Open Access Journal

ISSN: 2183-2463

Article | Open Access

Explaining the EU’s Uneven Influence Across the International Regime Complex in Shadow Banking

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Abstract:  This article shows that the EU has exerted uneven influence within the global regime complex in shadow banking. Why? We seek to explain the variation in the EU’s ability to exert influence across different elemental regimes—those on hedge funds and securitization—in the broader regime complex over time. In hedge funds regulation, the EU has pursued more stringent international rules, to no avail. In securitization, the EU has been more successful in promoting more lenient regulation at the international level. We focus on the EU’s internal cohesiveness (which can change over time) as the key explanatory variable.

Keywords:  Bank of England; EU cohesiveness; European Central Bank; finance; hedge funds; international regime complexity; securitization; shadow banking

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DOI: https://doi.org/10.17645/pag.v11i2.6272


© Lucia Quaglia, Aneta Spendzharova. This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 license (http://creativecommons.org/licenses/by/4.0), which permits any use, distribution, and reproduction of the work without further permission provided the original author(s) and source are credited.