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The End of an Era in International Financial Regulation? A Postcrisis Research Agenda

Published online by Cambridge University Press:  08 February 2011

Eric Helleiner  and
Stefano Pagliari
Eric Helleiner
Affiliation:
Balsillie School of International Affairs, University of Waterloo, Waterloo, Canada. E-mail: [email protected]
Stefano Pagliari
Affiliation:
Balsillie School of International Affairs, University of Waterloo, and International Relations Department, London School of Economics. E-mail: [email protected]
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Abstract

The global financial crisis that erupted in summer 2007 has made the reform of international prudential financial regulation one of the top priorities of global public policy. Past scholarship has usefully explained the creation and strengthening of international financial standards with reference to three policy arenas: interstate, domestic, and transnational. Despite the accomplishments of this specialist literature, the recent crisis has revealed a number of limitations in the ways scholars have understood interstate power relations, the influence of domestic politics, and the significance of transnational actors within international financial regulatory politics. Taken together, developments in each of these three arenas suggest that researchers may also need to be prepared to shift from explaining the strengthening of official international standards to analyzing their weakening in the postcrisis world. The latter task will require scholars to devote more analytical attention to a wider set of international regulatory outcomes, including “informal regulatory convergence,” “regulatory fragmentation,” and especially “cooperative regulatory decentralization.”

Type
Review Essay
Information
International Organization , Volume 65 , Issue 1 , January 2011 , pp. 169 - 200
Copyright
Copyright © The IO Foundation 2011

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