Market-Based Banking and the International Financial Crisis

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The de-financialization of housing: towards a research agenda (2020, background): “Hardie and Howarth (2013), for example, have presented evidence that more patient and longterm oriented ‘stakeholder banks’ have performed better during the crisis than market-based, commercial investment banks.”
Banking on Stability: The Political Economy of New Capital Requirements in the European Union (2013, background): “This is part of a more general story about the early deleveraging of British banks and the collapse of lending, which had previously relied on securitisation and short term bank funding on wholesale markets (Hardie and Howarth 2013).”
Financialization and Economic Development: A Debate on the Social Efficiency of Modern Finance (2018, background): “In short, there are reasons to believe that a bank-based financial system is inferior to an alternative, market-based financial system (Demirgüc-Kunt et al., 2012; Levine, 2005; see Hardie and Howarth, 2013, for a critique).”