Growth at risk: Boundary walkers, stylized facts and the legitimacy of countercyclical interventions

Thiemann, Matthias

doi:10.1080/03085147.2022.2117341

Cited by 12 publications

(1 citation statement)

References 66 publications

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“…Second, it highlights the importance of finance professionals in the enactment of financial governance. Adding to recent studies on the role of experts in changes to financial regulation (Christensen, 2021;Seabrooke and Stenström, 2022;Thiemann, 2022), we suggest that internal professional dynamics may affect wider politicoeconomic dynamics such as financialization.…”

Section: Introductionmentioning

confidence: 61%

Regulation from the inside? Internal supervision in Dutch pension funds

Zwan

Golka

2023

Competition & Change

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Political economists have long acknowledged the importance of funded pensions acting as catalysts for processes of financialization. The transformation from rule- to risk-based pension fund governance is particularly important for pension financialization. Risk-based governance involves monitoring of internal decision-making procedures by new professionals rather than compliance with highly detailed legal restrictions. Scholars of financial regulation have termed this kind of supervision ‘regulation from the inside’. Being part of the organization they monitor, internal regulators hold fundamentally ambivalent positions. Existing studies emphasize the duality of internal regulators’ role perceptions as well as their attempts to span the boundaries between themselves and other organizational actors. In this paper, we extend scholarly insights on risk-based supervision of private (non-)financial institutions to pension institutions by focusing on a peculiar form of ‘regulation from the inside’: so-called internal supervisors in Dutch occupational pension funds. Internal supervisors are pension fund functionaries, responsible for evaluating the governing board's performance and holding the board accountable. We report findings from an original survey and interview study among internal supervisors. Contrary to the formal requirement of independence between governing board and internal supervision (a ‘checks and balances’ perspective), we find that internal supervisors often adopt a ‘fusion of powers’ approach that emphasizes collaboration with the governing board. We attribute this finding not only to internal supervision’s institutional design but also to the highly networked character of Dutch pension governance.

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Section: Introductionmentioning

confidence: 61%

Regulation from the inside? Internal supervision in Dutch pension funds

Zwan

Golka

2023

Competition & Change

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Bridging the gaping hole: central bank economists’ role in the rise of macro-finance post-crisis

Thiemann,

Priester

2024

Arch. eur. sociol.

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How has mainstream academic economic discourse evolved to regain its epistemic authority after the financial crisis of 2008 revealed serious blind spots in economic modelling that shattered the profession’s claim to be able to predict and control macroeconomic variables? To answer this question, we combine content with bibliometric analyses of nearly 70,000 papers on macroeconomics and finance published in academic journals from 1990 to 2019. These analyses reveal how a structural rapprochement between macroeconomics and finance created the new subfield of macro-finance. We show that contributions by central bank economists, driven by central banks’ newly acquired macroprudential mandate, were key to its establishment. Acting within the space of regulatory science, they connected macroeconomic and financial knowledge to satisfy their employers’ administrative needs, while also helping to bridge the gaping hole in economic discourse, thereby taking on an important stabilizing role for the epistemic authority of economics.

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Narrating imagined crises: How central bank storytelling exerts infrastructural power

Coombs

2022

Economy and Society

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Growth at risk: Boundary walkers, stylized facts and the legitimacy of countercyclical interventions

Cited by 12 publications

References 66 publications

Regulation from the inside? Internal supervision in Dutch pension funds

Regulation from the inside? Internal supervision in Dutch pension funds

Bridging the gaping hole: central bank economists’ role in the rise of macro-finance post-crisis

Narrating imagined crises: How central bank storytelling exerts infrastructural power

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