The Political Economy of Banking Regulation – Does the Basel 3 Accord Imply a Change?
AbstractLiterature on the international financial architecture suggests that financial crises have had profound effects on both the balance of power in the establishment of financial regulation, and the economic impact of regulation on countries and regulated entities. In this article, we seek to add to this knowledge by studying the process by which the Basel Committee on Banking Supervision (BCBS) developed its third capital accord, the so-called Basel 3 accord. We also describe changes in BCBS’s governance and standard setting process, and ask whether these may have caused the economic impact of Basel 3 to differ from the Committee’s preceding capital accords (Basel 1 and 2). Our findings indicate that while BCBS still seem to develop standards that favor their traditional member countries, large international banks no longer seem as clearly favored by its latest capital accord. And while private actors still seem to dominate the exertion of influence over the committee, the governance structure of BCBS has changed towards a more transparent and politically accountable set-up.
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Bibliographic InfoArticle provided by Credit and Capital Markets in its journal Credit and Capital Markets.
Volume (Year): 46 (2013)
Issue (Month): 3 ()
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Web page: http://www.credit-and-capital-markets.de/
Political economy; international financial architecture; Basel Committee on Banking Supervision; Basel 3; Banking regulation;
Find related papers by JEL classification:
- F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
- F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
- P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
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