Theories of Regulation and Changes in Regulation: The Case of Financial Markets

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Abstract
A definition of regulation is offered and the relevance of regulatory theory to understanding change in financial markets is explained. The nature of financial change is sketched. Four major sets of regulatory theories are outlined—teleological, cultural, instrumental and administrative. The adequacy of each in explaining recent changes in securities markets in Britain and the United States is assessed. The article concludes that some cultural and administrative theories perform best, and argues that in the United Kingdom and the United States there is a convergence of regulatory styles.

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