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Hedging its Bets: The UK and the Politics of European Financial Services Regulation
Ist Teil von
New political economy, 2013-06, Vol.18 (3), p.391-409
Ort / Verlag
Abingdon: Routledge
Erscheinungsjahr
2013
Link zum Volltext
Quelle
Worldwide Political Science Abstracts
Beschreibungen/Notizen
Some argue that European financial services regulation is witnessing a shift from a 'market-making' to a 'market-shaping' paradigm after the global financial crisis. This so-called 'new' political economy explanation stresses the role of ideas to understand this change. We consider this claim by providing an in-depth examination of recent European hedge fund legislation from the perspective of two key 'market-making' coalition members: the UK government and the hedge fund industry. We accept that the legislation represents a set-back for the 'market-makers' but question whether it represents a victory for the 'market-shapers'. Moreover, we cast doubt on the causal role of ideas, calling for a domestic politics approach.