Global Governance and Regulatory Failure: The Political Economy of Banking PDF
Preview Global Governance and Regulatory Failure: The Political Economy of Banking
InternationalPoliticalEconomySeries SeriesEditor:TimothyM.Shaw,VisitingProfessor,UniversityofMassachusetts Boston,USAandEmeritusProfessor,UniversityofLondon,UK The global political economy isin flux asa seriesof cumulativecrisesimpacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissionsandpublicationson indebtedEurozone economiesinSouthern Europe. An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and ‘the rest’, especiallytheBRICS,rise. Titlesinclude: KateErvineandGavinFridell(editors) BEYONDFREETRADE AlternativeApproachestoTrade,PoliticsandPower RayKiely THEBRICS,US‘DECLINE’ANDGLOBALTRANSFORMATIONS PhilipFountain,RobinBushandR.MichaelFeener(editors) RELIGIONANDTHEPOLITICSOFDEVELOPMENT MarkusFraundorfer BRAZIL’SEMERGINGROLEINGLOBALSECTORALGOVERNANCE Health,FoodSecurityandBioenergy KatherineHirschfeld GANGSTERSTATES OrganizedCrime,KleptocracyandPoliticalCollapse MatthewWebbandAlbertWijeweera(editors) THEPOLITICALECONOMYOFCONFLICTINSOUTHASIA MatthiasEbenau,IanBruffandChristianMay(editors) STATESANDMARKETSINHYDROCARBONSECTORS CriticalandGlobalPerspectives JeffreyDayton-Johnson LATINAMERICA’SEMERGINGMIDDLECLASSES EconomicPerspectives AndreiBelyiandKimTalus STATESANDMARKETSINHYDROCARBONSECTORS DriesLesageandThijsVandeGraaf RISINGPOWERSANDMULTILATERALINSTITUTIONS LeslieElliottArmijoandSaoriN.Katada(editors) THEFINANCIALSTATECRAFTOFEMERGINGPOWERS ShieldandSwordinAsiaandLatinAmerica MdMizanurRahman,TanTaiYong,AhsanUllah(editors) MIGRANTREMITTANCESINSOUTHASIA Social,EconomicandPoliticalImplications BartholomewPaudyn CREDITRATINGSANDSOVEREIGNDEBT ThePoliticalEconomyofCreditworthinessthroughRiskandUncertainty LourdesCasanovaandJulianKassum THEPOLITICALECONOMYOFANEMERGINGGLOBALPOWER InSearchoftheBrazilDream ToniHaastrup,andYong-SooEun(editors) REGIONALISINGGLOBALCRISES TheFinancialCrisisandNewFrontiersinRegionalGovernance KobenaT.Hanson,CristinaD’AlessandroandFrancisOwusu(editors) MANAGINGAFRICA’SNATURALRESOURCES CapacitiesforDevelopment DanielDaianu,CarloD’Adda,GiorgioBaseviandRajeeshKumar(editors) THEEUROZONECRISISANDTHEFUTUREOFEUROPE ThePoliticalEconomyofFurtherIntegrationandGovernance KarenE.Young THE POLITICAL ECONOMY OF ENERGY, FINANCE AND SECURITY IN THE UNITEDARABEMIRATES BetweentheMajilisandtheMarket MoniqueTaylor THECHINESESTATE,OILANDENERGYSECURITY BenedicteBull,FulvioCastellacciandYuriKasahara BUSINESSGROUPSANDTRANSNATIONALCAPITALISMINCENTRALAMERICA EconomicandPoliticalStrategies LeilaSimonaTalani THEARABSPRINGINTHEGLOBALPOLITICALECONOMY TowardsaPoliticalEconomyoftheUndergroundinGlobalCities InternationalPoliticalEconomySeries SeriesStandingOrderISBN978–0–333–71708–0hardcover 978–0–333–71110–1paperback Youcanreceivefuturetitlesinthisseriesastheyarepublishedbyplacingastandingorder. Pleasecontactyourbookselleror,incaseofdifficulty,writetousattheaddressbelowwith yournameandaddress,thetitleoftheseriesandoneoftheISBNsquotedabove. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, HampshireRG216XS,England Global Governance and Regulatory Failure The Political Economy of Banking Roman Goldbach DeutscheBundesbank,Germany ©RomanGoldbach2015 Allrightsreserved.Noreproduction,copyortransmissionofthis publicationmaybemadewithoutwrittenpermission. Noportionofthispublicationmaybereproduced,copiedortransmitted savewithwrittenpermissionorinaccordancewiththeprovisionsofthe Copyright,DesignsandPatentsAct1988,orunderthetermsofanylicence permittinglimitedcopyingissuedbytheCopyrightLicensingAgency, SaffronHouse,6–10KirbyStreet,LondonEC1N8TS. Anypersonwhodoesanyunauthorizedactinrelationtothispublication