Sources of Institutional Change
The Supranational Origins of Europe's New Stock Markets
Bibliographic Data
| ID | 8042746 |
|---|---|
| Authors | Elliot Posner (0000-0002-7178-6528, George Washington University, corresponding author) |
| Year | 2005 |
| Volume | 58 |
| Issue | 1 |
| Pages | 1-40 |
| Publication date | 2005-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | World Politics (JOURNAL) |
| Journal identifiers | ISSN: 0043-8871 • E-ISSN: 1086-3338 |
| Publisher | Project MUSE (PUBLISHER • US) |
| DOI | 10.1353/wp.2006.0021 |
| OpenAlex | W2116032094 |
| Language | EN |
| Citations received | 32 |
| References cited | 45 |
The article explains a curious turn in European political economies. Between 1995 and 2005 national financial elites in twelve Western European countries created almost twenty competing new stock markets designed to improve financing alternatives for entrepreneurial companies. For a region supposedly averse to risk and U.S.-style capitalism, it is surprising that most of the new markets were modeled on the U.S.-based Nasdaq Stock Market, an iconic American institution. The author's structured comparisons of the new markets to one another, to previous ones, and to proposals that never saw the light of day reveal that the primary causes behind the creation, form, and timing of Europe's new markets lie in the political skills, motivations, and actions of supranational European Union bureaucrats. Challenging leading social science explanations for the cross-border convergence of domestic institutions, these findings show that the accumulated effects of day-to-day action by these supranational bureaucrats are potential causes of institutional innovation. The argument adds to a growing body of detailed empirical research on the domestic and global impact of the European regional polity and contributes to scholarly debates about market formation
Argument (complex analysis · Capitalism · Economics · European union · Financial market · International economics · Market economy · Political economy · Political science · Politics · Polity · Stock (firearms · European Union Policy and Governance · Finance · Law · Political Influence and Corporate Strategies · Social Policy and Reform Studies
Comparing capitalisms
International Organizations and their Offspring
The ‘Old’ and ‘New’ Political Economy of Hedge Fund Regulation in the European Union
The politics of insurance regulation and supervision reform in the European Union
A Zeal for a Zeal? SME Policy and the Political Economy of the EU
Stock exchange virtualisation and the decline of second-tier financial centres--the cases of Amsterdam and Frankfurt
Identifying the Place of Democratic Norms in Democratic Peace 1
Why didn’t Europe securitise more? The institutionalisation of covered bonds as an efficient instrument for financialisation
The ‘Old’ and ‘New’ Politics of Financial Services Regulation in the European Union
Merchants against the bankers
Sequence as explanation
Transatlantic flight fights
From comparing capitalisms to the politics of institutional change
Transnational feedback, soft law, and preferences in global financial regulation
Structuring transnational interests
In the vanguard of globalization
Making global markets
Sub-National Elections in Russia
From Balcony to Barricade
One money, two markets? EMU at twenty and European financial market integration
The Global Financial Crisis
Regulatory Visions and the State in E. Asia
How the European Commission deepened financial market integration. The battle over the liberalization of public banks in Germany
Global European Union Studies
Building Transnational Civil Liberties
The rise of internal capitalist diversity? Changing patterns of finance and corporate governance in Europe
The rise of the European corporate elite
The Sociology of Finance
Completing the single market in financial services
Making Rules for Global Finance
Geography of Stock Markets
Harnessing venture capital in China
Freer markets, more rules
The uniting of Europe
National Interests in International Society
The Engines of European Integration
Finance Capitalism Unveiled
The Forging of Bureaucratic Autonomy
The New Institutionalism in Organizational Analysis
Constructing World Culture
The Institutionalization of Europe
The Architecture of Markets
European Integration and Supranational Governance
Governments, Markets, and Growth
Uniting Of Europe
Rules for the World
Governance in a Global Economy
Activists beyond Borders
Internationalization and Domestic Politics
How Institutions Evolve
National Diversity and Global Capitalism
Creating a pan-European equity market
The European equity markets
Recasting the European Bargain
The Governance Approach to European Integration
The Anatomy of Autonomy
Origins of the European Bank for Reconstruction and Development
How to Make a Market
The Architecture of Markets
Rational Fictions
European integration and supranational governance
The Commission and the Poverty Programmes
International Regimes, Domestic Veto-Players, and Capital Controls Policy Stability
Using Ideas Strategically
A New Statecraft? Supranational Entrepreneurs and International Cooperation
International Norm Dynamics and Political Change
Semi‐sovereign leadership? The state's role in German biotechnology and venture capital growth
The Origins of Financial Openness
Power in International Politics
The Globalization of Liberalization
Social Skill and Institutional Theory
Frankfurt's Neuer Markt and the IPO explosion
| Unique citing works | 32 |
|---|---|
| Citations per year | 1,68 |
| Citation span | 2007 - 2024 (18) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 32 |