What's Changed? The Political Economy of Financial reform Since 2008.

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The project intends to chart, assess and explain the politics and policy associated with banking and financial sector reform in the wake of the 2008 financial crisis in the United States, United Kingdom, Europe, Canada and Australia. The key aims are to extend previous work to develop a firm-level model of financial risk and instability; use that model as a baseline to assess the post-crisis reform policy process; and explain inter-country variation in, and the limits of, post-crisis policy reform. One particular focus is the relationship between competition and financial stability before and since the 2008 crisis. To what extent did competitive pressures drive risk-taking in the United States, United Kingdom and Europe? Have such pressures receded since 2008? Project outcomes may have policy implications for current efforts in banking reform.