Doctoral Dissertation Research: The Causes of Divergent Banking Regulation, 1988-2006

SES-1301627 PI：Frank Dobbin Co-Pi：金伯利·佩内尔哈佛大学智慧价值在过去30年里，银行监管出现了显著的国际趋同。学术界对这种监管趋同的关注淡化了重要的跨国监管差异。然而，在最近的全球金融危机期间，监管政策的跨国差异影响了银行的结果。来自10国集团国家的监管机构确实遵守了相同的国际监管标准(即巴塞尔资本协议)，但这些标准是灵活和含糊的，各国监管机构以不同的方式对其进行了解释和扩充。这篇论文的目的是解释各国银行监管机构如何以及为什么做出了不同的政策选择。为此，研究人员对1988年至2006年巴塞尔委员会三个成员国(美国、加拿大和西班牙)银行监管的不同发展进行了比较历史分析。使用档案材料和对国内银行监管机构的采访来评估经济、政治、制度和文化解释的相对影响。该项目将改善目前对监管政策制定的理解。金融市场在全球经济中变得越来越重要，了解影响其监管的因素是很重要的。这个项目还通过分析美国在比较背景下的政策变化，对美国金融体系的放松监管提供了新的见解。更广泛的影响这项研究的结果与政策相关。在金融危机期间，特定的监管对银行的结果产生了严重影响，更多地了解导致监管或多或少有效的因素，可能有助于国际和国内监管机构在未来实施更好的政策。这些调查结果还将广泛传播给跨学科和非学术受众。

SES-1301627 PI: Frank DobbinCo-PI: Kimberly PernellHarvard UniversityIntellectual MeritOver the past three decades, there has been notable international convergence in banking regulation. The scholarly attention to this regulatory convergence has downplayed important cross-national regulatory differences. However, cross-national variation in regulatory policy has influenced bank outcomes during the recent global financial crisis. Regulators from the G-10 countries did adhere to the same international regulatory standards (i.e. the Basel Capital Accords), but these standards were flexible and ambiguous, and national regulators interpreted and augmented them in different ways. The goal of this dissertation is to explain how and why national banking regulators made the divergent policy choices that they did. To this end, the researchers undertake a comparative historical analysis of the divergent development of banking regulation, 1988-2006, across three Basel Committee member countries: the U.S., Canada, and Spain. Archival material and interviews with domestic banking regulators are used to assess the relative influence of economic, political, institutional, and cultural explanations. This project will improve current understandings of regulatory policy development. Financial markets have grown increasingly salient in the global economy, and it is important to understand the factors that shape their regulation. This project also yields new insights into the deregulation of the U.S. financial system, through analyzing U.S. policy changes in comparative context. Broader ImpactsThe findings of this study are policy relevant. Particular regulations had serious implications for bank outcomes during the financial crisis, and greater knowledge of the factors that contribute to more or less effective regulation may help international and domestic regulators implement better policy in the future. These findings will also be broadly disseminated to interdisciplinary and non-academic audiences.