European finance in the American mirror: Financial change and the reconfiguration of competitiveness

Contemporary Politics

Volumn 14, Issue 3, 2008, Pages 253-275

  Konings, Martijn ^a  

^a UNIVERSITY OF AMSTERDAM   (Netherlands)

Author keywords

comparative political economy; competitiveness; Europe; financialisation; US

Indexed keywords

EID: 85050413076     PISSN: 13569775     EISSN: 14693631     Source Type: Journal    
DOI: 10.1080/13569770802396311     Document Type: Article

References (87)

1. Abdelal, R., 2006. Writing the rules of global finance: France, Europe, and capital liberalization. Review of International Political Economy, 13 (1): 1–27.
2. Abrams, Ph., 1977. Notes on the difficulty of studying the state. Journal of Historical Sociology, 1 (1)
3. Aitken, R., 2005. “A direct personal stake”: cultural economy, mass investment and the New York stock exchange. Review of International Political Economy, 12 (2): 334–363.
4. Audretsch, D. B., and Elston, J. A., 1997. Financing the German Mittelstand. Small Business Economics, 9 (2): 97–110.
5. Augar, Ph., 2001. The death of gentlemanly capitalism: the rise and fall of London's investment banks, Harmondsworth: Penguin Books.
6. Battilossi, S., 2002. “ Introduction: international banking and the American challenge in historical perspective ”. In European banks and the American challenge. Competition and cooperation in international banking under Bretton Woods, Edited by: Battilossi, S., and Cassis, Y., 1–35. Oxford: Oxford University Press.
7. Berger, A. N., Kashyap, A. K., 1995. The transformation of the U.S. banking industry: what a long, strange trip it's been. Brookings Papers on Economic Activity, 1995 (2): 55–218.
8. Block, F., 2003. The global economy in the Bush era. Socio-economic Review, 1 (3): 439–456.
9. Brenner, N., Peck, J., and Theodore, N., 2009. Variegated Neoliberalization. Geographies, Modalities, Pathways. Review of International Political Economy, (forthcoming)
10. Cafruny, A., and Ryner, M., 2007. Monetary union and the transatlantic and social dimensions of Europe's crisis. New Political Economy, 12 (2): 141–165.
11. Cernat, L., 2004. The emerging European corporate governance model: Anglo-Saxon, continental, or still the century of diversity?. Journal of European Public Policy, 11 (1): 147–166.
12. Clark, G. L., 2000. Pension fund capitalism, Oxford: Oxford University Press.
13. Clark, G. L., 2002. European pensions and global finance: continuity or convergence. New Political Economy, 7 (1): 67–91.
14. Clark, G. L., 2003. European pensions and global finance, Oxford: Oxford University Press.
15. Coates, D., 2002. Models of capitalism: debating strengths and weaknesses, Edited by: Coates, D., Cheltenham: Edward Elgar.
16. Cohen, B. J., 2003. Global currency rivalry: can the euro ever challenge the dollar?. Journal of Common Market Studies, 41 (4): 575–595.
17. Cohen, B. J., 2007. Enlargement and the international role of the euro. Review of International Political Economy, 14 (5): 746–773.
18. Committee on the Global Financial System. 2007. Institutional investors, global savings and asset allocation, Bank for International Settlements. CGFS papers No. 27
19. Conti, G., 1992. “ Alternative financial systems in industrial economies, 1970–1985 ”. In Finance and the enterprise, Edited by: Zamagni, V., London: Academic Press.
20. De Cecco, M., 1984. Modes of financial development: American banking dynamics and world financial dynamics, European University Institute Working Paper, No. 84/122
21. De Cecco, M., n.d. The lender of last resort. CIDEI Working Paper No. 49
22. Degen, R. A., 1987. The American monetary system. A concise survery of its evolution since 1896, Massachusetts/Toronto, D.C.: Heath and Company/Lexington.
23. DeYoung, R., and Rice, T., 2004. Noninterest income and financial performance at U.S. commercial banks. Financial Review, 39
24. Engelen, E., 2007. ‘Amsterdamned’? The uncertain future of a financial centre. Environment and Planning A, 39 (6): 1306–1324.
25. Engelen, E., and Konings, M., forthcoming 2009. “ Financial capitalism resurgent: comparative institutionalism and the challenges of financialization ”. In The Oxford Handbook of Comparative Institutional Analysis, Edited by: Morgan, G., Campbell, J., Crouch, C., Kristensen, P. H., Pedersen, O. K., and Whitley, R., Oxford: Oxford University Press.
26. Engelen, E., Konings, M., and Fernandez, R., 2008. The rise of activist investors and patterns of political response. Socio-Economic Review, 6 (4): 611–636.
