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Hedging its Bets: The UK and the Politics of European Financial Services Regulation

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  • Jim Buller
  • Nicole Lindstrom

Abstract

Some argue that European financial services regulation is witnessing a shift from a 'market-making' to a 'market-shaping' paradigm after the global financial crisis. This so-called 'new' political economy explanation stresses the role of ideas to understand this change. We consider this claim by providing an in-depth examination of recent European hedge fund legislation from the perspective of two key 'market-making' coalition members: the UK government and the hedge fund industry. We accept that the legislation represents a set-back for the 'market-makers' but question whether it represents a victory for the 'market-shapers'. Moreover, we cast doubt on the causal role of ideas, calling for a domestic politics approach.

Suggested Citation

  • Jim Buller & Nicole Lindstrom, 2013. "Hedging its Bets: The UK and the Politics of European Financial Services Regulation," New Political Economy, Taylor & Francis Journals, vol. 18(3), pages 391-409, June.
    • Handle: RePEc:taf:cnpexx:v:18:y:2013:i:3:p:391-409
    DOI: 10.1080/13563467.2012.700924
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    References listed on IDEAS

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    1. Michael Moran, 1991. "The Politics of the Financial Services Revolution," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37789-9, December.
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    Cited by:

    1. Wendy Mason Burdon & Mohamed Karim Sorour, 2020. "Institutional Theory and Evolution of ‘A Legitimate’ Compliance Culture: The Case of the UK Financial Service Sector," Journal of Business Ethics, Springer, vol. 162(1), pages 47-80, February.
    2. Rodrigo Olivares-Caminal & Marco Bodellini, 2018. "The UK regulation on alternative investment fund managers: a difficult compromise between two different legislative approaches," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(1), pages 73-85, January.

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