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Exogenous Shocks in Subsystem Adjustment and Policy Change: The Credit Crunch and Canadian Banking Regulation.
- Source :
- Journal of Public Policy; Apr2009, Vol. 29 Issue 1, p29-53, 25p
- Publication Year :
- 2009
-
Abstract
- This paper explores the impact of internationalization on the financial services policy subsystem in Canada. It uses subsystem adjustment as a concept to bring some analytical clarity to how exogenous factors like globalization and international crises may impact existing policy regimes. Based on examination of globalization-induced banking deregulation (1987?1991) and the current crisis of securitized banking, the paper argues that the strength of this approach is that it integrates endogenous effects of the existing subsystem in explaining policy changes in response to what are normally treated as exogenous shocks. Careful effort needs to be made to differentiate the processes of external systemic perturbations from subsystem spillovers as these two processes of adjustment and policy change can lead to different policy making dynamics over the long term. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 0143814X
- Volume :
- 29
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Journal of Public Policy
- Publication Type :
- Academic Journal
- Accession number :
- 36326690
- Full Text :
- https://doi.org/10.1017/S0143814X09001007