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Effective Market Power: the domestic institutional roots of international market regulation
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| | Unformatted Document Text:
Effective Market Power:
The Domestic Institutional Roots
of International Market Regulation
by
David Bach and Abraham Newman
Instituto de Empresa Business School
Madrid, Spain
University of California, Berkeley
Berkeley, CA
Abstract
International market regulation has become a critical determinant of corporate and national economic fortunes. Understanding how jurisdictions exert influence over international market rules thus becomes crucial for scholars, business leaders, and policymakers alike. In this paper, we critically examine the widely accepted claim that domestic market size is the principal determinant of market power and international regulatory influence. We contrast this argument with a perspective stressing the crucial role of domestic political and regulatory institutions. Existing work pays too much attention on material aspects of domestic markets – size, scope, and market share – and underestimates the role of regulatory institutions in which domestic markets are embedded. These institutions are the missing link between latent market power vested in market size, and effective market power rooted in domestic regulatory capacity. We evaluate hypotheses from the market size and effective market power perspectives in two vital areas of international market regulation – securities and personal information. Initial evidence underscores the crucial role of domestic institutions and regulatory capacity for international market regulation.
Prepared for presentation at the 100th Annual Conference of the American Political
Science Association, 2-5 September 2004, Chicago, Ill.
Please send comments to david.## email not listed ## or ## email not listed ##
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| | Authors: Bach, David. and Newman, Abraham. |
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Effective Market Power:
The Domestic Institutional Roots
of International Market Regulation
by
David Bach and Abraham Newman
Instituto de Empresa Business School
Madrid, Spain
University of California, Berkeley
Berkeley, CA
Abstract
International market regulation has become a critical determinant of corporate and national
economic fortunes. Understanding how jurisdictions exert influence over international market
rules thus becomes crucial for scholars, business leaders, and policymakers alike. In this paper,
we critically examine the widely accepted claim that domestic market size is the principal
determinant of market power and international regulatory influence. We contrast this argument
with a perspective stressing the crucial role of domestic political and regulatory institutions.
Existing work pays too much attention on material aspects of domestic markets – size, scope, and
market share – and underestimates the role of regulatory institutions in which domestic markets
are embedded. These institutions are the missing link between latent market power vested in
market size, and effective market power rooted in domestic regulatory capacity. We evaluate
hypotheses from the market size and effective market power perspectives in two vital areas of
international market regulation – securities and personal information. Initial evidence
underscores the crucial role of domestic institutions and regulatory capacity for international
market regulation.
Prepared for presentation at the 100th Annual Conference of the American Political
Science Association, 2-5 September 2004, Chicago, Ill.
Please send comments to david.## email not listed ## or ## email not listed ##
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