Financial Systems And Industrial Policy In Germany And Great Britain
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Author | : Sigurt Vitols |
Publisher | : |
Total Pages | : 42 |
Release | : 2004 |
Genre | : |
ISBN | : |
A widely held view is that, since the 1970s, the nation-state has suffered a significant reduction in its capacity to achieve national economic policy goals through the regulation of the financial system; as a result, national political economies are now characterized by a market-driven convergence towards financial systems dominated by privately-owned, internationally-active financial supermarkets with weak links to both industry and government.Through a comparison of Germany and Great Britain, this paper critically examines this thesis and poses the following two questions: (1) What implications do the lifting of capital and exchange controls and the reorientation of monetary policy to anti-inflationary policies have for the state's capacity to regulate financial systems? and (2) What implications does this regulatory discretion (if any) have for industrial finance and the state's capacity to utilize the financial system to achieve microeconomic industrial policy goals? In response to these questions, it is demonstrated how the state has retained significant regulatory autonomy in ways which have significant consequences for industrial finance and industrial policy.
Author | : Giovanni Cozzi |
Publisher | : Oxford University Press |
Total Pages | : 288 |
Release | : 2016-03-10 |
Genre | : Business & Economics |
ISBN | : 019106193X |
The 2008 global financial crisis, together with the experience of de-industrialization across Western Europe over the last three decades, has focussed attention on financial regulation and industrial policy. Industry and finance policies have largely been discussed separately, and this book argues that the two should be considered together, in both analysis and policy formulation that deals with critical questions of how finance has intervened in industrial restructuring and how it might better serve the real economy. Moreover, policy debates have paid relatively little attention to the heterogeneous economic structures and growth trajectories of European economies, and the interconnectedness and interdependencies of growth paths that present specific challenges to policy and highlight the need for cooperation across the region. This book brings together leading scholars and policy makers to contribute to policy debates in three ways. First, it includes current discussions of banking policy, regulation, and reform to reassert the need for financial institutions that will back up and finance an industrial policy to revive the European economy. Second, it reviews the role of industrial and investment policy in supporting innovation, creating jobs, and generating sustainable economic growth. Third, it advances alternative policy proposals aimed at generating sustainable economic growth and employment in Europe. Part I analyses the nature of growth, industrial, and economic restructuring in relation to finance in the lead up to the crisis, at regional, national, and sector levels. Part II presents alternative and progressive policy proposals for growth and employment in Europe in light of the analysis presented in Part I.
Author | : John Zysman |
Publisher | : Cornell University Press |
Total Pages | : 361 |
Release | : 2018-05-31 |
Genre | : Political Science |
ISBN | : 1501717413 |
The deterioration in the economic performance of the advanced industrial democracies during the 1970s provoked an intense debate about the role of government in economic adjustment and growth. In Governments, Markets, and Growth, John Zysman makes a significant contribution to our understanding of these critical international issues by demonstrating that there is a direct relationship between a nation's financial system and its government's ability to restart the growth engine.Professor Zysman argues that there are three distinct types of financial systems, each with different consequences for the political ties between financial markets, industry, and government. Zysman tests his argument by analyzing and comparing the patterns of industrial adjustment in five advanced nations. He contrasts the differing strategies of industrial adjustments primarily in France and Great Britain, but also in Japan, West Germany, and the United States. Governments, Markets, and Growth will be invaluable to the international banking and business community, a wide variety of government officials, and students of political science, economics, and business administration.
Author | : D.E. Fair |
Publisher | : Springer Science & Business Media |
Total Pages | : 427 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9400962045 |
The papers collected in this volume are those presented at the eleventh Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF) which took place in Madrid in October 1983. The Society is supported by a large number of central banks, commercial banks and other financial and business institutions, by treasury officials and by academics and others interested in monetary and financial problems. Since its establishment in 1963 it has developed as a forum for the exchange of informa tion, research results and ideas, valued by academics and practitioners in these fields, including central bank officials and civil servants responsible for formulat ing and applying monetary and financial policies. A major activity of SUERF is to organize and conduct Colloquia on sub jects of topical interest to members. The titles, places and dates of previous Col loquia for which volumes of the collected Papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarra gona, Spain in October 1970 under the title "Monetary Policy and New Develop ments in Banking" and at Strasbourg, France in January 1972 under the title "Aspects of European Monetary Union".
Author | : Jeremy Edwards |
Publisher | : Cambridge University Press |
Total Pages | : 274 |
Release | : 1996-01-26 |
Genre | : Business & Economics |
ISBN | : 9780521566087 |
This book analyses the widely-held view of the merits of the 'bank-based' German system of finance for investment, and shows that this view is not supported by evidence from the post-war period. The institutional features of the German system are such that universal banks have control of voting rights at shareholders' meetings due to proxy votes, and they also have representation on companies' supervisory boards. These features are claimed to have two main benefits. One is that the German system reduces asymmetric information problems, enabling banks to supply more external finance to firms at a lower cost, and thus increasing investment. The other is that German banks are able to mould and control managements of firms on behalf of shareholders, and thus ensure that firms are run efficiently. This book assesses whether empirical evidence backs up these claims, and shows that the merits of the German system are largely myths.
Author | : Christel Lane |
Publisher | : Edward Elgar Publishing |
Total Pages | : 256 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : |
This textbook examines changes in industrial organization in Britain, Germany and France from the perspectives of economic sociology and political economy. It covers the roles of the finance-industry nexus, corporate restructuring, the impact of small and medium firms, and other factors.
Author | : John Zysman |
Publisher | : Cornell University Press |
Total Pages | : 364 |
Release | : 1983 |
Genre | : Business & Economics |
ISBN | : 9780801492525 |
Zysman demonstrates that there is a direct relationship between a nation's financial system and its government's ability to restart the growth engine.
Author | : Andrew W. Cox |
Publisher | : |
Total Pages | : 312 |
Release | : 1986 |
Genre | : Political Science |
ISBN | : |
Author | : Jonathan Story |
Publisher | : Manchester University Press |
Total Pages | : 356 |
Release | : 1997 |
Genre | : European Union countries |
ISBN | : 9780719043130 |
This volume traces the political, financial and economic steps towards financial union in Europe, focusing on the political economy of the process - notably the dynamics of a Europe of sovereign states.
Author | : Murat A. Yülek |
Publisher | : Springer |
Total Pages | : 304 |
Release | : 2018-08-02 |
Genre | : Business & Economics |
ISBN | : 9811305684 |
This book assesses developmental experience in different countries as well as British expansion following the industrial revolution from a developmental perspective. It explains why some nations are rich and others are poor, and discusses how manufacturing made economies flourish and spur economic development. It explains how today’s governments can design and implement industrial policy, and how they can determine economically strategic sectors to break out of Low and Middle Income Traps. Closely linked to global trade and (im)balances, industrialization was never an accident. Industrialization explains how some countries experience export-led growth and others import-led slowdowns. Many confuse industrialization with the construction of factory buildings rather than a capacity and skill building process through certain stages. Industrial policy helps countries advance through those stages. Explaining technical concepts in understandable terms, the book discusses the capacity and limits of the developmental state in industrialization and in general in economic development, demonstrating how picking-the-winner type focused industrial policy has worked in different countries. It also discusses how industrial policy and science, technology and innovation policies should be sequenced for best results.