Anglo-American development, the Euromarkets, and the deeper origins of neoliberal deregulation

Green, Jeremy

doi:10.1017/s0260210515000480

Cited by 29 publications

(21 citation statements)

References 31 publications

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“…16, 18) has described the "increasingly sophisticated 'regime' based around the Bank for International Settlements" in the 1970s, while Kapstein (1992) has stopped just short of calling international central bank circles in the 1980s an epistemic community. Recent research on international monetary history, spurred by newly available archival material, provides ample new evidence of the international agency of central bankers from the 1960s to the 1980s (Altamura, 2017;Green, 2016;Kershaw, 2018;Mourlon-Druol, 2015).…”

Section: Monetary Technocrats: Public Servants In Private Marketsmentioning

confidence: 99%

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Braun

Krampf

Murau

2020

Review of International Political Economy

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International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this 'negative integration' view, we present a theory of financial globalization during the 1970s that emphasizes the importance of 'positive integration.' Credit money systems are characterized by public-private infrastructural entanglements, the management of which require substantial institutional work by monetary technocrats, both at the domestic and at the international level. To illustrate our theory, we trace the expansion of the Eurodollar market during the 1970s. Drawing on archival records from the 'Standing Committee on the Euro-currency Market' at the Bank for International Settlements, we show how this group of G-10 central bankers sought to elevate the management of infrastructural entanglements from the domestic to the international level. By ensuring that the Eurodollar market did not interfere with domestic monetary governability, while seeking to provide protection for issuers of Eurodollars, monetary technocrats helped establish the institutional infrastructure for the expansion and globalization of the offshore US dollar system.

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Section: Monetary Technocrats: Public Servants In Private Marketsmentioning

confidence: 99%

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Braun

Krampf

Murau

2020

Review of International Political Economy

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“…What turned Eurodollar into a structurally significant short-term funding market was the arrival of American corporations and banks during the 1960s. 3 American Eurodollar participants did not only dramatically increase the volume of transactions, but also brought with them US-style techniques of active liability management that were gradually adopted by their European peers (Green 2015). For instance, London clearing banks, the core institutions of British finance, learnt to use US funding instruments in the 1960s and 1970s through their London-based American competitors; sterling certificates of deposit became introduced in the late 1960s and commercial paper-"a long-established instrument in the United States"-became widely used in Britain during the 1980s (White 1992).…”

Section: Money Market Expansion During the Liberalization-phase Of Fimentioning

confidence: 99%

“…A first plausible argument to emerge from this literature is that states increasingly adopted a mode of competitive deregulation with an eye on domestic financial sector interests; they wanted to support national champions and their financial centers to compete in globalizing markets. Accordingly, the countries, where banks were most challenged by new competitors and that were most receptive to sectorial interests, were the first to deregulate (Green 2015). In the United States, systematic liberalization began in the 1980s (Calomiris 1998;Thiemann 2018).…”

Section: Money Market Expansion During the Liberalization-phase Of Fimentioning

confidence: 99%

Formal institution building in financialized capitalism: the case of repo markets

Wansleben

2020

Theor Soc

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Money markets are at the heart of financialized capitalism, as those markets that provide the funding liquidity needed for credit creation and leveraged trading. How have these markets evolved, grown, and become critical for larger financial flows? To answer this question, I distinguish an early period of financial globalization marked by regulatory arbitrage, offshoring, deregulation, and informal trading practices from a period of regime-consolidation marked by formal institutionalization. Concentrating on repo markets as the key funding sources for market-based banking, I demonstrate that new institutional arrangements for these markets were initiated by private sector associations, but supported and authorized by public authorities. Bond trader groups codified new contractual arrangements and these were validated via reforms of bankruptcy codes and changes in central banks' policy frameworks in the United States and European Union. Through these modifications and re-articulations in institutional conditions, transactions and large exposures on money markets became routine affairs-for shadow banking actors like money market funds as well as for commercial banks. The article concludes by discussing the continuity of regime-consolidation efforts after the transatlantic financial crisis and hypothesizes that they reveal "neopatrimonial" features.

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“…Moreover, the legal systems of all Anglophone countries and territories are based on common law, which facilitates financial activities within this Anglo-American transnational space. Green (2015) has shown that an 'Anglo-American developmental sphere' was crucial to the development of the pivotal Euromarkets in London, which, in turn, led to a 'transatlantic regulatory feedback loop' that induced wider international financial deregulation. Thus, Anglo-America has played a key role for financial globalization.…”

Section: The Anglo-america/anglosphere Approachmentioning

confidence: 99%

The anatomy of the Cayman Islands offshore financial center: Anglo-America, Japan, and the role of hedge funds

Fichtner

2016

Review of International Political Economy

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Anglo-American development, the Euromarkets, and the deeper origins of neoliberal deregulation

Cited by 29 publications

References 31 publications

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Formal institution building in financialized capitalism: the case of repo markets

The anatomy of the Cayman Islands offshore financial center: Anglo-America, Japan, and the role of hedge funds

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