UK and Multi-level Financial Regulation
From Post-crisis Reform to Brexit
«Scott James and Lucia Quaglia do an outstanding job.»
Erik Jones, Survival
The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). Les mer
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The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in
international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of
UK financial regulation after Brexit.
The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by
leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining
the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.
international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of
UK financial regulation after Brexit.
The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by
leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining
the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.
Detaljer
- Forlag
- Oxford University Press
- Innbinding
- Innbundet
- Språk
- Engelsk
- ISBN
- 9780198828952
- Utgivelsesår
- 2020
- Format
- 23 x 16 cm
Anmeldelser
«Scott James and Lucia Quaglia do an outstanding job.»
Erik Jones, Survival
«An immensely original, significant and timely contribution to our understanding of Brexit, post-crisis financial regulatory reform, and multi-level governance. Unerring - and, indeed, unerringly sophisticated. Its novel 'domestic political economy' perspective deserves to be widely followed.»
Colin Hay, Professor of Political Science, Sciences Po, Paris
«With the release of The UK and Multi-Level Financial Regulation , finance watchers will no longer need to baffle over the UKs seemingly erratic post-crisis behavior: its frequent departure from light-touch regulation, its inconsistent support of European and international harmonization, and its apparent abandonment of City of London interests in the pursuit of Brexit. James and Quaglias timely and readable book promises to be the guide to the UKs role in shaping recent and future financial regulation. Scholars, analysts, authorities, and market participants will appreciate the meticulously-researched cases, recognition of regulators as political actors, incorporation of complexity and temporality, and theoretical synthesis all of which contribute to a compelling explanation of British goals, strategies and influence within Europe and at the international level.»
Elliot Posner, Associate Professor of Political Science, Case Western Reserve University