Varieties of Economic Crisis, Varieties of Ideational Change: How and Why Financial Regulation and Macroeconomic Policy Differ

References

• Aikman, D., Haldane, A., and Nelson, B. (2011), ‘Curbing the Credit Cycle’, Vox. Available from: http://voxeu.org/index.php?q=node/6231 [accessed 12 May 2011].
   Google Scholar
• Baker, A. (2013a), ‘The New Political Economy of the Macroprudential Ideational Shift’, New Political Economy, 18 (1), pp. 112–39. doi: 10.1080/13563467.2012.662952
   Web of Science ®Google Scholar
• Baker, A. (2013b), ‘The Gradual Transformation? The Incremental Dynamics of Macroprudential Regulation’, Regulation & Governance, 7 (4), pp. 417–34. doi: 10.1111/rego.12022
   Web of Science ®Google Scholar
• Baker, A. (2014), ‘Macroprudential Regulation’, in D. Mugge (ed.), Europe’s Place in Global Financial Governance (Oxford: Oxford University Press), pp. 172–88.
   Google Scholar
• Baker, A. (Forthcoming), ‘Esteem as Professional Currency and Consolidation: The Rise of the Macroprudential Cognoscenti’, in L. Seabrooke and L. Henriksen (eds.), Professions in Transnational Governance (Cambridge: Cambridge University Press.
   Google Scholar
• Baker, A. and Widmaier, W. (2014), ‘The Hidden Institutionalist Roots of Macroprudential Ideas: Veblen and Galbraith on Regulation, Policy Success and Overconfidence’, New Political Economy, 19 (4), pp. 487–506.
   Web of Science ®Google Scholar
• Balzli, B. and Schiessl, M. (2009), ‘The Man Nobody Wanted to Hear: Global Banking Economist Warned of Coming Crisis’, Spiegel online, 8 July. Available from: http://www.spiegel.de/international/business/0,1518,635051,00.html [accessed 12 May 2014].
   Google Scholar
• Balls, E. (1998), ‘Open Macroeconomics in an Open Economy’, Scottish Journal of Political Economy, 45 (2), pp. 113–32. doi: 10.1111/1467-9485.00085
   Web of Science ®Google Scholar
• Barwell, R. (2013), Macroprudential Policy: Taming the Wild Gyrations of Credit Flows, Debt Stocks and Asset Prices (Basingstoke: Palgrave).
   Google Scholar
• Baumgartner, F. and Jones, B. (1991), ‘Agenda Dynamics and Policy Subsystems’, The Journal of Politics, 53 (4), pp. 1044–74. doi: 10.2307/2131866
   Web of Science ®Google Scholar
• Bean, C. (2013), ‘Nominal Income Targets: Old Wine in a New Bottle’, Speech at the Institute of Economic Affairs, Conference on the State of the Economy, London, 27 February. Available from: http://www.bankofengland.co.uk/publications/Documents/speeches/2013/speech640.pdf [accessed 22 August 2014].
   Google Scholar
• Bell, S. (2011), ‘Do We Need a New ‘Constructivist Institutionalism’ to Explain Institutional Change?’, British Journal of Political Science, 41 (4), pp. 883–906.
   Google Scholar
• Bernanke, B. (2011), ‘Implementing a Macroprudential Approach to Supervision and Regulation’, 47th Annual Conference on Bank Structure and Competition, Chicago, IL, 5 May.
   Google Scholar
• BIS (2006), 76th Annual Report (BIS), Basel, June.
   Google Scholar
• Blanchard, O., Dell'Ariccia, G. and Mauro, P. (2010), ‘Rethinking Macroeconomic Policy’, IMF Staff Position Note SPN/10/03, 12 February.
   Google Scholar
• Blyth, M. (2002), Great Transformations: Economic Ideas and Institutional Change in the Twenty First Century (Cambridge: Cambridge University Press).
   Google Scholar
• Blyth, M. (2007), ‘Powering, Puzzling, or Persuading? The Mechanisms of Building Institutional Orders’, International Studies Quarterly, 51 (4), pp. 761–77. doi: 10.1111/j.1468-2478.2007.00475.x
   Web of Science ®Google Scholar
• Blyth, M. (2013a), Austerity: The History of a Dangerous Idea (Oxford: Oxford University Press).
