1: Introduction: The Paradox of Financial Control
2: High and Low Levels of Foreign Bank Ownership: Sources and
Consequences
3: Foreign Banks in the Crisis: Retrenchment from the West,
Continuing Exposures in the East
4: Catching Up in the Global Economy: Good and Bad Banks in East
Central Europe
5: European Banking Union: The Weakening of Bank-State Ties
6: Conclusion: Ceding Autonomy but Limiting Costs: Revisiting the
Logic of National Bank Control
Rachel A. Epstein is Professor of International Relations and
European Politics at the Josef Korbel School of International
Studies, University of Denver. Her publications include In Pursuit
of Liberalism: International Institutions in Postcommunist Europe
(Johns Hopkins 2008), and also edited a special issue of the Review
of International Political Economy entitled 'Assets or Liabilities?
Banks and the Politics of Foreign Ownership versus
National Control' (2014). Her research and teaching examine the
relationship between economic trends and national security
outcomes, the dynamics of postcommunist transition, the role of
international organizations in global
politics, and economic crises and financial reform.
...this is an important book, which offers a novel, rich and
multi-faceted account of the transformation of the ties between
states and banks in Europe.
*Dorothee Bohle European Union Studies Association*
Epstein has produced an accessible and comprehensive guide to the
structural forces that have directed the evolution of this very
important stabilizing transformation.
*Journal of Common Market Studies*
Fascinating study of how the recent economic and financial crisis
unfolded in the countries of Central and Eastern Europe. ... It is
still too early to tell whether Western European governments will
find themselves as estranged from their home-grown financial
institutions as are the governments of Central and Eastern Europe.
What is clear is that the old relationship between states and banks
deserves careful reconsideration. Epstein's book is a critical
first step in that direction.
*Survival: Global Politics and Strategy*
Professor Epstein has written a highly engaging and accessible
account of the changing power dynamics between states and markets,
in both eastern and western Europe. She convincingly debunks a
number of widespread misconceptions about the political and
economic implications of foreign bank ownership. Although focused
on the political economy of banking in a European context, this is
a work that is bound to become a classic and should be read by all
students of political economy.
*David Howarth, Professor of Political Economy, University of
Luxembourg*
The globalization of finance around the world has transformed the
way money is borrowed, debts managed, and economic risks navigated.
Banking on Markets offers a much needed exploration of the foreign
penetration of formerly insulated banking sectors in Eastern
Europe, with surprising findings about the relative robustness this
has produced in dealing with the Eurozone crisis. A very helpful
guide to a complex set of issues facing the EU, and beyond.
*Kathleen McNamara, Associate Professor and Director, Mortara
Center for International Studies , Georgetown University*
Banking on Markets brilliantly analyses how the USSR's collapse,
European monetary union, and the 2008 global financial crisis have
fundamentally transformed bank-state relations in Europe. Through
careful argumentation and compelling evidence, Epstein demonstrates
that this intensely political process has empowered market actors
and made the European banking system more resilient, while at the
same time reducing the ability of governments in the poorer
European states to use their national banks as development tools to
help them catch up with the rest of Europe. Banking on Markets
raises challenging questions, provides often unsettling answers,
and should be read by everyone concerned with the future of banking
and finance in Europe.
*Juliet Johnson, Professor of Political Science, McGill University*
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