Great Expectations, Slow Transformations: Incremental Change in Post-Crisis Regulation [Hardcover]

Drawing from comparative politics and historical institutionalism in particular, as well as international political economy, this book answers these questions by examining the particular institutional frictions which characterise global financial governance.In the aftermath of the financial crisis, why have reforms been incremental, despite the fact that conditions for rapid transformation appeared to be available? Is there anything specific about financial policy that prevents more radical reforms? Drawing from comparative politics and historical institutionalism in particular, as well as international political economy, this book answers these questions by examining the particular institutional frictions which characterise global financial governance, and which influence the activity of change agents and veto players involved in global regulatory change. Chapters demonstrate that the process of change in financial rule-making, as well as in the institutions governing finance, do not fit with the punctuated model of policy change. They also show, however, that incremental changes can lead to fundamental shifts in the basic principles that inform global financial governance.ContentsList of Figures and Tables viiContributors ixAcknowledgements xiChapter One: Introduction: The Financial Crisis and the Politics ofReform: Explaining Incremental ChangeManuela Moschella and Eleni Tsingou 1Chapter Two: When New Ideas Meet Existing Institutions: WhyMacroprudential Regulatory Change is a Gradual ProcessAndrew Baker 35Chapter Three: Financial Services Governance in the EuropeanUnion after the Global Financial Crisis: Incremental Changes orPath-Breaking Reform?Lucia Quaglia 57Chapter Four: Global in Life, Still National in Death? Special BankResolution Regimes After the CrisisMartin B. Carstensen 77Chapter Five: Offshore Financial Centres, Shadow Banking andJurisdictional Competition: Incrementalism and Feeble Re-regulationThomas Rixen 95Chapter Six: The Wall-StreetMain-Streel<