A step too far? The European FTT on shadow banking

Gabor, D. (2016) A step too far? The European FTT on shadow banking. Journal of European Public Policy, 23 (6). pp. 925-945. ISSN 1350-1763 Available from: http://eprints.uwe.ac.uk/26862

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Abstract/Description

This paper focuses on the European Commission's proposals to include the repo market – a market systemic to European (shadow) banking – in the financial transactions tax (FTT). It asks why the FTT governments negotiating under the enhanced co-operation procedure quickly removed the repo market from the scope of the FTT. It argues that the European repo market, rather than a shadow market energized by regulatory arbitrage, as it is customary to portray it, grew out of a public–private joint venture before the crisis. Thus, regulators became deeply embedded – through their government bond markets and policy frameworks – in (repo) market-based finance. This convergence in public and private interests creates new trade-offs and ambiguous preferences that allow private finance to successfully mobilize resistance to reform, creating coalitions with public actors such as the European Central Bank.

Item Type: Article
Uncontrolled Keywords: shadow banking, repo markets, ECB, liquidity, collateral
Faculty/Department: Faculty of Business and Law > Department of Accounting, Economics and Finance
Depositing User: Professor D. Gabor
Date Deposited: 21 Sep 2015 13:51
Last Modified: 16 May 2016 14:42
URI: http://eprints.uwe.ac.uk/id/eprint/26862

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