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  Internationalization and Financial Federalism: The United States and Germany at the Crossroads?

Deeg, R., & Lütz, S. (1998). Internationalization and Financial Federalism: The United States and Germany at the Crossroads? MPIfG Discussion Paper, 98/7.

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http://hdl.handle.net/11858/00-001M-0000-0012-556C-7 (Supplementary material)
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New source: Deeg, Richard, & Lütz, Susanne (2000). Internationalization and Financial Federalism: The United States and Germany at the Crossroads? Comparative Political Studies, 33(3), 374-405.
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 Creators:
Deeg, Richard1, 2, Author           
Lütz, Susanne3, Author           
Affiliations:
1Projekte von Gastwissenschaftlern und Postdoc-Stipendiaten, MPI for the Study of Societies, Max Planck Society, ou_1214554              
2Massachusetts Institute of Technology, Cambridge, MA, USA, ou_persistent22              
3Problemlösungsfähigkeit der Mehrebenenpolitik in Europa, MPI for the Study of Societies, Max Planck Society, ou_1214552              

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 Abstract: In this paper we examine some effects of economic internationalization on state structures, especially in regard to the distribution of power and authority within federalist systems. Using an institutional rational choice model, we analyze changes in financial regulation and market structures in Germany and the United States. Our focus is on the financial realm because of its high degree of internationalization and because in both countries financial markets and regulation have historically exhibited federalist traits. Our findings indicate that internationalization has led to significant convergence in financial market structures and regulation across the two countries and that in each case this convergence has been accompanied by centralization of financial regulatory authority. While both the German type of cooperative federalism and the American model of competitive federalism proved to be "vulnerable" to the growing international pressures, the two countries took different paths of change that reflect differences in domestic institutions. Thus we conclude that convergence is, and will likely remain, of a limited nature.
 Abstract: Dieser Beitrag untersucht die Effekte ökonomischer Internationalisierung auf Staatsstrukturen und auf die Machtverteilung zwischen verschiedenen Ebenen föderaler Systeme. Mit Hilfe einer Rational-choice-Perspektive des institutionellen Handelns werden Veränderungen in Struktur und Regulierung nationaler Finanzmärkte am Beispiel Deutschlands und den Vereinigten Staaten behandelt. In beiden Ländern unterliegt der Finanzsektor erheblichem Internationalisierungsdruck und ist gleichzeitig durch eine ausgeprägt föderale Struktur gekennzeichnet. Unsere Ergebnisse verweisen auf beträchtliche Konvergenz von Marktstrukturen und Regulierungsmodi in beiden Ländern, welche mit der Zentralisierung von Regulierungskompetenzen auf der Bundesebene verbunden ist. Sowohl der deutsche "kooperative Föderalismus" als auch das amerikanische Modell des "Wettbewerbsföderalismus" erweisen sich also als "anfällig" gegenüber wachsendem Internationalisierungsdruck, dennoch schlagen beide Länder unterschiedliche Reformpfade ein, welche Ausdruck des jeweiligen nationalen Institutionengefüges sind. Die Dynamik von Konvergenzprozessen wird (wohl auch zukünftig) institutionell eingedämmt.

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Language(s): eng - English
 Dates: 1998-07
 Publication Status: Published in print
 Pages: 33
 Publishing info: Köln : Max-Planck-Institut für Gesellschaftsforschung
 Table of Contents: 1 Introduction
2 The Old Model of Financial Federalism in the United States and Germany - "Federalized Cartels"
3 Internationalization of Financial Markets and Their Implications for Domestic Actors
Imperatives to Restructure the German System
Imperatives to Restructure the U.S. System
4 The New Models in the United States and in Germany - Towards Further Centralization of the Federalist System
The New German Model
The Emerging U.S. Model
5 Internationalization and the Different "Vulnerabilities" of Financial Federalism
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 Rev. Type: Internal
 Identifiers: eDoc: 430167
 Degree: -

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Title: MPIfG Discussion Paper
Source Genre: Series
 Creator(s):
Max-Planck-Institut für Gesellschaftsforschung, Editor              
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Pages: - Volume / Issue: 98/7 Sequence Number: - Start / End Page: - Identifier: ISSN: 0944-2073
ISSN: 1864-4325