The Social Psychology of Financial Regulatory Governance
The Political Economy of Financial Regulation (E Avgouleas and DC Donald, eds., Cambridge University Press 2019)
Oxford Legal Studies Research Paper No. 47/2019
AIIFL Working Paper No. 34
University of Hong Kong Faculty of Law Research Paper No. 2020/011
32 Pages Posted: 11 Jun 2019 Last revised: 23 Apr 2020
Giuliano G. Castellano
The University of Hong Kong, Faculty of Law
Genevieve Helleringer
University of Oxford - Institute of European and Comparative Law; ESSEC Business School; European Corporate Governance Institute (ECGI)
Date Written: June 11, 2019
Abstract
This paper contributes to addressing a fundamental question: how do institutions, in general, and financial regulators, in particular, “think”? To this end, the analytical tools of social psychology are applied to the regulatory framework for financial services in the European Union. The paper reveals a relationship between the constitutional status of EU regulators and the dominant group dynamics typified in the literature of social psychology. Such a relationship indicates that institutional structures might favour the emergence of specific behavioural patterns and modus operandi within regulatory bodies. Furthermore, the identification of dominant group dynamics paves the way to a more profound understanding of conflictual dynamics within groups of decision-makers. Such a novel analytical map is, then, applied to the context of the ongoing debate as to whether, following Brexit, the decision-making process of EU regulators is poised to be marked by a divide separating eurozone and non-eurozone Member States.
Keywords: Financial Regulation, Regulatory Governance, EU, Common Interest, ESAs, ECB, Commission, Colleges of Supervisors, Eurozone, Collective Decision Making, Cooperation, Forms of Sociality, Social Behaviours, Social Norms, Sociology of Finance, Public Organisations
JEL Classification: K22, K23, K33, D70, D73, D78, F15, F55, F65, G18, G28, N24, Z13
Suggested Citation: Suggested Citation
Genevieve Helleringer
University of Oxford - Institute of European and Comparative Law ( email )
St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom
ESSEC Business School ( email )
3 Avenue Bernard Hirsch
CS 50105 CERGY
CERGY, CERGY PONTOISE CEDEX 95021
France
European Corporate Governance Institute (ECGI) ( email )
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
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