Chapter

Conclusion: National Institutions as Filters of Globalization

Andreas Busch

in Banking Regulation and Globalization

Published in print December 2008 | ISBN: 9780199218813
Published online January 2009 | e-ISBN: 9780191711763 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199218813.003.0008
Conclusion: National Institutions as Filters of Globalization

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This chapter evaluates the outcome of the study in terms of the competing hypotheses of policy convergence and diversity. It argues that a distinction between the dimensions of policy, politics, and polity helps to gain new insights: while there is substantial, if far from perfect, convergence in the policy dimension (the content of regulation), no such effects can be found in the other two dimensions (the processes and institutional aspects of banking regulation). The chapter further advances hypotheses to explain the lack of institutional convergence and concludes by arguing that state capacity varies considerably in the field of banking regulation. National institutional situations thus function as filters of globalization, complicating outcomes beyond sweeping assessments of convergence or divergence.

Keywords: banking industry; banking regulation; convergence; diversity; institutional convergence

Chapter.  7761 words.  Illustrated.

Subjects: International Relations

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