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2017 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Finance and the Welfare State

Banking Development and Regulatory Principles in Sweden, 1900–2015

verfasst von: Prof. Mats Larsson, Gabriel Söderberg

Verlag: Springer International Publishing

Buchreihe : Palgrave Studies in the History of Finance

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book explores the Swedish experience of banking development, regulation and financial crisis from 1900 to 2015. It puts the experiences of the past in the context of today’s debate on the future of banking, and argues that the experiences of the Global Financial Crisis that started in 2007 warrants new understandings of the role of bank regulation. The book also analyses how shifts in bank regulations are usually part of more general policy shifts in society, which are in turn connected to both pragmatic and ideological considerations. In the case of Sweden the shift towards more extensive bank regulations after World War II was closely related to the development of the welfare state. Such shifts in policy and regulations are generally international, and the book also explores how the Swedish national policy has interacted with international developments.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
In the introductory chapter, Sweden’s financial system is presented as an example of the interaction between politics and banking. Sweden implemented banking regulations after World War II, which initiated a new regulatory regime, and opened for a strong political guidance of the financial sector. This chapter discusses the establishment of different financial regulatory regimes from an international perspective, as well as the nature and rationality of regulations in the banking sector.
Mats Larsson, Gabriel Söderberg
Chapter 2. The Transition from the Classical Regime to the Statist Regime: 1900–1950
Abstract
The political and economic background of the postwar regulatory regime in Sweden is discussed in this chapter. The great depression of the 1930s had profound effects on the political and economic establishments as well as on the theoretical framework of economics. In Sweden, these effects coincided with the beginning in 1932 of the long hegemonic position of the Social Democratic party as the dominant—though far from unrivaled—political force in Swedish society. The outbreak of World War II and the introduction of war finance further served to accentuate these tendencies. After the war, the Social Democratic government prepared to reshape Sweden into the “People’s Home” (Folkhemmet).
Mats Larsson, Gabriel Söderberg
Chapter 3. The Introduction of the Riksbank Regulation: 1950–1955
Abstract
This chapter discusses the introduction of a new financial regulatory regime in Sweden based on regulations managed by the Swedish central bank, the Riksbank. This chapter analyzes the political background and the game played by the Ministry of Finance, the central bank, and the banks, and how the regulations were created through these negotiations. The analysis contains a detailed discussion concerning the creation of the new regulatory regime and also addresses the important question: should we view the regulations as being forced on the banks from above, or as a process in which special interests were able to capture the regulatory apparatus for their own benefit?
Mats Larsson, Gabriel Söderberg
Chapter 4. Tensions Mount in the Statist Regime: 1955–1960
Abstract
This chapter focuses on the interaction between the economic development of the period and the regulatory setting. It opens up with the internationalization of central banking and the end of the interest rate policy, and then follows up with the increased tension between the banks and the central bank.
Mats Larsson, Gabriel Söderberg
Chapter 5. International Turmoil and Regulatory Changes: 1960–1979
Abstract
This chapter concerns regulatory changes in Sweden and internationally during the 1960s and 1970s. Domestically, a number of factors gradually changed the banking landscape which meant that adjustments to the regulatory post-World War II framework. The use of the Riksbank regulatory measures was increasingly adjusted to macroeconomic changes and stability problems, instead of political priorities. Internationally, the crumbling of the Bretton Woods and the oil crisis of the 1970s are the main topics covered. This set the stage for dramatic changes for the Swedish banking sector, as in other countries.
Mats Larsson, Gabriel Söderberg
Chapter 6. A New Regime Emerges: 1980–1995
Abstract
This chapter discusses the deregulation of the Swedish financial market in the 1980s and the introduction of a new market-oriented financial regulatory regime. The driving forces of this regulatory change are analyzed, as well as its consequences in Sweden—a deep financial crisis in the early 1990s. The experience of this crisis is analyzed in detail, especially the Swedish way of handling it which has received large attention internationally.
Mats Larsson, Gabriel Söderberg
Chapter 7. Banking Development, the Global Financial Crisis and the Basel Regulations: 1995–2015
Abstract
This chapter describes the development after the crisis in the 1990s and up till 2015. The Swedish banking sector expanded considerably, especially in its cross-border activities. The global financial crisis in 2008 put stress on the sector, particularly because of its engagement in the Baltic States, and a series of precautionary steps were taken by the Swedish government and the Riksbank. A global re-regulatory agenda started after the crisis which has had large importance for the Swedish financial system.
Mats Larsson, Gabriel Söderberg
Chapter 8. Finance and the Welfare State: What Have We Learned?
Abstract
This chapter concludes the book on financial evolution and regulatory regimes in Sweden. It summarizes the lessons learned from the Swedish experiences from banking development and banking regulations, and ends with discussing the question whether a new macroeconomic regime is being initiated.
Mats Larsson, Gabriel Söderberg
Backmatter
Metadaten
Titel
Finance and the Welfare State
verfasst von
Prof. Mats Larsson
Gabriel Söderberg
Copyright-Jahr
2017
Electronic ISBN
978-3-319-61851-7
Print ISBN
978-3-319-61850-0
DOI
https://doi.org/10.1007/978-3-319-61851-7