Abstract

This paper reconceptualizes the impact of US finance on European banking as a process of ‘extroverted financialisation’. This impact is commonly associated with the rise of ‘market-based banking’ (MBB). While MBB exposes how commercial banking has been deeply transformed by disintermediation and borrowing from wholesale markets, the concept struggles to capture the distinct imperatives of this process, and its uneven nature. By contrast, the concept of extroverted financialization captures the problems European banks have faced while adapting to US-led financialization. More specifically, the concept portrays the financialization of European banking as an outcome of new funding practices, called liability management (LM), developed in US money markets from the 1960s onwards. I show how this put pressures on European lenders because it allowed US banks to leverage extensively. To catch up, European banks had to improve their access to liquid USD, which forced them to find a way into the Eurodollar markets and into the US money markets. To operate in these markets, they had to gradually implement the practices of LM. This process of extroversion made their own banking models highly fragile and dependent on US money market funding. Despite adopting LM, they could not reduce their structural disadvantages vis-à-vis US banks.

摘要

本文将美国金融对欧洲银行业的影响重新定义为“外向金融化”过程。这种影响通常与“基于市场的银行业务”（MBB）的兴起有关。虽然 MBB 揭示了商业银行如何通过去中介化和从批发市场借款而发生深刻转变，但这一概念难以捕捉这一过程的独特必要性及其不平衡的性质。相比之下，外向金融化的概念抓住了欧洲银行在适应美国主导的金融化过程中所面临的问题。更具体地说，该概念将欧洲银行业的金融化描述为 1960 年代以来美国货币市场发展起来的称为负债管理 (LM) 的新融资实践的结果。我将展示这如何给欧洲银行施加压力，因为它允许美国银行广泛利用杠杆。为了迎头赶上，欧洲银行不得不改善获得流动美元的渠道，这迫使它们想方设法进入欧洲美元市场和美国货币市场。为了在这些市场中运作，他们不得不逐步实施LM的做法。这种外向化的过程使他们自己的银行模式非常脆弱，并且依赖于美国货币市场的资金。尽管采用了 LM，但它们无法减少相对于美国银行的结构性劣势。这种外向化的过程使他们自己的银行模式非常脆弱，并且依赖于美国货币市场的资金。尽管采用了 LM，但它们无法减少相对于美国银行的结构性劣势。这种外向化的过程使他们自己的银行模式非常脆弱，并且依赖于美国货币市场的资金。尽管采用了 LM，但它们无法减少相对于美国银行的结构性劣势。