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Grey matter in shadow banking: international organizations and expert strategies in global financial governance

Ban, C., Seabrooke, L. and Freitas, S. (2016). Grey matter in shadow banking: international organizations and expert strategies in global financial governance. Review of International Political Economy, 23(6), pp. 1001-1033. doi: 10.1080/09692290.2016.1235599

Abstract

Who controls global policy debates on shadow banking regulation? We show how experts secured control over how issues in shadow banking regulation are treated by examining the policy recommendations of the Bank of International Settlements, the International Monetary Fund and the Financial Stability Board. The evidence suggests that IO experts embedded a bland reformism opposed to both strong and ‘light touch’ regulation at the core of the emerging regulatory regime. Technocrats reinforced each other's expertise, excluded some potential competitors (legal scholars), co-opted others (select Fed and elite academic economists), and deployed measurement, mandate, and status strategies to assert issue control. In the field of shadow banking regulation, academic economists’ influence came from their credibility as arbitrageurs between several professional fields rather than their intellectual output. The findings have important implications for how we study the relationship between IO technocrats and experts from other professional fields

Publication Type: Article
Additional Information: © 2016 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by- nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.
Publisher Keywords: shadow banking, experts, professions, fields, linked ecologies, lawyers, economists, international organizations
Departments: School of Arts & Social Sciences > International Politics
URI: http://openaccess.city.ac.uk/id/eprint/19039
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