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Banking Regulation and Globalization$
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Andreas Busch

Print publication date: 2008

Print ISBN-13: 9780199218813

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199218813.001.0001

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Conclusion: National Institutions as Filters of Globalization

Conclusion: National Institutions as Filters of Globalization

Chapter:
(p.227) 8 Conclusion: National Institutions as Filters of Globalization
Source:
Banking Regulation and Globalization
Author(s):

Andreas Busch (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199218813.003.0008

This chapter evaluates the outcome of the study in terms of the competing hypotheses of policy convergence and diversity. It argues that a distinction between the dimensions of policy, politics, and polity helps to gain new insights: while there is substantial, if far from perfect, convergence in the policy dimension (the content of regulation), no such effects can be found in the other two dimensions (the processes and institutional aspects of banking regulation). The chapter further advances hypotheses to explain the lack of institutional convergence and concludes by arguing that state capacity varies considerably in the field of banking regulation. National institutional situations thus function as filters of globalization, complicating outcomes beyond sweeping assessments of convergence or divergence.

Keywords:   banking industry, banking regulation, convergence, diversity, institutional convergence

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