policy networks discussed in the preceding chapters, arguing that country-specific contingencies lead to different outcomes in the face of similar challenges during the period of investigation. In the United States, a pluralist system of associations in combination with a fragmented regulatory and legislative system leads to policy failure and blockade; in the United Kingdom, market concentration and a concentrated regulatory and legislative system create high state capacity despite a pluralist system of associations. In Germany, a concerted associational system is weakened by market fragmentation, but combined with concentrated regulation creates policy success; in Switzerland, a segmented but concentrated market combines with comprehensive concentration to create flexible adaptation with minimal resource requirements. Compared with these factors, standard political institutions (parliamentarism versus presidentialism; party system; unitary versus federalism) show little influence on their own, but a mediated one depending on context. Different ‘varieties of capitalism’ show an influence through their differences in associational systems, but overall do not have much explanatory value, as the substantial differences between the two ‘Anglo-Saxon’ cases of the United States and United Kingdom demonstrate.

Keywords:   United States, United Kingdom, Germany, Switzerland, banking system, banking regulation, banking industry, capitalism

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