27. Esping-Andersen, G., 1990. The Three Worlds of Welfare Capitalism, Princeton, NJ: Princeton University Press.
28. Faulconbridge, J., Engelen, E., Hoyler, M., and Beaverstock, J., 2007. Analysing the changing landscape of European financial centres: the role of financial products and the case of Amsterdam. Growth and Change, 38 (2): 279–303.
29. Froud, J., Johal, S., Leaver, A., and Williams, K., 2006. Financialization and strategy. Narrative and numbers, London: Routledge.
30. Gardener, E. P.M., Molyneux, Ph., and Williams, J., 2003. “ Competitive banking in the EU and Euroland ”. In Handbook of international banking, Edited by: Mullineux, A. W., and Murinde, V., 130–155. Cheltenham: Edward Elgar.
31. Gemici, K., 2008. Karl Polanyi and the antinomies of embeddedness. Socio-Economic Review, 6 (1): 5–33.
32. Gerschenkron, A., 1962. Economic backwardness in historical perspective, a book of essays, Cambridge: Belknap Press of Harvard University Press.
33. Gill, S., and Law, D., 1988. The global political economy: perspective, problems and policies, Baltimore: Johns Hopkins University Press.
34. Goddard, J., Molyneux, Ph., Wilson, J. O.S., and Tavakoli, M., 2007. Europan banking: an overview. Journal of Banking and Finance, 31 (7): 1911–1935.
35. Goyer, M., 2006. Varieties of institutional investors and national models of capitalism: the transformation of corporate governance in France and Germany. Politics & Society, 34 (3): 399–430.
36. Gowan, P., 1999. The global gamble, London: Verso.
37. Grahl, J., 2001. Globalized finance: The challenge to the euro. New Left Review, 8 (March–April)
38. Grahl, J., and Teague, P., 2005. Problems of financial integration in the EU. Journal of European Public Policy, 12 (6): 1005–1021.
39. Grahl, J., and Lysandrou, Ph., 2006. Capital market trading volume: an overview and some preliminary conclusions. Cambridge Journal of Economics, 30 (6): 955–979.
40. Grote, M. H., 2008. Foreign banks' attraction to the financial centre Frankfurt–an inverted ‘u’-shaped relationship. Journal of Economic Geography, 8 (2): 239–258.
41. Hall, P. A., and Soskice, D., 2001. Varieties of capitalism: the institutional foundations of comparative advantage, Edited by: Hall, P. A., and Soskice, D., Oxford: Oxford University Press.
42. Harmes, A., 1998. Institutional investors and the reproduction of neoliberalism. Review of International Political Economy, 5 (1): 92–121.
43. Harrington, R., 1987. Asset and liability management by banks, Paris: OECD.
44. Hartmann, Ph., Ferrando, A., Fritzer, F., Heider, F., Lauro, B., and Lo Duca, M., 2006. The performance of the European financial system, European Central Bank.
45. Helleiner, E., 1994. States and the reemergence of global finance. From Bretton Woods to the 1990s, Ithaca, NY: Cornell University Press.
46. Het Financieele Dagblad, 2007. Steeds meer een natie van blije renteniers, 18 July 2007.
47. Hilferding, R., 1981 [1910]. Finance capital: a study of the latest phase of capitalist development, London: Routledge & Kegan Paul.
48. Hollingsworth, J. R., 1997. “ Continuities and changes in social systems of production: the cases of Japan, Germany and the United States ”. In Contemporary capitalism: the embeddedness of institutions, Edited by: Hollingsworth, J. R., and Boyer, R., 265–310. Cambridge: Cambridge University Press.
49. Ingham, G., 1994. “ States and markets in the production of world money: sterling and the dollar ”. In Money power and space, Edited by: Corbridge, S., Martin, R., and Thrift, N., Oxford/Cambridge, MA: Blackwell.
50. Ingham, G., 2004. The nature of money, Cambridge/Malden: Polity.
51. Jones, A., 2008. Beyond embeddedness: economic practices and the invisible dimensions of transnational business activity. Progress in Human Geography, 32 (1): 71–88.
52. Kaufman, A., and Englander, E. J., 1993. Kohlberg Kravis Roberts & Co. and the restructuring of American capitalism. Business History Review, 67 (1): 52–97.
53. Knee, J., 2007. The accidental investment banker, Oxford: Oxford University Press.
54. Konings, M., 2008. The institutional foundations of US structural power in international finance: from the re-emergence of global finance to the monetarist turn. Review of International Political Economy, 15 (1): 35–61.
55. Konings, M., forthcoming 2009. The construction of US financial power. Review of International Studies, 35 (1)
56. Konings, M., and Panitch, L., 2008. “ The Politics of Imperial Finance ”. In American empire and the political economy of global finance, Edited by: Panitch, L., and Konings, M., 225–252. New York: Palgrave.
