Citation:
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Date Published:
Jun 1, 2001Abstract:
My primary focus is on the mechanisms that drive regulatory harmonization in international finance. Just as we would like to know whether firms have arrived at similar prices for a good through collusion or competition, we want to know whether harmonization occurs through political or market pressures. My argument also informs a discussion about whether international institutions will play a role in the process of harmonization, and if so, what that role will be. In short, the dependent variable of this study is primarily harmonization processes. By focusing on process mechanisms, I provide a theoretical and practical explanation of the relative roles of market incentives, political pressure, and multilateral institutions in the coordination of regulatory policies.