Oxford Review of Economic Policy
The political economy of finance [статья]
Опубликовано на портале: 22-05-2004Marco Pagano, Paolo Volpin Oxford Review of Economic Policy. 2001. Vol. 17. No. 4. P. 502-519.
The regulations that shape the design and operations of corporations and credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these international differences exist and of whether they tend to persist over time. However, a recent strand of research has shown that some progress on these issues can be made using the approach of the new political economy, which models regulations and its enforcement as the result of the balance of power between social and economic constituencies. This paper offers a first assessment of the results and potential of this approach in three fields: corporate finance, banking, and securities markets.