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The Power of Finance in the Age of Market Based Banking
New Political Economy ( IF 3.625 ) Pub Date : 2021-04-06 , DOI: 10.1080/13563467.2021.1910646
Samuel Knafo 1
Affiliation  

ABSTRACT

It has long been assumed that marketisation would undermine banks, a claim reflected in the common opposition of market and bank-based finance. But as recent research shows, some banks have flourished in the marketized environment of financialisation. I argue the reason they have come to dominate financialisation stems from a revolution in funding that began in the 1960s with the rise of liability management. This practice enabled some banks to dramatically leverage their operations and expand their balance sheet. The new funding practice also impacted the business model of US banks fuelling a move from lending to trading. As I show, this revolution in finance shifted the power away from lenders and towards leveraging financial agents that focused on capturing assets through predatorial strategies.



中文翻译:

市场银行时代金融的力量

摘要

人们长期以来一直假设市场化会损害银行,这一主张反映在市场融资和银行融资的共同反对上。但正如最近的研究表明,一些银行在金融化的市场化环境中蓬勃发展。我认为,它们之所以能够主导金融化,是因为 1960 年代随着负债管理的兴起而开始的融资革命。这种做法使一些银行能够极大地利用其业务并扩大其资产负债表。新的融资实践也影响了美国银行的商业模式,推动了从贷款到交易的转变。正如我所展示的,这场金融革命将权力从贷方转移到利用专注于通过掠夺性策略获取资产的金融代理人。

更新日期:2021-04-06
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