   Google Scholar
• Blyth, M. (2013b), ‘Paradigms and Paradox: The Politics of Economic Ideas in Two Moments of Crisis’, Governance, 26 (2), pp. 197–215. doi: 10.1111/gove.12010
   Web of Science ®Google Scholar
• Borio, C. (2003), Towards a Macroprudential Framework for Financial Stability, BIS Working Paper No. 128. Available from: http://www.bis.org/publ/work128.pdf [accessed 22 August 2014].
   Google Scholar
• Borio, C. (2009), ‘Implementing the Macroprudential Approach to Financial Regulation and Supervision’, Banque de France, Financial Stability Review, No. 13, September.
   Google Scholar
• Borio, C. (2011), ‘Implementing a Macroprudential Framework: Blending Boldness and Realism’, Capitalism and Society, 6, No. 1, pp. 1–23. doi: 10.2202/1932-0213.1083
   Google Scholar
• Borio, C. and White, W. (2004), Whiter Monetary and Financial Stability: The Implications for Evolving Policy Regimes, BIS Working Paper 147. (Basel: Bank for International Settlements).
   Google Scholar
• Borio, C., Furfine, C. and Lowe, P. (2001), ‘Procyclicality of the Financial System and Financial Stability Issues and Policy Options’, BIS Papers, No. 1, March, pp. 1–57.
   Google Scholar
• Brunnermeier, M., et al. (2009), The Fundamental Principles of Financial Regulation, Geneva Report on the World Economy 11 (Geneva: International Centre for Monetary and Banking Studies; London: Centre for Economic Policy Research).
   Google Scholar
• Carney, M. (2014), ‘One Mission, One Bank: Promoting the Good of the People of the United Kingdom’, Mais Lecture, Cass Business School London, 18 March. Available from: http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech715.pdf [accessed 12 May 2014].
   Google Scholar
• Chwieroth, J. (2010), ‘How Do Crises Lead to Change? Liberalizing Capital Controls in the Early Years of New Order Indonesia’, World Politics, 62 (3), pp. 496–527. doi: 10.1017/S0043887110000110
   Web of Science ®Google Scholar
• Clement, P. (2010), ‘The Term ‘Macroprudential’: Origins and Evolution’, BIS Quarterly Review, March, pp. 59–67.
   Google Scholar
• Clift, B. and Tomlinson, J. (2007), ‘Credible Keynesianism? New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning’, British Journal of Political Science, 37 (1), pp. 47–69. doi: 10.1017/S0007123407000038
   Web of Science ®Google Scholar
• Clift, B. and Tomlinson, J. (2012), ‘The Politics of Fiscal Rectitude in Britain since the Crisis: The Coalition's Mobilisation of Greek Myths and IMF Commentary on UK Fiscal Policy’, Paper on file with the author.
   Google Scholar
• Constancio, V. (2011), ‘Macroprudential Policy: Strengthening the Foundations, Enhancing the Toolkit and Taking Action’, First Conference of the Macro-prudential Research Network (MaRs), Frankfurt, 5 October.
   Google Scholar
• Datz, G. (2013), ‘The Narrative of Complexity in the Crisis of Finance: Epistemological Challenge and Macroprudential Policy Response’, New Political Economy, 18 (4), pp. 459–479.
   Web of Science ®Google Scholar
• De Larosiere Group (2009), Report of the High Level Group on Financial Supervision in the EU (Brussels).
   Google Scholar
• Dellepiane-Avellaneda, S. (2014), ‘The Political Power of Economic Ideas: The Case of Expansionary Fiscal Contraction’, British Journal of Politics and International Relations. doi:10.1111/1467-856X.12038
   Google Scholar
• Eatwell, J. (2009), ‘Practical Proposals for Regulatory Reform’, in P. Subacchi and A. Monsarrat (eds.), New Ideas for the London Summit: Recommendations to the G20 Leaders (London: Royal Institute for International Affairs Chatham, The Atlantic Council), pp. 11–15.
   Google Scholar
• Elliot, D. (2011), Choosing among Macroprudential Tools, The Brookings Institute. Available from: http://www.brookings.edu/~/media/Files/rc/papers/2011/0607_macroprudential_tools_elliott/0607_macroprudential_tools_elliott.pdf [accessed 12 May 2014].
