IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-02186537.html
   My bibliography  Save this paper

Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation

Author

Listed:
  • Cornelia Woll

    (CEE - Centre d'études européennes et de politique comparée (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

The virulent European Union hedge fund debate led many observers to suspect a paradigmatic battle between liberal market economies and countries in favour of tighter regulation. By contrast, this article points to the economic interests that drove government agendas. However, national preferences were not defined by the aggregate of a country's economic interests, but by very specific stakeholders only, despite the existence of opponents with considerable resources. This article argues that the unequal success of financial lobbyists depended on how their demands fitted into the government's overarching negotiation strategy. The primacy of government objectives, in turn, resulted from the high saliency of financial regulation and hedge funds in particular.

Suggested Citation

  • Cornelia Woll, 2013. "Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation," Post-Print hal-02186537, HAL.
    • Handle: RePEc:hal:journl:hal-02186537
    DOI: 10.1111/j.1468-5965.2012.02314.x
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-02186537
    as

    Download full text from publisher

    File URL: https://sciencespo.hal.science/hal-02186537/document
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1468-5965.2012.02314.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521118590.
    2. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, December.
    3. James Buckley & David Howarth, 2010. "Internal Market: Gesture Politics? Explaining the EU's Response to the Financial Crisis," Journal of Common Market Studies, Wiley Blackwell, vol. 48(s1), pages 119-141, September.
    4. Frieden, Jeffry A., 1991. "Invested interests: the politics of national economic policies in a world of global finance," International Organization, Cambridge University Press, vol. 45(4), pages 425-451, October.
    5. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521134132.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lisa Kastner, 2017. "Business lobbying under salience," SciencePo Working papers Main hal-02187871, HAL.
    2. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," Sciences Po publications info:hdl:2441/5i9sdlmn86d, Sciences Po.
    3. repec:hal:spmain:info:hdl:2441/5i9sdlmn86dbqvlbfj33d477 is not listed on IDEAS
    4. Daniela Gabor & Cornel Ban, 2016. "Banking on Bonds: The New Links Between States and Markets," Journal of Common Market Studies, Wiley Blackwell, vol. 54(3), pages 617-635, May.
    5. Francesca Colli & Johan Adriaensen, 2020. "Lobbying the state or the market? A framework to study civil society organizations’ strategic behavior," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 501-513, July.
    6. Javier Rivas Ruiz, 2016. "Lobbying, Campaign Contributions and Political Competition," Department of Economics Working Papers 55/16, University of Bath, Department of Economics.
    7. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," Post-Print hal-02186320, HAL.
    8. Kevin L Young & Timothy Marple & James Heilman & Bruce A Desmarais, 2023. "A double-edged sword: The conditional properties of elite network ties in the financial sector," Environment and Planning A, , vol. 55(4), pages 997-1019, June.
    9. Lisa Kastner, 2017. "Business lobbying under salience," Post-Print hal-02187871, HAL.
    10. Lucia Quaglia & Aneta Spendzharova, 2023. "Explaining the EU’s Uneven Influence Across the International Regime Complex in Shadow Banking," Politics and Governance, Cogitatio Press, vol. 11(2), pages 6-16.
    11. Adam W. Chalmers, 2020. "Unity and conflict: Explaining financial industry lobbying success in European Union public consultations," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 391-408, July.
    12. repec:hal:spmain:info:hdl:2441/3nka4e6nut8kgpcddm4r1h1hbf is not listed on IDEAS
    13. Lucia Quaglia & Aneta Spendzharova, 2017. "The Conundrum of Solving ‘Too Big to Fail’ in the European Union: Supranationalization at Different Speeds," Journal of Common Market Studies, Wiley Blackwell, vol. 55(5), pages 1110-1126, September.
    14. Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," Sciences Po publications info:hdl:2441/3nka4e6nut8, Sciences Po.
    15. Scott James & Lucia Quaglia, 2023. "Epistemic contestation and interagency conflict: The challenge of regulating investment funds," Regulation & Governance, John Wiley & Sons, vol. 17(2), pages 346-362, April.
