Mobilizing moral boundaries: the politics of derivatives reform in the US

Orban, Agnes

doi:10.1080/13563467.2016.1162777

Cited by 11 publications

(2 citation statements)

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“…Recent insights from political economy suggest that the mobilization of outsider groups as a ‘countervailing force’ had significant effects on the regulatory design of post‐crisis financial reforms (Clapp and Helleiner,; Kastner, ;Orban, ; Pagliari and Young,; Woolley and Ziegler,). Given the public outcry and emerging popular pressures in response to the financial crisis, recent efforts on the part of scholars to explain regulatory change pay surprisingly little attention to newly mobilizing societal groups as change agents.…”

Section: Theoretical Approachesmentioning

confidence: 99%

From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms

Kastner

2017

J of Common Market Studies

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This article examines the role of non-financial interest groups in EU financial regulatory decisionmaking. While regulatory capture theories clearly helped identify the causes for the incrementality in spite of the major shock the 2008 crisis had caused, this article will consider a range of regulatory policy initiatives that do not neatly conform with this theory. I examine the extent to which nonfinancial groups are able to have their preferences met in the making of three different consumer policies: the Mortgage Credit Directive (MCD), stricter regulations of retail investment products (PRIPs/KID) and the reform of EU level supervisory structures. By employing a process-tracing approach based on qualitative interviews to analyze political responses to the 2008 financial crisis, the article demonstrates that newly mobilized groups could translate key advocacy goals into policy by deploying counter-expertise and co-operating with policy-makers in some cases but not in others.

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Section: Theoretical Approachesmentioning

confidence: 99%

From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms

Kastner

2017

J of Common Market Studies

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“…Applying his theory to post-crisis politics, Culpepper (2011: 197) predicted 'a weakened bargaining position' for organized interests in a 'radically changed political environment' and 'under intense public scrutiny'. Accordingly, scholars found that the financial crisis and the public outrage it caused was a catalyst in changing interest group dynamics that at least temporarily weakened the financial sector (Baker 2010;Clapp and Helleiner 2012;Kastner 2014;Orban 2016;Steinlin and Trampusch 2012;Woll 2013;Young 2013). How, then, can we explain the lobbying success of financial industry groups on a highly salient issue such as the FTT?…”

Section: Introductionmentioning

confidence: 99%

Business lobbying under salience – financial industry mobilization against the European financial transaction tax

Kastner

2017

Journal of European Public Policy

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This article examines interest group conflicts surrounding the financial transaction tax (FTT) debate in the European Union (EU). Specifically, it focuses on the advocacy efforts of EU-based financial industry groups at different stages of the policy debate. The article provides a detailed description of changes to the post-crisis regulatory environment and points to public salience as important factor that can constrain business power. Much in line with the existing literature, industry groups did not fare very well under conditions of high salience and public pressure during the agendasetting stage. However, this article also shows that in order to get back on its feet, the financial sector lobby had to employ a combination of quiet and noisy politics during later stages of the policy process. As soon as the contextual conditions provided by the financial crisis started to fade away, industry groups were able to bounce back by using a framing strategy that linked their arguments against an FTT to broader societal goals, by disseminating scientific evidence and by building coalitions with business groups outside of finance in order to water-down the proposed directive.

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Professional Authority and Anglo-American Finance in Crisis

Campbell‐Verduyn

2017

Professional Authority After the Global Financial Crisis

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Mobilizing moral boundaries: the politics of derivatives reform in the US

Cited by 11 publications

References 51 publications

From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms

From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms

Business lobbying under salience – financial industry mobilization against the European financial transaction tax

Professional Authority and Anglo-American Finance in Crisis

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