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Market-Based Banking and the International Financial Crisis$
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Iain Hardie and David Howarth

Print publication date: 2013

Print ISBN-13: 9780199662289

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199662289.001.0001

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Framing Market-Based Banking and the Financial Crisis

Framing Market-Based Banking and the Financial Crisis

(p.22) 2 Framing Market-Based Banking and the Financial Crisis
Market-Based Banking and the International Financial Crisis

Iain Hardie

David Howarth

Oxford University Press

This chapter considers market-based banking in more empirical depth across eleven countries. It argues that levels of market-based banking are now a more useful way to compare national banking systems and serve, when combined with a focus on other market sources of non-financial corporation (NFC) financing, to provide an alternative to the standard dichotomy of bank-based and market-based financial systems. The chapter considers the degree of market-based assets and liabilities in banks in the eleven banking systems and highlights the differences between systems. It demonstrates how this detail helps explain the differential impact of the financial crisis in terms of timing, the required levels of government support to banking systems, and the impact of the crisis on lending to NFCs.

Keywords:   market-based banking, financial crisis, varieties of capitalism, banks, financial systems, securitization, wholesale funding

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