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Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation

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  • Cornelia Woll

    (CEE - Centre d'études européennes et de politique comparée (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

The virulent European Union hedge fund debate led many observers to suspect a paradigmatic battle between liberal market economies and countries in favour of tighter regulation. By contrast, this article points to the economic interests that drove government agendas. However, national preferences were not defined by the aggregate of a country's economic interests, but by very specific stakeholders only, despite the existence of opponents with considerable resources. This article argues that the unequal success of financial lobbyists depended on how their demands fitted into the government's overarching negotiation strategy. The primacy of government objectives, in turn, resulted from the high saliency of financial regulation and hedge funds in particular.

Suggested Citation

  • Cornelia Woll, 2013. "Lobbying under Pressure: The Effect of Salience on European Union Hedge Fund Regulation," Post-Print hal-02186537, HAL.
    • Handle: RePEc:hal:journl:hal-02186537
    DOI: 10.1111/j.1468-5965.2012.02314.x
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-02186537
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    References listed on IDEAS

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    1. James Buckley & David Howarth, 2010. "Internal Market: Gesture Politics? Explaining the EU's Response to the Financial Crisis," Journal of Common Market Studies, Wiley Blackwell, vol. 48(s1), pages 119-141, September.
    2. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521118590, September.
    3. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, April.
    4. Frieden, Jeffry A., 1991. "Invested interests: the politics of national economic policies in a world of global finance," International Organization, Cambridge University Press, vol. 45(4), pages 425-451, October.
    5. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521134132, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. repec:hal:spmain:info:hdl:2441/5i9sdlmn86dbqvlbfj33d477 is not listed on IDEAS
    2. Javier Rivas Ruiz, 2016. "Lobbying, Campaign Contributions and Political Competition," Department of Economics Working Papers 55/16, University of Bath, Department of Economics.
    3. Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," Post-Print hal-02184200, HAL.
    4. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," SciencePo Working papers Main hal-02186320, HAL.
    5. repec:spo:wpmain:info:hdl:2441/5i9sdlmn86dbqvlbfj33d477 is not listed on IDEAS
    6. Daniela Gabor & Cornel Ban, 2016. "Banking on Bonds: The New Links Between States and Markets," Journal of Common Market Studies, Wiley Blackwell, vol. 54(3), pages 617-635, May.
    7. Francesca Colli & Johan Adriaensen, 2020. "Lobbying the state or the market? A framework to study civil society organizations’ strategic behavior," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 501-513, July.
    8. Adam W. Chalmers, 2020. "Unity and conflict: Explaining financial industry lobbying success in European Union public consultations," Regulation & Governance, John Wiley & Sons, vol. 14(3), pages 391-408, July.
    9. Lisa Kastner, 2017. "Tracing policy influence of diffuse interests: The post-crisis consumer finance protection politics in the US," Post-Print hal-02186320, HAL.
    10. Lisa Kastner, 2017. "Business lobbying under salience," Post-Print hal-02187871, HAL.
    11. Lucia Quaglia & Aneta Spendzharova, 2017. "The Conundrum of Solving ‘Too Big to Fail’ in the European Union: Supranationalization at Different Speeds," Journal of Common Market Studies, Wiley Blackwell, vol. 55(5), pages 1110-1126, September.
    12. repec:spo:wpmain:info:hdl:2441/3nka4e6nut8kgpcddm4r1h1hbf is not listed on IDEAS
    13. Lisa Kastner, 2017. "Business lobbying under salience," SciencePo Working papers Main hal-02187871, HAL.
    14. Kevin L Young & Timothy Marple & James Heilman & Bruce A Desmarais, 2023. "A double-edged sword: The conditional properties of elite network ties in the financial sector," Environment and Planning A, , vol. 55(4), pages 997-1019, June.
    15. Lucia Quaglia & Aneta Spendzharova, 2023. "Explaining the EU’s Uneven Influence Across the International Regime Complex in Shadow Banking," Politics and Governance, Cogitatio Press, vol. 11(2), pages 6-16.
    16. repec:hal:spmain:info:hdl:2441/3nka4e6nut8kgpcddm4r1h1hbf is not listed on IDEAS
    17. 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.
    18. Lisa Kastner, 2017. "From Outsiders to Insiders: A Civil Society Perspective on EU Financial Reforms," SciencePo Working papers Main hal-02184200, HAL.

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    Lobbying; Economic interests;

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