   Google Scholar
• Fama, E. (1970), ‘Efficient Capital Markets: A Review of Theory and Empirical Work’, Journal of Finance, 25 (2), pp. 383–417. doi: 10.2307/2325486
   Web of Science ®Google Scholar
• Farrell, H. and Quiggin, J. (2012), ‘Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis’, Paper on file with author. Available from: http://www.henryfarrell.net/Keynes.pdf [accessed 22 August 2014].
   Google Scholar
• Finnemore, M. and Sikkink, K. (1998), ‘International Norm Dynamics and Political Change’, International Organization, 52 (4), pp. 887–917. doi: 10.1162/002081898550789
   Web of Science ®Google Scholar
• FSA (2009), The Turner Review (London: FSA).
   Google Scholar
• FSB, BIS and IMF (2011), Macroprudential Policy Tools and Frameworks, Progress Report to G20, 27 October.
   Google Scholar
• FSF (2008), Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience, 7 April. Available from: http://www.financialstabilityboard.org/publications/r_0804.pdf [accessed 22 August 2014].
   Google Scholar
• FSF (2009), Report on Addressing Procyclicality in the Financial System, FSB, Basel, April. Available from: http://www.financialstabilityboard.org/publications/r_0904a.pdf [accessed 22 August 2014].
   Google Scholar
• G20 (2009a), ‘G20 Communiqué, Meeting of Finance Ministers and Central Bank Governors', Horsham, UK, 14 March.
   Google Scholar
• G20 (2009b), ‘Declaration on Strengthening the Global Financial System, Statement Issues by G20 Leaders’, 2 April. Available from: http://www.g20.utoronto.ca/2009/2009ifi.pdf [accessed 12 May 2014].
   Google Scholar
• G30 (2009), Financial Reform: A Framework for Financial Stability (Washington, DC: Group of Thirty).
   Google Scholar
• Gamble, A. (2009), The Spectre at the Feast: Capitalist Crisis and The Politics of Recession (London: Palgrave).
   Google Scholar
• Giles, C. (2012), ‘The Court of King Mervyn’, Financial Times Weekend, 5 May. Available from: http://www.ft.com/cms/s/2/f853d068-94b7-11e1-bb0d-00144feab49a.html#axzz319er7Ufh [accessed 12 May 2014].
   Google Scholar
• Goodhart, C. (2005), ‘Financial Regulation, Credit Risk and Financial Stability’, National Institute Economic Review, 192, pp. 118–27. doi: 10.1177/002795010519200111
   Google Scholar
• Goodhart, L. (2014), ‘Brave New World? Macroprudential Policy and the New Political Economy of the Federal Reserve’, Review of International Political Economy, ifirst, DOI:10.1080/09692290.2014.915578. Available from: http://lucymgoodhart.files.wordpress.com/2013/10/goodhart_brave_fed_macro_pru_ripe_full.pdf [accessed 12 May 2014].
   Google Scholar
• Goodhart, Charles, and Segoviano, Miguel A. (2004), Basel and Procyclicality: A Comparison of the Standardised and IRB Approaches to an Improved Credit Risk Method, Discussion Paper, 524 (London: Financial Markets Group, London School of Economics and Political Science).
   Google Scholar
• Haldane, A. (2009), ‘Small Lessons from a Big Crisis', Remarks at the Federal Reserve Bank of Chicago, 45th Annual Conference, ‘Reforming Financial Regulation', 8 May.
   Google Scholar
• Haldane, A. (2012), A Leaf Being Turned, Bank of England Discussion Paper. Available from: http://www.bankofengland.co.uk/publications/Documents/speeches/2012/speech616.pdf [accessed 12 May 2014].
   Google Scholar
• Haldane, A. (2013), ‘Macroprudential Policies: When and How to Use them?’, Paper at Re-thinking Macro II Conference, IMF Washington, 16–17 April. Available from: http://www.imf.org/external/np/seminars/eng/2013/macro2/pdf/ah.pdf [accessed 12 May 2014].
   Google Scholar
• Haldane, A. (2014a), ‘Ambidexterity’, Paper delivered at American Economics Association Conference, Philadelphia, 3 January.
