Banking on States – The Divergent European Trajectories of Finance after the Crisis

Project Start:10/2019
Researchers:Elsa Massoc
Category: Financial Intermediation
Funded by:LOEWE

After the 2008 crisis, some of the most ambitious financial policies and standards have been adopted at the international and European levels. Yet, states retain distinct preferences towards "their own" banking industries. My research examines how state priorities towards banking are shaped, and what tools public authorities may use to influence the evolution of banking both at the national and European levels. It shows that although finance is to a large extent a globalized field, core segments of it are still deeply embedded in local political and social contexts. This aspect needs to be taken into account if one is to understand the evolution of both financial industry and regulation.

The research leads a comparison of 12 financial regulation policies and cases of regulation enforcement in France, Germany and the UK since 2008. I have based my analysis on data collected during more than 100 interviews with a variety of prominent market actors and public officials as well as private and publicly available documentation released by administrative and business organizations.

The research was awarded Ernst B. Haas best dissertation award, honorable mention by the European Politics and Society section of the American Political Science Association (APSA). Cambridge University Press has expressed interest in publishing the book manuscript.

Related Published Papers

Author/sTitleYearProgram AreaKeywords
Elsa MassocPolitics of Banking in Europe: Global Banks and Domestic Institutional Legacies
E-International Relations
2020 Financial Intermediation