Hedging its Bets: The UK and the Politics of European Financial Services Regulation. Buller, J. and Lindstrom, N. New Political Economy.
Paper doi abstract bibtex Some argue that European financial services regulation is witnessing a shift from a ‘market-making’ to a ‘market-shaping’ paradigm after the global financial crisis. This so-called ‘new’ political economy explanation stresses the role of ideas to understand this change. We consider this claim by providing an in-depth examination of recent European hedge fund legislation from the perspective of two key ‘market-making’ coalition members: the UK government and the hedge fund industry. We accept that the legislation represents a set-back for the ‘market-makers’ but question whether it represents a victory for the ‘market-shapers’. Moreover, we cast doubt on the causal role of ideas, calling for a domestic politics approach.
@article{buller_hedging_????,
title = {Hedging its {Bets}: {The} {UK} and the {Politics} of {European} {Financial} {Services} {Regulation}},
issn = {1356-3467},
shorttitle = {Hedging its {Bets}},
url = {http://www.tandfonline.com/doi/abs/10.1080/13563467.2012.700924},
doi = {10.1080/13563467.2012.700924},
abstract = {Some argue that European financial services regulation is witnessing a shift from a ‘market-making’ to a ‘market-shaping’ paradigm after the global financial crisis. This so-called ‘new’ political economy explanation stresses the role of ideas to understand this change. We consider this claim by providing an in-depth examination of recent European hedge fund legislation from the perspective of two key ‘market-making’ coalition members: the UK government and the hedge fund industry. We accept that the legislation represents a set-back for the ‘market-makers’ but question whether it represents a victory for the ‘market-shapers’. Moreover, we cast doubt on the causal role of ideas, calling for a domestic politics approach.},
urldate = {2012-07-25},
journal = {New Political Economy},
author = {Buller, Jim and Lindstrom, Nicole},
pages = {1--19},
file = {13563467.2012.700924.pdf:files/36837/13563467.2012.700924.pdf:application/pdf}
}