Universität zu Köln

Trampusch, Christine ORCID: 0000-0003-1024-2065 and Fastenrath, Florian ORCID: 0000-0002-1939-9141 (2021). States' interests as limits to the power of finance: Regulatory reforms in early local government financialization in the US and UK. Regulation & Governance, 15 (2). pp. 245-261. HOBOKEN: WILEY. ISSN 1748-5991

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Abstract

Through a comparison of typical and deviant cases, this study probes and refines the augmented power model which argues that the structural power of the financial industry fosters its instrumental power in influencing regulatory reforms under certain scope conditions. It shows the industry's success in influencing policymakers to authorize municipalities to use derivatives and thereby to financialize their debt management in the US (typical case). The failure of banks to acquire such a law in the UK (deviant case) reveals a hitherto little-noticed condition under which this power explanation collapses: states' fiscal and monetary constitution. We demonstrate that analyzing the operation of finance power requires a precise consideration of how states' fiscal and monetary constitution structures governments' responses to financial industry's regulatory preferences. Moreover, we conclude that synthesizing business power research with literature on the mutual dependence between states and finance helps to explain patterns of state financialization.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Trampusch, Christine UNSPECIFIED orcid.org/0000-0003-1024-2065 UNSPECIFIED Fastenrath, Florian UNSPECIFIED orcid.org/0000-0002-1939-9141 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-128127
DOI:	10.1111/rego.12292
Journal or Publication Title:	Regulation & Governance
Volume:	15
Number:	2
Page Range:	pp. 245-261
Date:	2021
Publisher:	WILEY
Place of Publication:	HOBOKEN
ISSN:	1748-5991
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Social Sciences > Political Science > Cologne Center for Comparative Politics
Subjects:	Social sciences Political science Public administration
Uncontrolled Keywords:	Keywords Language POLITICS; MARKETS; CITY Multiple languages Law; Political Science; Public Administration Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/12812