   Google Scholar
• Haldane, A. (2014b), ‘Andy Haldane in Conversation with Andrew Gamble’, Remarks made at the University of Sheffield, Sheffield Political Economy Research Institute, 20 February.
   Google Scholar
• Haldane, A. and May, R. (2011), ‘Systemic Risk in Banking Ecosystems’, Nature, 469 (January), pp. 351–5. doi: 10.1038/nature09659
   PubMed Web of Science ®Google Scholar
• Hall, P. (1993), ‘Policy Paradigms, Social Learning and the State: The Case of Economic Policymaking in Britain’, Comparative Politics, 25 (3), pp. 275–96. doi: 10.2307/422246
   Web of Science ®Google Scholar
• Hanson, S., Kahyap, A. and Stein, J. (2011), ‘A Macroprudential Approach to Financial Regulation’, Journal of Economic Perspectives, 25 (1), pp. 1–26.
   Google Scholar
• Hay, C. (1996), ‘Narrating Crisis: The Discursive Construction of the Winter of Discontent’, Sociology, 30 (2), pp. 253–77. doi: 10.1177/0038038596030002004
   Google Scholar
• Hay, C. (2011), ‘Pathology Without Crisis? The Strange Demise of the Anglo Liberal Growth Model’, Government and Opposition, 46 (1), pp. 1–31. doi: 10.1111/j.1477-7053.2010.01327.x
   Web of Science ®Google Scholar
• Helleiner, E. (2010), ‘A Bretton Woods Moment? The 2007–08 Crisis and the Future of Global Finance’, International Affairs, 86 (3), pp. 619–36. doi: 10.1111/j.1468-2346.2010.00901.x
   Web of Science ®Google Scholar
• Hodson, D. and Mabbett, D. (2009), ‘UK Economic Policy and the Global Financial Crisis: Paradigm Lost?’, Journal of Common Market Studies, 47 (5), pp. 1041–61. doi: 10.1111/j.1468-5965.2009.02034.x
   Web of Science ®Google Scholar
• IIF (2011), ‘Macroprudential Oversight: An Industry Perspective’, Submission to the International Authorities. Available from: http://www.iif.com/regulatory/article+971.php [accessed 12 May 2014].
   Google Scholar
• IMF (2012), World Economic Outlook: Growth Resuming, Danger Remain (Washington, DC: IMF).
   Google Scholar
• IMF (2014), World Economic Outlook (Washington, DC: IMF).
   Google Scholar
• Kirshner, J. (2001), ‘The Political Economy of Low Inflation’, Journal of Economic Surveys, 15 (1), pp. 41–70. doi: 10.1111/1467-6419.00132
   Web of Science ®Google Scholar
• Kuhn, T. (1996), The Structure of Scientific Revolutions, 3rd rev ed. (Chicago: University of Chicago Press).
   Google Scholar
• Lawson, N. (1992), The View from No.11: The Memoirs of a Tory Radical (London: Bantam).
   Google Scholar
• Lothian, T. (2011), ‘Beyond Macroprudential Regulation: Three Ways of Thinking about Financial Crisis, Reform and Regulation’, Global Policy, 3 (4), pp. 410–20. doi: 10.1111/j.1758-5899.2011.00167.x
   Google Scholar
• Lucas, R. (1980), ‘Equilibrium in a Pure Currency Economy’, Economic Inquiry, 18 (2), pp. 203–20. doi: 10.1111/j.1465-7295.1980.tb00570.x
   Web of Science ®Google Scholar
• Mahoney, J. and Thelen, K. (2010), ‘A Theory of Gradual Institutional Change’, in J. Mahoney and K. Thelen (eds.), Explaining Institutional Change: Ambiguity, Agency and Power in Historical Institutionalism (Cambridge: Cambridge University Press), pp. 1–37.
   Google Scholar
• Marcussen, M. (2006), ‘The Fifth Age of Central Banking in the Global Economy’, paper presented at the conference ‘Frontiers of Regulation’, University of Bath, 7–8 September.
   Google Scholar
• Minsky, H. (1977), ‘The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to ‘Standard’ Theory’, Nebraska Journal of Economics and Business, 16 (1), pp. 59–70.
