Capitalist diversity and the international regulation of hedge funds

Banking on Stability: The Political Economy of New Capital Requirements in the European Union

“…In order to explain the politics of the CRD IV, that is member states and industry preferences in the negotiations on the new capital and liquidity rules, this article builds on and develops further the literature that examines the specific features of national banking systems (Allen and Gale 2000;Deeg 2010;Hardie and Howarth 2013) and links these features to member states and industry preferences concerning EU financial regulation (Busch 2004;Fioretos 2001Fioretos , 2010Macartney 2010;Zimmerman 2010; for a somewhat different version of this argument see Mü gge 2010). Adopting a comparative political economy analysis, this article sees member state and industry preferences determined by a combination of political economy factors and, notably, the institutional features of the national banking sector.…”

Brexit and the battle for financial services

“…Hence, a more recent version of this literature points out the competition amongst member states to ensure that EU financial regulation does not penalise their financial industry or important parts of it, such as hedge funds in the UK (Fioretos 2010), or savings banks in Germany (Howarth and Quaglia 2013). Moreover, the member states might undertake domestic reforms that make their financial centres more attractive (for example, Lutz 1998).…”

“…The academic literature on the political economy of finance and the politics of financial regulation in the EU makes contrasting predictions concerning these key issues. A neo-mercantilist state-centric body of academic work that emphasises the competition amongst the member states and their financial centres in the EU (Story and Walters 1997;Fioretos 2010;Howarth and Quaglia 2013) would predict that the limitation of access to the Single Market following Brexit would encourage the relocation of financial activities to other EU financial centres, which would therefore seek pro-actively to lure business from London. More generally, this body of work predicts that any piece of EU financial regulation that potentially has significant distributive consequences -largely but not entirely due to the make-up of different national financial systems -will result in a 'battle' amongst member states.…”

Second image revisited: The domestic sources of China’s foreign economic policies

“…The Comparative Capitalism approach stresses the importance of institutional spheres and their mutual complementarities for the evolution of distinctive models of capitalism, inspired by Hall and Soskice's (2001) landmark study. The subsequent utilization of Comparative Capitalism categories as a basis for a second image-approach, that is, for explaining foreign economic policy choices, has been pioneered by Fioretos' (2001Fioretos' ( , 2010Fioretos' ( , 2011) studies of the EU. This special issue means to contribute to the currently developing 'Second Image IPE' (Kalinowski, this issue) research program.…”