TY - JOUR
T1 - The 'old' and 'new' political economy of hedge funds regulation in the European Union
AU - Quaglia, Lucia
PY - 2011/7
Y1 - 2011/7
N2 - This article assesses the ‘old’ and ‘new’ political economy of hedge fund regulation in the EU, explaining why the EU has decided to regulate hedge fund managers in the aftermath of the global financial crisis. A Franco-German alliance, with the support of Italy, other Mediterranean countries and some quarters of the European Parliament, has driven the EU's attempt to regulate hedge funds. The new EU rules are explained by institutionally-shaped economic interests rooted in national varieties of financial capitalism – the ‘old’ political economy of hedge fund regulation. However, ‘ideas’, in the form of competing regulatory paradigms, are instrumental in explaining why one coalition of actors has prevailed over the other in EU rule-making – the ‘new’ political economy of hedge fund regulation.
AB - This article assesses the ‘old’ and ‘new’ political economy of hedge fund regulation in the EU, explaining why the EU has decided to regulate hedge fund managers in the aftermath of the global financial crisis. A Franco-German alliance, with the support of Italy, other Mediterranean countries and some quarters of the European Parliament, has driven the EU's attempt to regulate hedge funds. The new EU rules are explained by institutionally-shaped economic interests rooted in national varieties of financial capitalism – the ‘old’ political economy of hedge fund regulation. However, ‘ideas’, in the form of competing regulatory paradigms, are instrumental in explaining why one coalition of actors has prevailed over the other in EU rule-making – the ‘new’ political economy of hedge fund regulation.
UR - http://www.scopus.com/inward/record.url?scp=79960745049&partnerID=8YFLogxK
U2 - 10.1080/01402382.2011.572383
DO - 10.1080/01402382.2011.572383
M3 - Article
SN - 0140-2382
VL - 34
SP - 665
EP - 682
JO - West European Politics
JF - West European Politics
IS - 4
ER -