Suchergebnisse

States require money to function and therefore every government has to continuously raise new funds. On the financial markets, governments cannot be sure that auctions of their debt will be sufficiently attractive to financial investors, which is why governments usually enter into cooperative agreements with selected banks. The best known and most widespread form of cooperation is the primary dealer system. Primary dealers are banks that agree to participate regularly in government debt auctions and to act as formalized market makers on government debt markets. The article analyzes European primary dealer systems and asks why banks are willing to participate in these systems. I will show that both domestic and foreign banks use their status as primary dealers to build long-term relationships with one or more European governments and to gain an advantage on the global stage. In Bourdieu's terms, primary dealer banks use their financial capital to accumulate social and symbolic capital.

In dem Artikel untersuche ich Privatverschuldung als Ungleichheits-mechanismus. Am Beispiel von 21 europäischen Staaten frage ich nach den zwischen- und innerstaatlichen Verschuldungsmustern. Darauf aufbauend erlaubt mir eine Kombination der beiden Perspektiven, die europäischen Verschuldungsmuster in den Blick zu nehmen. Insgesamt lassen sich hier vier europäische Verschuldungsmuster aufzeigen.

States require money to function and therefore every government has to continuously raise new funds. On the financial markets, governments cannot be sure that auctions of their debt will be sufficiently attractive to financial investors, which is why governments usually enter into cooperative agreements with selected banks. The best known and most widespread form of cooperation is the primary dealer system. Primary dealers are banks that agree to participate regularly in government debt auctions and to act as formalized market makers on government debt markets. The article analyzes European primary dealer systems and asks why banks are willing to participate in these systems. I will show that both domestic and foreign banks use their status as primary dealers to build long-term relationships with one or more European governments and to gain an advantage on the global stage. In Bourdieu's terms, primary dealer banks use their financial capital to accumulate social and symbolic capital.

Christian Lahusen: Das gespaltene Europa - Eine politische Soziologie der Europäischen Union. Frankfurt am Main u.a.: Campus Verlag 2019. 978-3-593-51046-0