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Regulatory competition and international cooperation

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  • Genschel, Philipp
  • Plümper, Thomas

Abstract

Recent research has shown that regulatory competition does not necessarily lead to downward pressures on regulation, but may at times also push the level of regulation upwards. Extending David Vogel's California effect argument, this paper shows that such upward pressure may not only result directly from the dynamics of the competitive process but also from international cooperation. Evidence from two case studies on international capital market regulation is used to identify the conditions under which cooperation in the shadow of regulatory competition is likely to succeed or fail. The successful multilateral standardisation of banking capital requirements in the BIS is compared to failed attempts to harmonise interest taxation across EC member states.

Suggested Citation

  • Genschel, Philipp & Plümper, Thomas, 1997. "Regulatory competition and international cooperation," MPIfG Working Paper 97/4, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgw:p0013
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    References listed on IDEAS

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    1. Wolfgang H. Reinicke, 1995. "Banking, Politics And Global Finance," Books, Edward Elgar Publishing, number 367.
    2. Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters, in: American Economic Policy in the 1980s, pages 519-572, National Bureau of Economic Research, Inc.
    3. Sebenius, James K., 1992. "Challenging conventional explanations of international cooperation: negotiation analysis and the case of epistemic communities," International Organization, Cambridge University Press, vol. 46(1), pages 323-365, January.
    4. Philip G. Cerny, 1993. "Finance and World Politics," Books, Edward Elgar Publishing, number 83.
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    Cited by:

    1. Ghosh, Saibal & Das, Abhiman, 2005. "Market Discipline, Capital Adequacy and Bank Behaviour: Theory and Indian Evidence," MPRA Paper 17398, University Library of Munich, Germany.
    2. Libman, Alexander Mikhailovich, 2009. "Эндогенные Границы И Распределение Власти В Федерациях И Международных Сообществах [ENDOGENOUS BOUNDARIES AND DISTRIBUTION OF POWER In the Federation]," MPRA Paper 16473, University Library of Munich, Germany.
    3. repec:bla:jcmkts:v:48:y:2010:i::p:903-921 is not listed on IDEAS
    4. Lukas Hakelberg, 2014. "The Power Politics of International Tax Cooperation. Why Luxembourg and Austria accepted automatic exchange of information on foreign account holders’ interest income," EUI-RSCAS Working Papers p0375, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    5. Xiaoqiong Diao, 2020. "Do the Capital Requirements Affect the Effectiveness of Monetary Policy from the Credit Channel?," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(5), pages 1-6.
    6. Julius T. Mugwagwa, 2013. "Revealing the footprint: Supranational organizations and transnational governance of biotechnology in southern Africa," Regional Science Policy & Practice, Wiley Blackwell, vol. 5(1), pages 135-148, March.
    7. K. Mccarthy & F. van Doorn & B. Unger, 2008. "Globalisation, Tax Competition and the Harmonisation of Corporate Tax Rates in Europe: A Case of Killing the Patient to Cure the Disease?," Working Papers 08-13, Utrecht School of Economics.
    8. Marianne Ojo, 2011. "Co‐operative and competitive enforced self regulation," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 19(2), pages 139-155, May.
    9. Neumayer, Eric & de Soysa, Indra, 2011. "Globalization and the Empowerment of Women: An Analysis of Spatial Dependence via Trade and Foreign Direct Investment," World Development, Elsevier, vol. 39(7), pages 1065-1075, July.
    10. Katharina Holzinger, 2005. "Tax Competition and Tax Co-Operation in the EU," Rationality and Society, , vol. 17(4), pages 475-510, November.
    11. Kjell Hausken & Thomas Plumper, 1998. "The impact of actor heterogeneity on the provision of international public goods," International Interactions, Taylor & Francis Journals, vol. 25(1), pages 61-94, August.
    12. Miles Kellerman, 2019. "The proliferation of multilateral development banks," The Review of International Organizations, Springer, vol. 14(1), pages 107-145, March.
    13. Genschel, Philipp, 1998. "Markt und Staat in Europa," MPIfG Working Paper 98/1, Max Planck Institute for the Study of Societies.
    14. Eric Neumayer & Thomas Plümper, 2010. "Making spatial analysis operational: Commands for generating spatial-effect variables in monadic and dyadic data," Stata Journal, StataCorp LP, vol. 10(4), pages 585-605, December.

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