   Google Scholar
• Moghadam, R., Teja, R. and Berkmen, P. (2014), ‘Euro Area – Deflation Versus Low Inflation’, IMF Direct Blog. Available from: http://blog-imfdirect.imf.org/2014/03/04/euro-area-deflation-versus-lowflation/ [accessed 12 May 2014].
   Google Scholar
• Morris, S. and H. Shin. (2004), ‘Liquidity Black Holes’, Review of Finance, 8 (1), pp. 1–18.
   Google Scholar
• OECD (2009), OECD Interim Economic Outlook (Paris: OECD).
   Google Scholar
• Oliver, M. and Pemberton, H. (2004), ‘Learning and Change in 20th Century British Economic Policy’, Governance, 17 (3), pp. 415–41. doi: 10.1111/j.0952-1895.2004.00252.x
   Web of Science ®Google Scholar
• Panetta, F., et al. (2009), Financial Sector Procyclicality: Lessons for the Crisis, Banca d’ Italia, Occasional Papers.
   Google Scholar
• Persaud, A. (2009), Macroprudential Regulation: Fixing Fundamental Market and Regulatory Failures (The World Bank Group, Financial and Private Sector Development), July, Crisis Response (Note Number 6).
   Google Scholar
• Persaud, A. (2010), The Rise and Apparent Fall of Macroprudential Regulation. Available from: http://www.voxeu.org/article/taking-macro-prudential-regulation-seriously [accessed 12 May 2014].
   Google Scholar
• Reinhart, C. and Rogoff, K. (2008), This Time is Different: A Panoramic View of Eight Centuries of Financial Crisis, National Economic Bureau of Research Working Paper, No. 13882. Available from: http://www.nber.org/papers/w13882.pdf [accessed 22 August 2014].
   Google Scholar
• Reinhart, K. and Rogoff, K. (2009), This Time Is Different: Eight Centuries of Financial Folly (Princeton, NJ: Princeton University Press).
   Google Scholar
• Schmidt, V. (2008), ‘Discursive Institutionalism: The Explanatory Power of Ideas and Discourse’, Annual Review of Political Science, 11, pp. 303–26. doi: 10.1146/annurev.polisci.11.060606.135342
   Web of Science ®Google Scholar
• Seabrooke, L. and Tsingou, E. (2014), ‘Distinctions, Affiliations, and Professional Knowledge in Financial Reform Expert Groups’, Journal of European Public Policy, 21 (3), pp. 389–407. doi: 10.1080/13501763.2014.882967
   Web of Science ®Google Scholar
• Thurber, J. (1996), ‘Political Power and Policy Subsystems in American Politics’, in B. Guy Peters and Bert A. Rockman (eds.), Agenda for Excellence: Administering the State (Chatham, NJ: Chatham House Publishers), pp. 76–104.
   Google Scholar
• Tsingou, E. (2008), ‘Transnational Private Governance and the Basel Process: Banking Regulation and Supervision, Private Interests and Basel II’, in J.C. Graz and A. Nolke (eds.), Transnational Private Governance and its Limits (London: Routledge), pp. 58–68.
   Google Scholar
• Tucker, P. (2011), ‘Discussion of Lord Turner's Lecture, ‘Reforming Finance: Are We Being Radical Enough?’ Clare Distinguished Lecture in Economics, Cambridge, 18 February.
   Google Scholar
• Turner, A. (2011), ‘Reforming Finance: Are We Being Radical Enough?’ Clare Distinguished Lecture in Economics and Public Policy, Cambridge, 18 February.
   Google Scholar
• UN (2009), UN Commission of Experts on Reforms of the International Monetary and Financial Systems, Recommendations (New York: United Nations).
   Google Scholar
• White, W. (2006), Procyclicality in the Financial System: Do We Need a New Macrofinancial Stabilisation Framework? BIS Working Paper No. 193, January.
   Google Scholar
• Widmaier, W., Blyth, M. and Seabrooke, L. (2007), ‘Exogenous Shocks or Endogenous Constructions? The Meanings of Wars and Crises’, International Studies Quarterly, 51 (4), pp. 747–59. doi: 10.1111/j.1468-2478.2007.00474.x
   Web of Science ®Google Scholar
• Youngman, P. (2009), ‘Procyclicality and Value at Risk’, Bank of Canada, Financial System Review.
   Google Scholar