The domestic sources and power dynamics of regulatory networks: evidence from the financial stability forum

Reisenbichler, Alexander

doi:10.1080/09692290.2015.1019539

Cited by 9 publications

(3 citation statements)

References 46 publications

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“…The emergence of the G20 illustrates a similar pattern. In the aftermath of the Asian Financial Crisis, a G20 forum dedicated to ministerial (trans-governmental) cooperation was created with a leadership level added a decade later during the global financial crisis (Bradford & Lim, 2010;Reisenbichler, 2015). From the historical perch of the Bretton Woods conference, plurilateral informal forums like the G20 were anathema to the post-war system of global economic governance.…”

Section: Innovationsmentioning

confidence: 99%

Legacies and innovations in global economic governance since Bretton Woods

Fioretos

Heldt

2019

Review of International Political Economy

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The international economic system that emerged after the 1944 Bretton Woods conference became the most durable international arrangement devoted to economic openness. Seventy-five years after the conference, however, global shifts in power, institutional gridlock, and populist backlash figure prominently in accounts predicting the system's demise. This article examines the legacies of the Bretton Woods conference for structures and practices of global economic governance and innovations that emerged over time to adapt the system to new political and economic circumstances. It explores how and why the Bretton Woods system became a more variegated system over time with respect to four features of governance: membership, legalization, organizational focality, and market embeddedness. It identifies sources and effects of expanding membership in the International Monetary Fund and the World Bank, the emergence of new formal and informal institutions, the challenges of a more fragmented institutional landscape, and shifts in the underlying principles of economic governance. Finally, the article discusses lessons from past crises in and reforms to the Bretton Woods system, and their implications for understanding recent challenges to global economic cooperation.

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Section: Innovationsmentioning

confidence: 99%

Legacies and innovations in global economic governance since Bretton Woods

Fioretos

Heldt

2019

Review of International Political Economy

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“…Indeed, while working with the IMF lends the aura of expertise to the G20's MAP (author interview 12.4.2011), the fact that the initiative was spearheaded directly by governments offers the likelihood of more credible outcomes and stronger 'political ownership' (G20, 2012). The trend here is towards state-centered cooperation (Reisenbichler 2015). The IMF, for example is similarly lending as well as duplicating _ expertise to the reformed and rebranded Financial Stability Board (FSB), a key forum for international financial regulation, whilst the ownership rests clearly with the participating finance ministers.…”

Section: P1: Presencementioning

confidence: 99%

Bringing Balance to the Force? A Comparative Analysis of Institutionalisation Processes in the G20’s Mutual Assessment Process and the EU’s Macroeconomic Imbalances Procedure

Rommerskirchen

Snaith

2017

New Political Economy

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Events from 2008 onwards have bought the old consensus on the sound money and finance paradigm (the 'Great Moderation') into bold relief. One manifestation of this crisis of belief is the increased focus on global imbalances, institutionally reflected in the creation of the Mutual Assessment Process (MAP) at the G20 level and subsequently the Macroeconomic Imbalances Procedure (MIP) at the European Union (EU) level. Comparing both newcomers to international macroeconomic policy coordination, this article analyses four features that shape (and we show, institutionalise) the process of paradigm contestation: presence, position, promotion and plausibility. We argue that although initially the G20's MAP scored higher in terms of presence, position and promotion, it is the EU's MIP, which heralds a more substantial shift in macroeconomic management. Collectively, both indicate the increased prominence of global imbalances as the subject of inter-or supra-national management, and a broadening of the notion of necessary or legitimate economic governance.

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“…As a result, this IO has also become the world's largest data collection and aggregation machine on shadow banking issues. The FSB is a technocratic expert-based institution that is also backed by state power (Reisenbichler 2015).…”

Section: Professional Expertise and The Technocracymentioning

confidence: 99%

Grey matter in shadow banking: international organizations and expert strategies in global financial governance

Ban

Seabrooke

Freitas

2016

Review of International Political Economy

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Who controls global policy debates on shadow banking regulation? We show how experts secured control over how issues in shadow banking regulation are treated by examining the policy recommendations of the Bank of International Settlements, the International Monetary Fund and the Financial Stability Board. The evidence suggests that IO experts embedded a bland reformism opposed to both strong and 'light touch' regulation at the core of the emerging regulatory regime. Technocrats reinforced each other's expertise, excluded some potential competitors (legal scholars), coopted others (select Fed and elite academic economists), and deployed measurement, mandate, and status strategies to assert issue control. In the field of shadow banking regulation, academic economists' influence came from their credibility as arbitrageurs between several professional fields rather than their intellectual output. The findings have important implications for how we study the relationship between IO technocrats and experts from other professional fields.

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The domestic sources and power dynamics of regulatory networks: evidence from the financial stability forum

Cited by 9 publications

References 46 publications

Legacies and innovations in global economic governance since Bretton Woods

Legacies and innovations in global economic governance since Bretton Woods

Bringing Balance to the Force? A Comparative Analysis of Institutionalisation Processes in the G20’s Mutual Assessment Process and the EU’s Macroeconomic Imbalances Procedure

Grey matter in shadow banking: international organizations and expert strategies in global financial governance

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