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Bank cooperation and banking policy in a monetary union: A political-economy perspective on EMU

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Author Info
Hans Grüner
Carsten Hefeker

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Abstract

Why do large European banks lobby for monetary union? We show in a game-theoretic model that montary union can trigger a change in the structure of the market for international banking transactions with asymmetric effects on profits: large banks are induced to cooperate internationally and gain from European Monetary Union (EMU), while small banks are likely to lose. Monetary union can be interpreted as a device for large banks to push small banks out of the market for cross-border financial services. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF01886820
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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 7 (1996)
Issue (Month): 3 (July)
Pages: 183-198
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Handle: RePEc:kap:openec:v:7:y:1996:i:3:p:183-198

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Web page: http://www.springerlink.com/link.asp?id=100323

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Related research
Keywords: European Monetary Union; interest groups; banking policy; bank cooperation; E5; F3; G2;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bofinger, Peter, 1994. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 915, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Casella, Alessandra, 1992. "On Markets and Clubs: Economic and Political Integration of Regions with Unequal Productivity," American Economic Review, American Economic Association, vol. 82(2), pages 115-21, May. [Downloadable!] (restricted)
  3. Giovanni, Alberto, 1993. "Central banking in a monetary union: reflections on the proposed statute of the European Central Bank," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 38(1), pages 191-230, June. [Downloadable!] (restricted)
  4. Frieden, Jeffry A., 1991. "Invested interests: the politics of national economic policies in a world of global finance," International Organization, Cambridge University Press, vol. 45(04), pages 425-451, September. [Downloadable!]
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  5. Vaubel, Roland, 1990. "Currency Competition and European Monetary Integration," Economic Journal, Royal Economic Society, vol. 100(402), pages 936-46, September. [Downloadable!] (restricted)
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