The Transformation of Financial Institutions in the Wake of Financial Market Liberalization and Tightened Financial Regulation

Stéphane Guittet (Sciences Po, Paris)

Following a twenty-year period of financial liberalization, most Western countries imposed tighter financial regulation. These great transformations raise three major questions for the researcher. Why did we see a reinforcement of national supervision in an era when financial markets were being unified through liberalization and globalization? Why did most Western countries tighten financial regulation during a short period of time in the early 2000s? Finally, why did institutional choices differ from one country to another? Two assumptions are the basis for this doctoral project: first, finding fault with existing central banks is an engine for a political coalition to promote a new financial institution; second, bolstering an established financial institution reinforces the political status quo. A comparative analysis of Germany, France, Great Britain and the USA will explore these issues. Project duration: September 2009 to September 2012.

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