Bank Behaviour and Resilience: The Effect of Structures, by Caner Bakir (auth.)

By Caner Bakir (auth.)

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Holm, 1995: 398). Seo and Creed (2002: 226) refer to this as the ‘paradox of embedded agency’. Theory of institutional work in organisational institutionalism aims to address this paradox (Battilana and D’Aunno, 2009). , existence of institutional entrepreneurs ‘who adopt leadership roles in episodes of institution building’) (Battilana and D’Aunno, 2009: 37–42). This book benefits from this useful insight: Agents are empowered to act by institutions and their resources. : 36, 38); it shows how structural and institutional complementarities as enabling conditions interact with individual/organisational resources of agency; it is interested in both arrows, from structures and institutions to agents, and from agents to institutions and structures rather than focusing on the latter only (Lawrence, Suddaby and Leca, 2009: 7); and it also emphasises how agency arises from the agent’s ability to translate knowledge and ideas to policies, and Sources of Bank Behaviour 15 the utilisation of discursive tools to capture policy debate rather than focusing how an agent is empowered by various enabling conditions only.

In this context, banks are likely to adopt prudent behaviour in order to have a very good credit rating to access international wholesale funds at a reasonable cost. 5 Institutional change and persistence and agency-level enabling conditions The analysis of agency-level enabling conditions that inform bank behaviour and the role of agency in institutional change and persistence in prudential and competition regulation and supervision in interactive processes are integral parts of the conceptual analysis in this book.

Severe competition in the retail market reinforced financial incentives for excessive risk-taking. Like a macroeconomic structure, a market structure reinforced similar material incentives for opportunistic bank behaviour in Germany. But Japanese banks had lower levels of involvement in originate-todistribute type activities than some of the German banks and many of their US and UK banking counterparts. This divergence has been due, in part, to Japan’s post-bubble recession in the 1990s which reinforced risk-averse banking behaviour despite high levels of domestic saving and low levels of domestic investment ratio.

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