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Internationalisation and Economic Institutions:Comparing the European Experience$
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Mark Thatcher

Print publication date: 2007

Print ISBN-13: 9780199245680

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199245680.001.0001

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Transformation and Convergence: Stock Exchanges in France, Germany, and Italy 1986–2005

Transformation and Convergence: Stock Exchanges in France, Germany, and Italy 1986–2005

(p.95) 5 Transformation and Convergence: Stock Exchanges in France, Germany, and Italy 1986–2005
Internationalisation and Economic Institutions:

Mark Thatcher (Contributor Webpage)

Oxford University Press

Between 1986 and 2005, rapid and sweeping changes broke with long-standing sectoral institutions for securities trading in France, Germany, and Italy. Stock exchanges were privatised, legal monopolies ended, and regulatory powers transferred to independent regulatory authorities. Policy forms of internationalisation were crucial in these changes. Policymakers feared regulatory competition due to new institutional arrangements in Britain, while also looking to Britain as a successful example of reform. But a second, more important factor was detailed sectoral EU regulation which increased fears of securities trading moving elsewhere and provided occasions and arguments for change. The two forms of internationalisation aided the formation of strong reform coalitions between governments and the managements of incumbent suppliers, and provided arguments to legitimate changes. By 2005, the three countries had adopted similar institutional outcomes to Britain, but following a different route, showing that policy forms of internationalisation can lead to similar outcomes through nationally-specific routes.

Keywords:   privatisation, monopolies, regulatory powers, regulatory competition, EU regulation, France, Germany, Italy

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