57. Krippner, G., 2002. The elusive market: embeddedness and the paradigm of economic sociology. Theory & Society, 30 (6)
58. Lane, C., 2003. Changes in corporate governance of German corporations: convergence to the Anglo-American model?. Competition and Change, 7 (2–3): 79–100.
59. Langley, P., 2008. The everyday life of global finance. Saving and borrowing in Anglo-America, Oxford: Oxford University Press.
60. Lütz, S., 2000. From managed to market capitalism? German finance in transition, MPIfG Discussion Paper 00/2
61. McGuire, P., 2004. A shift in London's Eurodollar market. BIS Quarterly Review, September
62. McMichael, Ph., 1990. Incorporating comparison within a world-historical perspective: an alternative comparative method. American Sociological Review, 55 (3)
63. Michie, R. C., and Mollan, S. M., Networks and clusters: the City of London as a global financial centre since 1870. Paper presented at the workshop Financial Centres as Competing Clusters. January30, Paris.
64. Mitchell, T., 2005. “ Economists and the economy in the twentieth century ”. In The politics of method in the human sciences: positivism and its epistemological others, Edited by: Steinmetz, G., Durham, NC: Duke University Press.
65. Montgomerie, J., 2007. The financialization of the American credit card industry. Competition and Change, 10 (3): 301–19.
66. Moran, M., 1991. The politics of the financial services revolution. The USA, UK and Japan, London: MacMillan.
67. Myers, M. G., 1931. The New York money market, New York: Columbia University Press.
68. Panitch, L., and Gindin, S., 2005. “ Euro-capitalism and American empire ”. In Varieties of capitalism, varieties of approaches, Edited by: Coates, D., New York: Palgrave.
69. Panitch, L., and Gindin, S., 2008. “ Finance and American empire ”. In American empire and the political economy of global finance, Edited by: Panitch, L., and Konings, M., 139–159. New York: Palgrave.
70. Peck, J., and Theodore, N., 2007. Variegated capitalism. Progress in Human Geography, 31 (6): 731–772.
71. Roberts, R., The London financial services cluster since the 1970s: expansion, development and internationalization. Paper presented at the workshop Financial Centres as Competing Clusters. January30, Paris.
72. Ross, G., 1992. Confronting the new Europe. New Left Review, 191 (January–February)
73. Ryner, M., 2007. US power and the crisis of social democracy in Europe's second project of integration. Capital & Class, 93: 7–26.
74. Sablowski. 2008. “ Towards the Americanization of European Finance? The case of finance-led accumulation in Germany ”. In American empire and the political economy of global finance, Edited by: Panitch, L., and Konings, M., 135–158. New York: Palgrave.
75. Sassen, S., 1999. Global financial centres. Foreign Affairs, January/February
76. Schwartz, H., American hegemony, global capital flows, and local housing markets: building conservative politics one brick at a time. Paper presented at the International Studies Association annual meeting. March2007.
77. Seabrooke, L., 2006. The Social Sources of Financial Power. Domestic Legitimacy and International Financial Orders, Ithaca, NY: Cornell University Press.
78. Silver, B. J., and Arrighi, G., 2003. Polanyi's “double movement”: The belle époques of British and US hegemony compared. Politics and Society, 31 (2): 325–355.
79. Smith, R. C., and Walter, I., 1997. Global banking, New York/Oxford: Oxford University Press.
80. Stiroh, K. J., 2004. Diversification in banking: is noninterest income the answer?. Journal of Money, Credit and Banking, 36 (5): 853–882.
81. Stockhammer, E., 2004. Financialization and the slowdown of accumulation. Cambridge Journal of Economics, 28 (5): 719–741.
82. Strange, S., 1988. States and markets, London: Pinter.
83. Vitols, S., 2001. “ The origins of bank-based and market-based financial systems: Germany, Japan, and the United States ”. In The origins of nonliberal capitalism: Germany and Japan, Edited by: Streeck, W., and Yamamura, K., 171–199. Ithaca: Cornell University Press.
84. Vitols, S., 2004. Negotiated shareholder value: the German variant of an Anglo-American practice. Competition and Change, 8 (4): 357–384.
85. Weiss, L., 1998. The myth of the powerless state, Ithaca, NY: Cornell University Press.
86. Youngman, A., 1906. The growth of financial banking. Journal of Political Economy, 14 (7): 435–441.
87. Zysman, J., 1983. Governments, markets, and growth. Financial systems and the politics of industrial change, Ithaca/London: Cornell University Press.