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Club governance and the making of global financial rules

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  • Eleni Tsingou

Abstract

Who writes the rules of global finance? This article explains how the transnational financial policy community can influence the content of financial governance by organizing itself via a club model. This agent-centered explanation advances the concept of a club to highlight the mechanisms through which actors operate, the expertise and skills valued by this community and the way in which principles for what constitutes appropriate financial governance are derived. Evidence is provided by an investigation of the Group of Thirty, part-think tank, part-advocacy group, a hybrid organization whose members are active in both the official and private sectors. Club characteristics can be seen in the group's high profile and prestigious membership, which self-presents a strong sense of honor. The article highlights the club as a location for those traditionally understood as financial elites. It emphasizes the collective attributes of the club, such as reputational consistency of membership, but also the importance of a track record of policy work for the enduring relevance of club arrangements in agenda-setting, consensus building and establishing mechanisms for private influence in financial governance. The study draws on 80+ interviews with key stakeholders from the community, including group members, conducted between 1998 and 2010.

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  • Eleni Tsingou, 2015. "Club governance and the making of global financial rules," Review of International Political Economy, Taylor & Francis Journals, vol. 22(2), pages 225-256, April.
    • Handle: RePEc:taf:rripxx:v:22:y:2015:i:2:p:225-256
    DOI: 10.1080/09692290.2014.890952
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    References listed on IDEAS

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    1. Pitney, John J., 1990. "Budget Reform Politics: The Design of the Appropriations Process in the House of Representatives 1865–1921. By Charles StewartIII. New York: Cambridge University Press, 1989. 254p. $39.50. - The Polit," American Political Science Review, Cambridge University Press, vol. 84(4), pages 1409-1411, December.
    2. Hall,Rodney Bruce, 2008. "Central Banking as Global Governance," Cambridge Books, Cambridge University Press, number 9780521727211, September.
    3. Hall,Rodney Bruce, 2008. "Central Banking as Global Governance," Cambridge Books, Cambridge University Press, number 9780521898614, September.
    4. Jeffrey M. Chwieroth, 2010. "Capital Ideas: The IMF and the Rise of Financial Liberalization," Economics Books, Princeton University Press, edition 1, number 9087.
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    Cited by:

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    2. Ramona Coman, 2018. "How have EU ‘fire-fighters’ sought to douse the flames of the eurozone’s fast- and slow-burning crises? The 2013 structural funds reform," ULB Institutional Repository 2013/286528, ULB -- Universite Libre de Bruxelles.
    3. Endrejat, Vanessa & Thiemann, Matthias, 2018. "Reviving the shadow banking chain in Europe: Regulatory agency, technical complexity and the dynamics of co-habitation," SAFE Working Paper Series 222, Leibniz Institute for Financial Research SAFE.
    4. Stefano Pagliari & Meredith Wilf, 2021. "Regulatory novelty after financial crises: Evidence from international banking and securities standards, 1975–2016," Regulation & Governance, John Wiley & Sons, vol. 15(3), pages 933-951, July.
    5. Lucia Quaglia & Aneta Spendzharova, 2017. "Post‐crisis reforms in banking: Regulators at the interface between domestic and international governance," Regulation & Governance, John Wiley & Sons, vol. 11(4), pages 422-437, December.
    6. Rasmus Corlin Christensen & Leonard Seabrooke & Duncan Wigan, 2022. "Professional action in global wealth chains," Regulation & Governance, John Wiley & Sons, vol. 16(3), pages 705-721, July.
    7. Niamh Hardiman & Saliha Metinsoy, 2017. "How do ideas shape national preferences? The Financial Transaction Tax in Ireland," Working Papers 201710, Geary Institute, University College Dublin.
    8. Mark Copelovitch & David A. Singer, 2017. "Tipping the (Im)balance: Capital inflows, financial market structure, and banking crises," Economics and Politics, Wiley Blackwell, vol. 29(3), pages 179-208, November.
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    11. Scott James & Lucia Quaglia, 2023. "Epistemic contestation and interagency conflict: The challenge of regulating investment funds," Regulation & Governance, John Wiley & Sons, vol. 17(2), pages 346-362, April.

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