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Vandenhoeck & Ruprecht
For commercial banks dealing with public debt the oil price crisis of1973 / 1974 marks an... mehr
Das Geschäft mit den Staatsschulden
For commercial banks dealing with public debt the oil price crisis of1973 / 1974 marks an important turning point. In order to solve the problems of recycling “petro dollars” through transactions on the Euromarkets they became equal partners in a close cooperation with nation states and their central banks as well asinternational financial organizations – and they took this chance to expand internationally and grow rapidly. Deeply rooted in the attempts to solve the financial repercussions of the oil price crises of the 1970s, the contemporary situation of “regulatory capture” evolved: whereby nation states are unable to regulate globalfinancial markets according to their own political standards, because they themselves heavily depend on those markets.