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National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This book explores why the EU has supported an increased role for NDBs, and how we might understand the dynamics between NDBs and European incentives and constraints.
List of contents
- 1: Daniel Mertens, Matthias Thiemann, and Peter Volberding: Introduction: The Making of a European Field of Development Banking
- Section I: Development Banking and European Governance
- 2: Eulalia Rubio and Matthias Thiemann: United in Diversity? Interests, Preferences, and Patterns of Engagement of Public Development Banks in the Implementation of the EU Budget
- 3: Peter Volberding: State Aid and National Development Banks in the EU
- 4: Stephany Griffith-Jones and Natalya Naqvi: Leveraging Policy Steer? Industrial Policy, Risk-sharing, and the European Investment Bank
- Section II: The Many Faces of Development Banking in the EU
- 5: Daniel Mertens: A German Model? KfW, Field Dynamics and the Europeanization of 'Promotional' Banking
- 6: Fabio Bulfone and Donato Di Carlo: Privatization, Crisis, and the Transformation of Cassa Depositi e Prestiti
- 7: Matthias Thiemann and Peter Volberding: The Rise of Bpifrance: The Rebirth of a Dirigiste State?
- 8: Judith Clifton, Daniel Díaz Fuentes, Clara García, and Ana Lara Gómez: Is a European "Hidden Investment State" Emerging in Spain? The Role of Instituto de Crédito Oficial
- 9: Dóra Piroska and Katalin Mér¿: Managing the Contradictions of Development Finance in the EU's Eastern Periphery: Development Banks in Hungary and Poland
- 10: Olga Mikheeva and Egert Juuse: Development Finance in the Baltic States and the process of Europeanisation
- 11: Jens Bastian: The Rise, Fall, and Return of Promotional Banking in Greece
- 12: Daniel Mertens, Matthias Thiemann, and Peter Volberding: Conclusion: Development Banking and the Future of European Capitalism
About the author
Daniel Mertens is Professor of International Political Economy at the University of Osnabrück. Prior to that, he was an assistant professor at Goethe University Frankfurt and a visiting scholar at Northwestern University. His work ranges from the politics of credit markets and banking to analyses of the modern tax state.
Matthias Thiemann is an assistant professor for European Public Policy at Sciences Po. His work focuses on the reconfiguration of financial markets after the 2007-8 crisis, with a particular focus on shadow banking, macro-prudential regulation, and the role of development banks in stabilizing financial markets.
Peter Volberding recently graduated with a PhD from the Government Department at Harvard University. His dissertation focused on the interaction between development banks, private financial markets, and development financial instruments.
Summary
National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This book explores why the EU has supported an increased role for NDBs, and how we might understand the dynamics between NDBs and European incentives and constraints.
Additional text
Finance is not neutral. The type of finance determines how growth in the real economy is structured. This book is an important contribution, advancing our understanding of this relationship and hence how finance is shaped and can be shaped to deliver long-run development and growth trajectories in Europe. It provides a rich history of the different evolutions, trajectories, and institutional setups of national development banks while also uncovering key lessons about instruments, structures, and levels of coordination across policy spheres. This is a valuable reading for anyone interested in the political economy of development banking and the various roles that development banks and institutions can play to deliver economic goals.
