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Convergence within National Diversity: A Comparative Perspective on the Regulatory State in Finance

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  • Lütz, Susanne
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    Abstract

    The international political economy literature often expects that states end up in regulatory races to the bottom while competing for the most mobile segments of capital. While multilateralism argues that states are able to overcome prisoner dilemma situations by converging on international standards of regulation, comparative historical institutionalists assume ongoing diversity of regulatory frameworks. The paper shows that reforms of banking regulation in the U.S., Britain and in Germany exemplify a pattern of "convergence within national diversity." It is argued that a combination of comparative institutionalism with a multilateral perspective allows researchers to capture the causes and patterns of regulatory reform in finance. While convergence on a certain "hegemonic regulatory model" is due to intergovernmental coordination at the regime level, national diversity with respect to timing and extent of regulatory change depends to a large extent on the existence or absence of institutional veto points in the domestic political system. -- In der internationalen politischen Ökonomie wurde von einigen Autoren die These vertreten, dass sich Nationalstaaten im Wettbewerb um das mobile Kapital in eine Abwärtsspirale bewegen, die zu niedrigeren regulativen Standards führt. Multilaterale Ansätze hingegen betonen, dass Staaten solche Prisoner-Dilemma-Situationen durch Harmonisierung und Konvergenz auf internationale Regulierungsstandards überwinden können, während die Perspektive des vergleichenden historischen Institutionalismus wiederum von stabiler Diversität nationaler Regulierungsmodelle ausgeht. Der vorliegende Beitrag zeigt, dass Reformen der Bankenregulierung in den Vereinigten Staaten, Großbritannien und Deutschland zur ?Konvergenz innerhalb nationaler Vielfalt? führten. Es wird argumentiert, dass die Ursachen und Muster regulativer Reformen im Finanzsektor am besten durch eine Verknüpfung von multilateraler Perspektive mit dem historischen Institutionalismus zu erklären sind. Während Konvergenz in Richtung auf ein ?hegemoniales Regulierungsmodell? Ergebnis intergouvernementaler Verhandlungen auf Regimeebene ist, hängen nationale Unterschiede in Bezug auf den Ablauf und die Reichweite regulativen Wandels zum großen Teil vom Vorhandensein institutioneller Vetopunkte im nationalen politischen System ab.

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    Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 03/7.

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    Date of creation: 2003
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    Handle: RePEc:zbw:mpifgd:037

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    1. Maximilian J.B Hall, 2002. "Banking Regulation and Supervision in Japan," FMG Special Papers sp139, Financial Markets Group.
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