Rowman and Littlefield International

Great Expectations, Slow Transformations

Incremental Change in Post-Crisis Regulation

Edited by Manuela Moschella

Drawing from comparative politics and historical institutionalism in particular, as well as international political economy, this book answers these questions by examining the particular institutional frictions which characterise global financial governance.

Paperback ISBN: 9781910259290 Release date: Jul 2014
£30.00 €41.00 $49.00
Hardback ISBN: 9781907301544 Release date: Jul 2013
£65.00 €90.00 $105.00

Pages: 240

ECPR Press

In the aftermath of the financial crisis, why have reforms been incremental, despite the fact that conditions for rapid transformation appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from comparative politics and historical institutionalism in particular, as well as international political economy, this book answers these questions by examining the particular institutional frictions which characterise global financial governance, and which influence the activity of change agents and veto players involved in global regulatory change. Chapters demonstrate that the process of change in financial rule-making, as well as in the institutions governing finance, do not fit with the punctuated model of policy change. They also show, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.

Contents

List of Figures and Tables vii

Contributors ix

Acknowledgements xi

Chapter One: Introduction: The Financial Crisis and the Politics of

Reform: Explaining Incremental Change

Manuela Moschella and Eleni Tsingou 1

Chapter Two: When New Ideas Meet Existing Institutions: Why

Macroprudential Regulatory Change is a Gradual Process

Andrew Baker 35

Chapter Three: Financial Services Governance in the European

Union after the Global Financial Crisis: Incremental Changes or

Path-Breaking Reform?

Lucia Quaglia 57

Chapter Four: Global in Life, Still National in Death? Special Bank

Resolution Regimes After the Crisis

Martin B. Carstensen 77

Chapter Five: Offshore Financial Centres, Shadow Banking and

Jurisdictional Competition: Incrementalism and Feeble Re-regulation

Thomas Rixen 95

Chapter Six: The Wall-Street—Main-Street Nexus in Financial

Regulation: Business Coalitions Inside and Outside the Financial

Sector in the Regulation of OTC Derivatives

Stefano Pagliari and Kevin Young 125

Chapter Seven: Continuity of Expert Rule: Global Accountancy

Regulation After the Crisis

Sebastian Botzem 149

Chapter Eight: Still in the Market for Change: The Mass Public as

a Veto-Player in US and Danish Mortgage-Systems Reform

Iver Kjar 173

Chapter Nine: Conclusions: Too Little, Too Slow?

Manuela Moschella and Eleni Tsingou 193

Index 217

Manuela Moschella is Assistant Professor of Political Science at the University of Turin. She is the author of Governing Risk: The IMF and Global Financial Crises published by Palgrave Macmillan in 2010. Her research interests include the politics of financial crises and processes of institutional change with a particular focus on the international financial institutions. She has published on these issues in a number of journals, including the Review of International Political Economy, New Political Economy, the Journal of Public Policy, Comparative European Politics and Comparative Economic Studies. She is currently co-editing the new Handbook of Global Economic Governance for Routledge.


Eleni Tsingou is Assistant Professor of International Political Economy at the Copenhagen Business School and Senior Research Fellow at the University of Warwick. She is the author of numerous chapters and articles on the governance of global finance and her work has appeared in Review of International Political Economy, International Politics and International Political Sociology. She was also a member of the Warwick Commission on International Financial Reform.

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