Visions of Financial Order: National Institutions and the Development of Banking Regulation

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Kim Pernell

Visions of Financial Order

National Institutions and the Development of Banking Regulation

Kim Pernell

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English

Princeton University Press
20 November 2024

Sociology; Political economy; Economic history; Banking

Series: Princeton Studies in Global and Comparative Sociology

How differences in national financial regulatory systems emerged from divergent beliefs about economic order and prosperity

The global financial crisis of the late 2000s was marked by the failure of regulators to rein in risk-taking by banks. And yet regulatory issues varied from country to country, with some national financial regulatory systems proving more effective than others. In Visions of Financial Order, Kim Pernell traces the emergence of important national differences in financial regulation in the decades leading up to the crisis. To do so, she examines the cases of the United States, Canada, and Spain-three countries that subscribed to the same transnational regulatory framework (the Basel Capital Accord) but developed different regulatory policies in areas that would directly affect bank performance during the financial crisis.

In a broad historical analysis that extends from the rise of the first modern chartered banks in the 1780s through the major financial crises of the twentieth century and the Basel Capital Accord of 1988, Pernell shows how the different (and sometimes competing) principles of order embedded in each country's regulatory and political institutions gave rise to distinctive visions of order and prosperity, which shaped subsequent financial regulatory design. Pernell argues that the different worldviews of national banking regulators reflected cultural beliefs about the ideal way to organize economic life to promote order, stability, and prosperity. Visions of Financial Order offers an innovative perspective on the persistent differences between regulatory institutions and the ways they shaped the unfolding of the 2008 global financial crisis.

By: Kim Pernell
Imprint: Princeton University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm,
ISBN: 9780691255439
ISBN 10: 0691255431
Series: Princeton Studies in Global and Comparative Sociology
Pages: 320
Publication Date: 20 November 2024
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Kim Pernell is assistant professor of sociology at the University of Texas at Austin.

Reviews for Visions of Financial Order: National Institutions and the Development of Banking Regulation

""Honorable Mention for the Mary Douglas Book Award, Culture section of the American Sociological Association"" ""Co-Winner of the Alice Amsden Award, Society for the Advancement of Socioeconomics"" ""Honorable Mention for the Viviana Zelizer Best Book Award, Economic Sociology - Section of the American Sociological Association"" ""Winner of the Seymour Martin Lipset Best Book Award, Canadian Politics section of the American Political Science Association"" ""What is new here is the perspective of a young sociologist with a fresh pair of eyes. It is not easy to come up with meaningful conclusions that can serve as guideposts for future financial policy and sensible regulation. Pernell . . . has certainly done a credible job and has added a fresh perspective to the discussion."" * Choice *