The Politics of Financial Markets and Regulation The United States, Japan and Germany

In the post-Bretton Woods era, the advent of ever-expanding capital markets beyond national borders led to a series of financial reforms in many industrial economies. In comparing reform cases across different time periods in the United States, Japan, and Germany, Sara Konoe stresses the role of dynamic interactions between institutions and political contexts in determining reform paths. In non-crisis periods, regulatory fragmentation is utilized by financial sectors to pursue their demands for liberalization, though those in self-regulating or monopolized markets resist the agenda of liberalization. A time of crisis empowers reformers to restructure the financial regulatory structure and markets and enables the tightening of regulation. By drawing out key implications for global politics, Konoe sheds light on what types of reform dynamics come into play in the formation of global financial governance while considering the impact of regional-level institutionalization in the EU and EMU.

Sara Konoe is Associate Professor at the Faculty of Economics, Kansai University, Japan. She received her PhD from the Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University in May 2009 and was a Max Weber Postdoctoral Fellow at the European University Institute in 2009–2010.

PART I: THE PROBLEM UNDER ANALYSIS
1. Domestic Responses to Global Shifts
PART II: THE IMPACT OF REGULATORY AND POLITICAL FRAGMENTATION
2. Financial Liberalization
3. Restructuring Markets and Regulators
4. Financial Politics: Case Analysis and the Implications of the 2008 Global Financial Crisis
PART III: IMPLICATIONS FOR GLOBAL FINANCIAL GOVERNANCE
5. Domestic Politics and Global Governance