Replication Data for: Regulatory Convergence in the Financial Periphery: How Interdependence Shapes Regulators’ Decisions

We examine the processes by which regulations prevailing in countries at the core of the global economy spread to countries outside this small group. We show how specific cross-border relationships between banks, regulators, and investors generate regulatory interdependence that drives the diffusion of international standards from the standard-setting countries at the core of the financial system to the financial periphery. We argue that regulatory decisions in the financial periphery are shaped by the prior choices of regulators in other countries, mediated through four specific cross-border relationships associated with banking globalization. We draw on a new dataset of Basel II adoption in over ninety jurisdictions in the financial periphery. Using spatial lag models we show that regulators’ decisions over the adoption of international standards are shaped by the choices of regulators to whom they are connected through the cross-border operations of individual banks, international professional networks, and competition for capital. Our analysis underscores the value of parsing out the relevant actor-level linkages that connect countries: while international considerations shape regulatory decisions, what matters is not the extent to which countries are connected to the global economy but rather the nature of these connections.

本研究旨在考察全球经济核心国家的通行监管规则向该小众群体之外的国家扩散的具体过程。研究揭示了银行、监管机构与投资者之间的特定跨境关联，如何催生监管相互依赖关系，进而推动国际标准从金融体系核心的标准制定国向金融边缘地区扩散。本研究提出，金融边缘地区的监管决策会受到他国监管机构先前决策的塑造，且这种影响通过与银行业全球化相关的四类特定跨境关联实现传导。本研究依托一套全新数据集，该数据集涵盖金融边缘地区90余个辖区对巴塞尔协议II（Basel II）的采用情况。借助空间滞后模型（spatial lag models），本研究证实，监管机构在国际标准采用方面的决策，会受到通过个体银行跨境运营、国际专业网络以及资本竞争这三类关联联结的他国监管机构决策的影响。本研究的分析凸显了梳理国家间关键行动者层面联结的重要价值：尽管国际层面的考量会影响监管决策，但真正关键的并非各国与全球经济的关联程度，而是这些关联的具体性质。