Public Banks in the Age of Financialization: A Comparative Perspective

Front Cover
Christoph Scherrer
Edward Elgar Publishing, 2017 M11 24 - 288 pages

This book asks the important question of whether public banks are a better alternative to profit-seeking private banks. Do public banks provide finance for development? Do they serve as stability anchors in financial markets? What kind of governance keeps public banks accountable to the public? Theoretically the book draws on the works of Minsky for the question on stability and on interpretative policy analysis for the issue of governance. It compares empirically three countries with significant public banks: Brazil, Germany, and India.

 

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Contents

Introduction
1
PART I JUSTIFICATIONS FOR PUBLIC BANKS
11
Public banks as stability anchors
13
2 Back to the future of alternative banks and patient capital
29
CASE STUDIES
51
Brazilian Central Bank and public banking system as Minskyan big banks
53
Historical overview and role in the recent crisis
67
A comparison of the experiences of Brazil and Chile
83
8 Governance of development banks under uncertainty
136
PART IV POLITICAL ATTACKS ON PUBLIC BANKS IN EUROPE
153
The long struggle between private and public banks
155
10 Marginalizing the German savings banks through the European Single Market
176
PART V KEEPING PUBLIC BANKS ACCOUNTABLE TO THE PUBLIC
193
A case study of the German Landesbanken Helaba and WestLB
195
The case of Indian public banks
212
13 The stakeholder governance of microfinance
230

PART III PUBLIC BANKS AND DEVELOPMENT
99
6 The role of the Brazilian Development Bank BNDES in Brazilian development policy
101
The phases of nationalization liberalization and inclusion
116
14 The challenge of keeping public banks on mission
243
Index
257
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