The Diffusion of Financial Supervisory Governance Ideas

Abstract

This is the accepted version of the paper.This version of the publication may differ from the final published version. To answer this question I draw on two political economy literatures. The first is sociological constructivism. This is a broad group that includes work by Blyth (1997), Chwieroth (2010), Dobbin (1994, Sikkink (1998, 2001), Jacobs (2008), McNamara (1998McNamara ( , 2002, Windmaier, Blyth and Permanent repository linkSeabrooke (2007), and Yee (1996). One important component of this literature is the assertion that new, socially spread ideas (see Fligstein, 2001) can shape policymakers' understanding of how policies achieve their goals. Ideas can change what policies actors are likely to prefer and implement. According to this approach, the promotion of the SEC or FSA models as "best practice" by prominent and powerful international institu-

Information and Financial Crisis Policymaking

“…The typical solution, as with central banking, has been to grant regulators' de facto operational independence from elected policymakers (Gandrud, 2013;Walter, 2008, Ch. 1).…”

When all is said and done: updating “Elections, special interests, and financial crisis”

“…Their data is part of an irregular, but ongoing, compilation of information on financial crises that has largely been done by staff at the International Monetary Fund (IMF) and the World Bank over almost two decades (Caprio et al, 2005;Caprio and Klingebiel, 1996, 1997, 2002Klingebiel, 2000, 2003;Laeven and Valencia, 2008Lindgren et al, 1996). Researchers studying financial crises and related policy issues have relied heavily upon the related data sets (a brief sample includes Alt et al, 2014;Bush et al, 2014;Gandrud, 2013;Ha and Kang, 2015;Jordana and Rosas, 2014;Keefer, 2007;Kleibl, 2013;Montinola, 2003;Pepinsky, 2012;Rosas, 2006Rosas, , 2009aWibbels and Roberts, 2010). In fact, almost all recent cross-national research on some aspect of financial crises have relied on either the IMF/World Bank data set or another data set by Reinhart and Rogoff (2010), which is itself heavily based on prior versions of the IMF/ World Bank data.…”

“…Recent examples of research that use the Reinhart and Rogoff data set includeChwieroth and Walter (2013);Gandrud (2013Gandrud ( , 2014;Kleibl (2013). 2.…”