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Exogenous Shocks in Subsystem Adjustment and Policy Change: The Credit Crunch and Canadian Banking Regulation

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  • WILLIAMS, RUSSELL ALAN

Abstract

This paper explores the impact of internationalization on the financial services policy subsystem in Canada. It uses subsystem adjustment as a concept to bring some analytical clarity to how exogenous factors like globalisation and international crises may impact existing policy regimes. Based on examination of globalisation-induced banking deregulation (1987–1991) and the current crisis of securitized banking, the paper argues that the strength of this approach is that it integrates endogenous effects of the existing subsystem in explaining policy changes in response to what are normally treated as exogenous shocks. Careful effort needs to be made to differentiate the processes of external systemic perturbations from subsystem spillovers as these two processes of adjustment and policy change can lead to different policymaking dynamics over the long term.

Suggested Citation

  • Williams, Russell Alan, 2009. "Exogenous Shocks in Subsystem Adjustment and Policy Change: The Credit Crunch and Canadian Banking Regulation," Journal of Public Policy, Cambridge University Press, vol. 29(1), pages 29-53, April.
    • Handle: RePEc:cup:jnlpup:v:29:y:2009:i:01:p:29-53_00
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    Cited by:

    1. Usman W Chohan, 2022. "The return of Keynesianism? Exploring path dependency and ideational change in post-covid fiscal policy [Racial, economic, and health inequality and COVID-19 infection in the United States]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 41(1), pages 68-82.
    2. Giliberto Capano & Michael Howlett & Darryl S L Jarvis & M Ramesh, 2022. "Long-term policy impacts of the coronavirus: normalization, adaptation, and acceleration in the post-COVID state [Racial, economic, and health inequality and COVID-19 infection in the United States," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 41(1), pages 1-12.
    3. Alex Osei‐Kojo & Paul Lawer Kenney & Clement Mensah Damoah & Albert Ahenkan, 2022. "Collective learning and COVID‐19 mitigation in Ghana," Review of Policy Research, Policy Studies Organization, vol. 39(3), pages 255-281, May.

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