Taking Europe seriously: European financialization and US monetary power
Taking Europe seriously: European financialization and US monetary power
复制标题
认真对待欧洲：欧洲金融化和美国货币实力
DOI：
10.1080/09692290.2020.1769703
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发表时间：
2020
影响因子：
4.3
通讯作者：
Helen Thompson
中科院分区：
文献类型：
--
作者：
Iain Hardie;Helen Thompson
摘要本文探讨了欧洲银行金融化与美国货币权力之间的联系。我们首先关注2008-09年的全球金融危机（GFC），认为危机的根源应该主要在于欧洲银行的金融化，以及它们成为美国和全球以美元为基础的离岸银行体系的银行家。这一体系与美国经济之间的相互依赖在危机前制约了美国的货币政策，并迫使美联储（fed）承担起整个离岸体系的最后贷款人（LOLR）职能，尽管这一体系的大部分涉及非美国对手方之间的贷款。欧洲的金融化削弱了美国的货币自主权，从而削弱了美国的权力。本文主张国际政治经济中心应更多地关注全球金融危机对欧洲金融发展的影响。欧洲银行业的重要性在危机后得到了维持，欧洲已经进入了可观的盈余状态，这表明欧洲的重要性仍在继续。
Abstract This article considers the link between the financialization of European banks and US monetary power. We focus first on the Global Financial Crisis of 2008-09 (GFC), arguing that crisis origins should largely be located in European banks’ financialization and their becoming a banker to both the US and the global US dollar-based offshore banking system. The interdependence between this system and the US economy constrained US monetary policy before the crisis, and forced the Federal Reserve to assume the Lender of Last Resort (LOLR) function for the entire offshore system, despite much of this system involving lending between non-US counterparties. European financialization caused reduced US monetary autonomy and therefore power. This article argues for greater attention in IPE to European financial developments in the GFC’s implications. The importance of European banking has been maintained post-crisis and Europe has moved to a substantial surplus position, suggesting Europe’s continued importance.
金融全球化作为积极的一体化：货币技术官僚和 20 世纪 70 年代的欧洲美元市场
影响因子：
4.3
作者：
Benjamin;Arie Krampf;Steffen Murau
通讯作者：
Steffen Murau
银行与金融比较政治经济学中的错误二分法
影响因子：
5
作者：
Hardie I
通讯作者：
Hardie I