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How and to what extent did private actors influence Basel III?

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Gottschalk Ballo, Jannike

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Corporate Editor Freie Universität Berlin, FB Politik- und Sozialwissenschaften, Otto-Suhr-Institut für Politikwissenschaft Arbeitsstelle Internationale Politische Ökonomie
Abstract This paper deals with the actors and the changing power relations involved in global financial regulation. It explores the private sector’s influence on Basel III regulatory reforms, which were formulated by the Basel Committee on Banking Supervision as a response to the global financial crisis following the US subprime mortgage crisis in 2007-2008. Scholars argue that the dynamic between market actors and regulators of international finance has experienced a shift in power during the last couple of decades. Banks and other financial institutions have become more influential at the expense of states and regulatory institutions. This essay argues that private actors are important to ensure legitimacy and efficiency of regulation,and finds that they possess far greater powers than their consultative positions towards regulators might indicate.
Keywords banking; banking supervision; international agreement; financial market; regulation; financial crisis; private economy; regulatory authority
Classification Political Economy
Document language English
Publication Year 2012
City Berlin
Page/Pages 15 p.
Series PIPE - Papers on International Political Economy, 13/2012
ISSN 1869-8468
Status Published Version; reviewed
Licence Basic Digital Peer Publishing Licence