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首页> 外文期刊>Journal of Public Policy >Why does the United Kingdom (UK) have inconsistent preferences on financial regulation? The case of banking and capital markets
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Why does the United Kingdom (UK) have inconsistent preferences on financial regulation? The case of banking and capital markets

机译：为什么英国（UK）在金融监管方面有不一致的偏好？银行和资本市场的情况

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摘要

What explains national preferences concerning international and regional financial regulation? This article focusses on one of the main financial jurisdictions worldwide, the United Kingdom (UK). It is puzzling that since the crisis this jurisdiction has pursued stringent harmonised regulation in certain areas (banking), but not others (capital markets). We explain this in terms of how the demands of powerful economic interests are mediated by the political process and regulatory institutions. In banking, there was strong political pressure to restore financial stability, and regulatory institutions were significantly strengthened. This enabled UK regulators to resist industry lobbying and pursue more stringent harmonised rules at the international and European Union levels ("trading up"). In the case of capital markets, by contrast, UK regulators lacked political support for tougher regulation and were institutionally much weaker. As a result, the industry was far more effective in shaping UK preferences aimed at protecting the sector's competitiveness ("trading down").
机译：是什么解释了国家对国际和区域金融监管的偏爱？本文重点介绍了全球主要金融管辖区之一，英国（UK）。令人困惑的是，自危机以来，该司法管辖区对某些领域（银行）实行严格的统一监管，而对其他领域（资本市场）则不这样做。我们通过政治过程和监管机构如何调解强大的经济利益的需求来对此进行解释。在银行业，有强大的政治压力来恢复金融稳定，并且监管机构得到了显着加强。这使英国监管机构能够抵制行业游说，并在国际和欧盟层面推行更严格的统一规则（“向上交易”）。相比之下，就资本市场而言，英国监管机构缺乏对更严格监管的政治支持，而在制度上则较弱。结果，该行业在形成旨在保护该行业竞争力的英国偏好方面更为有效（“降低”）。

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