Harnessing Global Finance: Is there divergence in global banking regulation?
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Convergence theory has dominated the discussion of global financial governance. The perspective argues that the confrontation between the global market and state institutions leads to policy convergence. However, rather than accept this conclusion, this study has examined banking regulation in four countries, the United States, Canada, Britain, and Germany to test whether they converge. By comparing how these countries regulate banking in terms of policy interests, the study finds that there is indeed divergence between them in contrast to what convergence theory would predict.