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How and to what extent did private actors influence Basel III?
[working paper]
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 foll... view more
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.... view less
Keywords
financial market; private economy; banking supervision; international agreement; banking; financial crisis; regulation; 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