    16. Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," SciencePo Working papers Main hal-02184200, HAL.
    17. Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," Post-Print hal-02184200, HAL.
    18. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," SciencePo Working papers Main hal-02186320, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cornelia Woll, 2013. "Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation," Sciences Po publications info:hdl:2441/6ggbvnr6mun, Sciences Po.
    2. repec:hal:spmain:info:hdl:2441/6ggbvnr6munghes9og5h9g9qi is not listed on IDEAS
    3. Cornelia Woll, 2013. "Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation," SciencePo Working papers Main hal-02186537, HAL.
    4. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," SciencePo Working papers Main hal-02186320, HAL.
    5. Lisa Kastner, 2016. "The Power of Weak Interests in Financial Reforms," SciencePo Working papers Main hal-02187883, HAL.
    6. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," Post-Print hal-02186320, HAL.
    7. Michel Goyer & Rocio Valdivielso del Real, 2014. "Protection of domestic bank ownership in France and Germany: The functional equivalency of institutional diversity in takeovers," Review of International Political Economy, Taylor & Francis Journals, vol. 21(4), pages 790-819, August.
    8. Lisa Kastner, 2016. "The Power of Weak Interests in Financial Reforms: Explaining the Creation of a US Consumer Agency," Sciences Po publications 16/1, Sciences Po.
    9. Lisa Kastner, 2016. "The Power of Weak Interests in Financial Reforms," Working Papers hal-02187883, HAL.
    10. repec:hal:spmain:info:hdl:2441/lnut9loog913o0nq70ianfbt1 is not listed on IDEAS
    11. repec:hal:spmain:info:hdl:2441/5i9sdlmn86dbqvlbfj33d477 is not listed on IDEAS
    12. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," Sciences Po publications info:hdl:2441/5i9sdlmn86d, Sciences Po.
    13. Francesca Colli & Johan Adriaensen, 2020. "Lobbying the state or the market? A framework to study civil society organizations’ strategic behavior," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 501-513, July.
    14. Scott James, 2016. "The domestic politics of financial regulation: Informal ratification games and the EU capital requirement negotiations," New Political Economy, Taylor & Francis Journals, vol. 21(2), pages 187-203, March.
    15. Frederik Stevens & Iskander De Bruycker, 2020. "Influence, affluence and media salience: Economic resources and lobbying influence in the European Union," European Union Politics, , vol. 21(4), pages 728-750, December.
    16. Fairfield Tasha, 2015. "Structural power in comparative political economy: perspectives from policy formulation in Latin America," Business and Politics, De Gruyter, vol. 17(3), pages 411-441, October.
    17. Nils Redeker & Stefanie Walter, 2020. "We’d rather pay than change the politics of German non-adjustment in the Eurozone crisis," The Review of International Organizations, Springer, vol. 15(3), pages 573-599, July.
    18. Neimanns, Erik & Blossey, Nils, 2022. "From media-party linkages to ownership concentration causes of cross-national variation in media outlets' economic positioning," MPIfG Discussion Paper 22/8, Max Planck Institute for the Study of Societies.
    19. Kinderman, Daniel, 2014. "Challenging varieties of capitalism's account of business interests: The new social market initiative and German employers' quest for liberalization, 2000-2014," MPIfG Discussion Paper 14/16, Max Planck Institute for the Study of Societies.
    20. Pritish Behuria, 2019. "The comparative political economy of plastic bag bans in East Africa: why implementation has varied in Rwanda, Kenya and Uganda," Global Development Institute Working Paper Series 372019, GDI, The University of Manchester.
    21. Hassel, Anke, 2011. "The paradox of liberalization – understanding dualism and the recovery of the German political economy," LSE Research Online Documents on Economics 53212, London School of Economics and Political Science, LSE Library.
    22. Lisa Kastner, 2014. "‘Much ado about nothing?’ Transnational civil society, consumer protection and financial regulatory reform," Post-Print hal-02186500, HAL.
    23. Massoc, Elsa Clara, 2022. "Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)," SAFE Working Paper Series 338, Leibniz Institute for Financial Research SAFE.

    More about this item

    Keywords

    Lobbying; Economic interests;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-02186537. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.