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The life cycles of competing policy norms: localizing European and developmental central banking ideas
[working paper]
Abstract During the 20th century, the institution called central bank was diffused globally. However, central banking practices differed significantly between European market-based economies and developing economies. This paper traces the ideas and norms that shaped and legitimized central banking practices ... view more
During the 20th century, the institution called central bank was diffused globally. However, central banking practices differed significantly between European market-based economies and developing economies. This paper traces the ideas and norms that shaped and legitimized central banking practices in the two areas. The paper argues that during the period from the 1940s to the 1970s two central banking policy norms existed: the liberal norm, which emerged in Europe, and the developmental central banking norm, which emerged in Latin America and diffused to East Asia. The paper seeks to trace the life cycles of the two norms: to specify the ideational content of each norm and to identify the actors and networks that produced, promoted and diffused them. The paper makes two contributions. First, theoretically, on the basis of Finnemore and Sikkink’s theory of international norms’ dynamics, it introduces a mechanism that explains the emergence and internationalization of an alternative international norm in the periphery that challenges the standard international norm. Second, it contributes to the literature on comparative regionalism by historicizing the liberal/European standard of central banking practices and by identifying the existence of an alternative standard for central banking practices in developing countries. The paper covers the period from the 1940s to the 1970s.... view less
Keywords
financial system; international trade policy; regionalism; central bank; market economy; social actor; finance theory; historical development; currency policy; monetary policy; twentieth century; developing country
Classification
Economic Policy
Document language
English
Publication Year
2013
City
Berlin
Page/Pages
30 p.
Series
KFG Working Paper Series, 49
ISSN
1868-7601
Status
Published Version; peer reviewed
Licence
Deposit Licence - No Redistribution, No Modifications