City Research Online

The diffusion of financial supervisory governance ideas

Gandrud, C. (2013). The diffusion of financial supervisory governance ideas. Review of International Political Economy, 20(4), pp. 881-916. doi: 10.1080/09692290.2012.727362


Who is watching the financial services industry? Since 1980, there have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator or some combination of these should have supervisory authority. These waves have been associated with the convergence of actual practices. How much and through what channels did internationally promoted ideas about supervisory 'best practice' influence institutional design choices? I use a new dataset of 83 countries and jurisdictions between the 1980s and 2007 to examine the diffusion of supervisory ideas. With this data, I employ Cox Proportional Hazard and Competing Risks Event History Analyses to evaluate the possible causal roles best practice policy ideas might have played. I find that banking crises and certain peer groups can encourage policy convergence on heavily promoted ideas.

Publication Type: Article
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in Review of International Political Economy on 19 Dec 2012, available online:
Publisher Keywords: Policy diffusion, event history analysis, financial supervision, crises
Subjects: H Social Sciences > HJ Public Finance
J Political Science
Departments: School of Policy & Global Affairs > International Politics
Text - Accepted Version
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