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Between power and purpose: central bankers and the politics of regulatory convergence

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  • Kapstein, Ethan Barnaby

Abstract

In the early 1980s, when the debt crisis threatened to disrupt the pattern of trade and investment flows that had evolved since the end of World War II, central bankers faced the challenge of maintaining public confidence in the commercial banks that were at the heart of the international payments system. Although the central bankers agreed that a run on one international bank could lead to a global catastrophe requiring massive government intervention, they did not initially agree on a policy project to strengthen the international payments system. In analyzing central bank cooperation and the processes leading to the adoption of a single international capital adequacy standard, this article argues that agreement on a uniform standard was due to a combination of political power and shared purpose on the part of the United States and Britain. While the article does not argue that the central bankers were an epistemic community as defined in this issue, it further explores the conditions under which epistemic communities are likely to arise.

Suggested Citation

  • Kapstein, Ethan Barnaby, 1992. "Between power and purpose: central bankers and the politics of regulatory convergence," International Organization, Cambridge University Press, vol. 46(1), pages 265-287, January.
    • Handle: RePEc:cup:intorg:v:46:y:1992:i:01:p:265-287_00
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    Cited by:

    1. Coban, Mehmet Kerem, 2019. "Compliance forces, domestic policy process, and international regulatory standards: Compliance with Basel III," OSF Preprints x32nw, Center for Open Science.
    2. Helleiner, Eric & Pagliari, Stefano, 2011. "The End of an Era in International Financial Regulation? A Postcrisis Research Agenda," International Organization, Cambridge University Press, vol. 65(1), pages 169-200, January.
    3. White, William R., 2005. "Procyclicality in the Financial System: Do We Need a New Macrofinancial Stabilization Framework?," Kiel Economic Policy Papers 2, Kiel Institute for the World Economy (IfW Kiel).
    4. Goodhart, Lucy, 2015. "Brave new world? Macro prudential policy and the new political economy of The Federal Reserve," LSE Research Online Documents on Economics 60952, London School of Economics and Political Science, LSE Library.
    5. Daniel Mügge & Bart Stellinga, 2015. "The unstable core of global finance: Contingent valuation and governance of international accounting standards," Regulation & Governance, John Wiley & Sons, vol. 9(1), pages 47-62, March.
    6. Lütz, Susanne, 1998. "Wenn Banken sich vergessen ...: Risikoregulierung im internationalen Mehr-Ebenen-System," MPIfG Discussion Paper 98/5, Max Planck Institute for the Study of Societies.
    7. William R. White, 1999. "Evolving international financial markets: some implications for Central Banks," BIS Working Papers 66, Bank for International Settlements.
    8. Basham, James & Roland, Aanor, 2014. "Policy-making of the European Central Bank during the crisis: Do personalities matter?," IPE Working Papers 38/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    9. Bernard Hoekman & Douglas Nelson, 2020. "Rethinking international subsidy rules," The World Economy, Wiley Blackwell, vol. 43(12), pages 3104-3132, December.
    10. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093.
    11. Mai'a K. Davis Cross, 2015. "The Limits of Epistemic Communities: EU Security Agencies," Politics and Governance, Cogitatio Press, vol. 3(1), pages 90-100.
    12. Lucia Quaglia & Aneta Spendzharova, 2017. "Post‐crisis reforms in banking: Regulators at the interface between domestic and international governance," Regulation & Governance, John Wiley & Sons, vol. 11(4), pages 422-437, December.
    13. William R. White, 2006. "Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?," BIS Working Papers 193, Bank for International Settlements.
    14. Eric Helleiner, 2000. "The Politics of Global Financial Reregulation: Lessons from the Fight against Money Laundering," SCEPA working paper series. 2000-13, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    15. Manuela Moschella, 2015. "Currency wars in the advanced world: Resisting appreciation at a time of change in central banking monetary consensus," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 134-161, February.

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