maybeliabletocriminalprosecutionandcivilclaimsfordamages. Theauthorhasassertedhisrighttobeidentifiedastheauthorofthiswork inaccordancewiththeCopyright,DesignsandPatentsAct1988. Firstpublished2015by PALGRAVEMACMILLAN PalgraveMacmillanintheUKisanimprintofMacmillanPublishersLimited, registeredinEngland,companynumber785998,ofHoundmills,Basingstoke, HampshireRG216XS. PalgraveMacmillanintheUSisadivisionofStMartin’sPressLLC, 175FifthAvenue,NewYork,NY10010. PalgraveMacmillanisaglobalacademicimprintoftheabovecompanies andhascompaniesandrepresentativesthroughouttheworld. Palgrave®andMacmillan®areregisteredtrademarksintheUnitedStates, theUnitedKingdom,Europeandothercountries. ISBN 978-1-349-69870-7 ISBN 978-1-137-50003-8 (eBook) DOI 10.1007/978-1-137-50003-8 Thisbookisprintedonpapersuitableforrecyclingandmadefromfully managedandsustainedforestsources.Logging,pulpingandmanufacturing processesareexpectedtoconformtotheenvironmentalregulationsofthe countryoforigin. AcataloguerecordforthisbookisavailablefromtheBritishLibrary. AcatalogrecordforthisbookisavailablefromtheLibraryofCongress. For my parents and for Lisa, with gratitude This page intentionally left blank Contents ListofFigures ix ListofTables x Acknowledgements xi ListofAbbreviations xii 1 TheGreatRecession,RegulatoryFailureandGlobal Governance 1 1.1 Globalgovernanceandfinancialcrisis 1 1.2 Transgovernmentalgovernanceandregulatoryfailure 2 1.3 Interdependenceandthecollisionofcompetition stateandglobalgovernance 5 1.4 TransnationallayeringandtheNewInterdependence Approach 8 1.5 Eclecticisminthestudyofworldpolitics 12 1.6 Theargument:thetransnationalregulatoryregime andregulatoryfailure 13 1.7 Planofthebook 16 2 GlobalFinancialInstabilityandtheEvolutionofGlobal BankingRegulation 20 2.1 Financialstabilityandbankingregulation 20 2.2 EvolutionoftheBaselCommittee 25 3 Theory:InfluenceinGlobalBankingRegulationand theTransnationalRegulatoryRegime 45 3.1 Influenceinglobalbankingregulation 47 3.2 Competitionstateandopportunitystructuresofthe regulatoryregime 52 3.3 Globalgovernanceandopportunitystructuresofthe transnationalregulatoryregime 66 4 GlobalBankingRegulationBeforetheGreatRecession: TheDynamicsofBaselII 76 4.1 Anapproachtoassessinfluenceintheglobalpolitical economy 77 4.2 BaselIIpolicyanalysis 87 vii viii Contents 4.3 TheglobalpoliticsoftheBaselIIprocess 100 4.4 Summary:BaselII,theGreatRecessionandthe globalpoliticaleconomy 161 5 GlobalBankingRegulationaftertheGreatRecession: BaselIII,FSB,G20 181 5.1 Newpolicies:BaselIIIandglobalsystemically importantbanks 182 5.2 Newlayersinthegovernancestructureandthe deepeningtransnationalregulatoryregime:BCBS, FSB,G20 193 6 Conclusion:LayersandGapsintheGlobalPolitical Economy 208 6.1 Globalbankingregulationandfinancialstability 209 6.2 Globalfinancialgovernanceandregulatoryreform: diligent,butfeeble 218 6.3 Layersandgapsingoverningtheglobalpolitical economy 221 Notes 226 References 247 Index 267 List of Figures 2.1 TheBaselCommitteeonBankingSupervision, organisationalchart(officialversionuntil2012) 36 2.2 TheBaselCommitteeonBankingSupervision, organisationalchart(officialversionsince2013) 38 3.1 Processmapofinfluenceinthetransnationalregulatory regimeofbanking 53 3.2 Nestedtransnationalregulatorystandardsgamewith twointeractionmodesofeitherinternational negotiationortransnationaldeliberation 68 4.1 Integrationandrejectionratesinepisode1 110 4.2 Integrationandrejectionratesinepisode2 120 4.3 Integrationandrejectionratesinepisode3 142 4.4 Integrationandrejectionratesinepisode4 158 4.5 IntegrationandrejectionratesinBaselII(sumofall episodes) 173 ix
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