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- Title
A Lost Game of Bank Bargains: West Germany and International Banking Regulation between Bretton Woods and Basel I (1972–1988).
- Authors
Kemmerer, Matthias
- Abstract
Current theories of financial regulation suggest expanding rules-based formal state intervention to promote international banking stability. Such policy solutions should then be global in scope. This article instead argues that principles-based informal co- and self-regulation through domestic (gentlemen's) agreements underpinned West German bank internationalisation until the 1980s. The analytic narrative approach allows the tracing of the social dynamics of the German politics of regulation, drawing on unused primary sources: Coalitions between the German regulating and regulated actors were bolstered by a liberal domestic framework and bespoke national policies. In contrast, regulatory harmonisation through international prudential standards came with high domestic adjustment costs for the German banking sector. Thus, domestic makeshift solutions to deal with and internalise cross-border financial risks proved most workable.
- Subjects
BRETTON Woods (N.H.); GERMANY (West); BANKING laws; BRETTON Woods System; INTERNATIONAL banking industry; DEUTSCHE Bundesbank; MONETARY systems; INTERNATIONAL finance; DOMESTIC markets; BANKING industry; NEGOTIATION; INTERVENTION (International law); SHADOW banking system; FOREIGN banking industry
- Publication
Jahrbuch für Wirtschaftsgeschichte, 2023, Vol 64, Issue 2, p339
- ISSN
0075-2800
- Publication type
Article
- DOI
10.1515/jbwg-2023-0013