Taking Europe seriously: European financialization and US monetary power

@article{Hardie2020TakingES,
  title={Taking Europe seriously: European financialization and US monetary power},
  author={Iain Hardie and Helen Thompson},
  journal={Review of International Political Economy},
  year={2020},
  volume={28},
  pages={775 - 793}
}
Abstract This article considers the link between the financialization of European banks and US monetary power. We focus first on the Global Financial Crisis of 2008-09 (GFC), arguing that crisis origins should largely be located in European banks’ financialization and their becoming a banker to both the US and the global US dollar-based offshore banking system. The interdependence between this system and the US economy constrained US monetary policy before the crisis, and forced the Federal… 
The hierarchy of the offshore US-Dollar system. On swap lines, the FIMA Repo Facility and special drawing rights
While it has become common to regard the international monetary system as hierarchical, the nature, shape and origin of this hierarchy often remain vague. Taking on board insights of critical
Governing Global Liquidity: Federal Reserve Swap Lines and the International Dimension of US Monetary Policy
ABSTRACT Since the use of swap lines during the global financial crisis, the Federal Reserve is widely seen as international lender of last resort. Yet the focus on emergency liquidity assistance
Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s
Abstract International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this
The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facility and Special Drawing Rights
While it has become common to regard the international monetary system as hierarchical, the nature, shape and origin of this hierarchy often remain vague. <br><br>Taking on board insights of critical
A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System
It is a convention to say that the Eurozone architecture is ill-constructed and deficient. However, monetary architecture is not a well-defined term in monetary theory, and there is no consensus what
Extroverted financialization: how US finance shapes European banking
  • Mareike Beck
  • Economics, Business
    Review of International Political Economy
  • 2021
This paper reconceptualizes the impact of US finance on European banking as a process of ‘extroverted financialisation’. This impact is commonly associated with the rise of ‘market-based banking’ (...
The Dollar as a Mutual Problem: New Transatlantic Interdependence in Finance
When the 2007 global financial crisis hit financial markets, European leaders were quick to point the finger at US markets, excessive risk-taking, and insufficient regulation. However, it soon became

References

SHOWING 1-10 OF 96 REFERENCES
Enduring capital flow constraints and the 2007–2008 financial and euro zone crises
This article analyses the 2007–2008 financial and the euro zone crises through the lens of an international capital flows crisis for European banks and the euro zone periphery. The notion of a
Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System
This paper studies the transformation of the International Monetary System (IMS) in the run up to and after the 2007-9 Financial Crisis. Adopting a Money View perspective, it argues that the IMS, in
Euro-crisis, American lessons?
What can and should the European Union learn from the experience of the early United States in order to exit the current euro-crisis? While Benjamin Cohen and I agree on roughly four of any five
Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s
Abstract International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this
Drawing the line: the politics of federal currency swaps in the global financial crisis
Abstract Injecting over two trillion dollars into the international economy, the Federal Reserve effectively operated as an international lender of last resort during the 2008 financial crisis. Over
Atlas constrained: the US external balance sheet and international monetary power
ABSTRACT We address the impact on international monetary power of the size and nature of the US's international financial assets and liabilities. Financial globalization makes critical a focus on a
Central Bank Co-Operation and International Liquidity in the Financial Crisis of 2008-2009
The financial crisis that began in August 2007 has blurred the sharp distinction between monetary and financial stability. It has also led to a revival of practical central bank co-operation. This
Banks and the False Dichotomy in the Comparative Political Economy of Finance
The wide-ranging varieties of capitalism literature rests on a particular conception of banks and banking that, the authors argue, no longer reflects the reality of modern financial systems. They
Central Bank Currency Swaps and the International Monetary System
ABSTRACT Central bank currency swaps have emerged as a de facto key feature of the international monetary system, with the US Federal Reserve having extensive recourse to them during the financial
Understanding the 2007–2008 Global Financial Crisis: Lessons for Scholars of International Political Economy
Economists have explained the 2007–2008 global financial crisis with reference to various market and regulatory failures as well as a macro-economic environment of cheap credit during the precrisis
...
1
2
3
4
5
...