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 Research Projects at the MPIfG

The Global Financial Crisis and Global Financial Regulatory Reform

Renate Mayntz

The financial crisis of 2008 drew attention to questions of how the global financial system operates and how it is regulated. A network formed in 2009 of researchers in the social sciences from six different countries examined institutional change, triggered by the financial crisis, in the regulation of financial markets at the national, European, and international levels. The results were published in 2012, when the reform process had not yet come to even a provisional end. The issue, still highly topical for this reason, was taken up again at an international workshop; the focus of the workshop was now the interactions that took place in the multilevel political system in the process of reforming the regulation of financial markets. The results, discussed at an authors’ workshop held at the end of 2014, were published in 2015. The unfolding of the financial crisis and the reform efforts sparked by it have given rise to a number of theoretical questions, which will be taken up once the empirical analysis of the reform process has been completed. Interest will initially be focused on the origins of the financial crisis, which can be seen as the result of a process involving a number of different factors and sub-processes. Using the political science approach of "process tracing," the causes of the crisis can be analyzed from the perspective of different social science theories which will need to be identified, and the possibility of integrating them can be discussed. Questions relating to the political reactions to the crisis will have to be tackled from a political economy perspective, the focus being on the relationship between the state and the market.
Mayntz, Renate (ed.), 2012: Crisis and Control: Institutional Change in Financial Market Regulation. Frankfurt a.M.: Campus.
Mayntz, Renate (ed.), 2015: Negotiated Reform: The Multilevel Governance of Financial Regulation. Frankfurt a.M.: Campus.
Mayntz, Renate, 2016: "Process Tracing, Abstraction, and Varieties of Cognitive Interest." New Political Economy 21 (5): 484-488.
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