 Macroprudential Policy on an Uneven Playing Field: Supranational Regulation and Domestic Politics in the EU's Dependent Market EconomiesDóra Piroska, Yuliya Gorelkina and Juliet Johnson Journal of Common Market Studies, 2021, vol. 59, issue 3, 497-517 Abstract: Central bankers and financial regulators in East Central Europe and the Balkans regularly employed macroprudential policy before the global financial crisis and continue to be among its most active proponents in the European Union. We draw upon the Dependent Market Economy framework to explore how the EU's five DMEs – the Czech Republic, Hungary, Poland, Romania, and Slovakia – have used macroprudential policy to manage the uneven distributional effects of financial globalization and European integration. We contend that while structural and EU‐specific institutional factors define the available policy space, policy choices within that space depend upon how domestic actors translate macroprudential policies into their local contexts. Overall, our analysis highlights the social impact and challenges to European integration of heavy DME reliance on macroprudential policy making, especially when motivated by domestic financial nationalism. Date: 2021 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:jcmkts:v:59:y:2021:i:3:p:497-517 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of Common Market Studies is currently edited by Jim Rollo and Daniel Wincott More articles in Journal of Common Market Studies from Wiley Blackwell |
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