The Club Rules in Global Financial Governance

    Research output: Contribution to journalJournal articleResearchpeer-review

    Abstract

    Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.
    Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.
    LanguageEnglish
    JournalPolitical Quarterly
    Volume85
    Issue number4
    Pages417-419
    ISSN0032-3179
    DOIs
    StatePublished - 2014

    Keywords

      Cite this

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      title = "The Club Rules in Global Financial Governance",
      abstract = "Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.",
      keywords = "Clubs, Crisis, Financial reform, Policy communities",
      author = "Eleni Tsingou",
      year = "2014",
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      language = "English",
      volume = "85",
      pages = "417--419",
      journal = "Political Quarterly",
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      }

      The Club Rules in Global Financial Governance. / Tsingou, Eleni.

      In: Political Quarterly, Vol. 85, No. 4, 2014, p. 417-419.

      Research output: Contribution to journalJournal articleResearchpeer-review

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      KW - Clubs

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      KW - Financial reform

      KW - Policy communities

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      JF - Political Quarterly

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