This paper examines the diffusion of the Basel II Capital Accord into emerging markets (EMs). The literature on the diffusion of financial standards reinforces determinism: carefully derived standards such as those around financial liberalization are assumed to be applicable to all markets in an effort to promote stability and international harmonization. Attempts to use financial liberalization and macroprudential toolkits such as Basel II, however well intentioned, can increase rather than mitigate financial instability, due in part to unevenness in the adoption of financial standards. We analyse rich, action research data on the response of banks in 19 EMs in Asia, the Middle East, and Eastern Europe to the advent of Basel II. We find heterogeneous rather than universalistic responses, captured as four types of behavioural variations leading to differences in the intensity of diffusion: Reformist, Instigative, Disobliging and Cosmetic. The variations reflect regulatory neoliberalism. The typology contributes to our understanding of the interaction between bank behaviour, regulator stance and institutional context as determinants of the diffusion of global financial standards.

中文翻译：

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新兴市场对全球金融标准的回应：监管新自由主义和巴塞尔新资本协议

本文探讨了巴塞尔 II 资本协议向新兴市场 (EM) 的扩散。关于金融标准传播的文献强化了决定论：精心制定的标准（例如围绕金融自由化的标准）被认为适用于所有市场，以促进稳定和国际协调。尝试使用金融自由化和巴塞尔 II 等宏观审慎工具包，无论意图多么良好，都可能增加而不是减轻金融不稳定，部分原因是金融标准采用的不平衡。我们分析了有关亚洲、中东和东欧 19 个新兴市场银行对新巴塞尔协议出台的反应的丰富行动研究数据。我们发现异质性而非普遍性的反应，概括为导致扩散强度差异的四种行为变化：改良主义、煽动性、不服从性和装饰性。这些变化反映了监管新自由主义。这种类型学有助于我们理解银行行为、监管立场和制度背景之间的相互作用，作为全球金融标准传播的决定因素。