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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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State Intervention and Market-Based Banking in France *

State Intervention and Market-Based Banking in France *

(p.128) 6 State Intervention and Market-Based Banking in France*
Market-Based Banking and the International Financial Crisis

David Howarth

Oxford University Press

Despite the far-reaching liberalization of the French banking system over the past quarter century, French banks suffered far less in the recent international financial crisis than banks in the United Kingdom and Germany. However, the French system also suffered far more—at least in the first stage of the crisis— than the banking systems of Southern Europe. By several measures, French banks were world leaders in financial innovation and the French banking system was highly exposed to international market movements. The limited impact of the crisis, however, owed to the specificities of French ‘market-based banking’. Deliberate state action over the two decades prior to the crisis created a specific kind of banking system and encouraged forms of financial innovation, the unintentional consequence of which was the limited exposure to the securitization that caused the damage wrought during the financial crisis.

Keywords:   France, French banking system, state interventionism, market-based banking, financial innovation, securitization

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