The emergence of transnational hybrid governance: how private risks trigger public intervention
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Abstract
The wave of financial market regulations that followed the financial crisis
of 2008 offers new insights for understanding the conditions under which
public regulators intervene in privately self-regulated markets and the possible
forces containing their actions. The legislative and regulatory initiatives that
were taken in the EU between 2009 and 2018, in fact, extended the reach of
public regulation into areas that were previously mostly regulated through
privately set standards. However, as the new rules and regulations do not
affect all aspects of the financial markets in the same way, they provide
a considerable degree of within-case variation in terms of the extent to which
certain segments of the market are affected by – or remain exempt from – the
extension of public oversight. This within-case variation is highly useful in
providing a deeper insight into whether – and under which conditions – private
self-regulation prompts (centralised) public regulation (H8). In this chapter, by
investigating the interaction between private and public regulators during the
post-crisis regulatory wave, we probe the plausibility of our hypotheses about
how systems of hybrid governance emerge and develop.
Palabras clave
Emergence of transnational hybrid; Governance; Public interventionCollections
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