Aneta Spendzharova - Academia.edu (original) (raw)

Papers by Aneta Spendzharova

Routledge eBooks, Nov 19, 2020

People interested in the research are advised to contact the author for the final version of the ... more People interested in the research are advised to contact the author for the final version of the publication, or visit the DOI to the publisher's website. • The final author version and the galley proof are versions of the publication after peer review. • The final published version features the final layout of the paper including the volume, issue and page numbers. Link to publication General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal. If the publication is distributed under the terms of Article 25fa of the Dutch Copyright Act, indicated by the "Taverne" license above, please follow below link for the End User Agreement:

Routledge eBooks, Sep 19, 2019

Journal of Economic Policy Reform

The Contestation of Expertise in the European Union, 2020

This article examines the European response to complex financial crises. In particular it traces ... more This article examines the European response to complex financial crises. In particular it traces the debate on the revision of the financial services supervision, and demonstrates a major and abrupt shift in European financial governance with regard to two very important dimensions of every regulatory system: the locus and form of institutionalization (where the EU underwent a shift from a decentralized and network-based to a centralised and institutionalised regime), and the regulatory approach (where the EU embraces harmonization and standardisation after decades of support for mutual recognition). To illustrate these substantial shifts we conduct longitudinal qualitative content analysis of the European Council’s Presidency Conclusions from the start of the 1990s to 2013, and we study the position papers presented by banks and banking associations in the so-called De Larosiere consultation round of 2009 (which determined the future of financial services supervision in the EU). In...

Regulation & Governance, 2021

International regime complexity has become a prominent feature of the global economy and world po... more International regime complexity has become a prominent feature of the global economy and world politics. The international governance of derivatives markets is a notable case of this phenomenon in finance because a variety of post‐crisis rules have been issued by a multitude of international standard‐setting bodies. By combining the regime complexity and orchestration frameworks, we explain the precision and scope of international standards for derivatives trade reporting. We show how a collective orchestrator (the Group of Twenty) and a hub intermediary (the Financial Stability Board) managed regime complexity through the orchestration of the available intermediaries. We also seek to refine the orchestration framework by explaining how the mechanism of issue de‐linkage can be used to manage the partly diverging goals among states within the collective orchestrator. Our findings are relevant for the global regulation and governance of other policy areas characterized by a multiplici...

JCMS: Journal of Common Market Studies, 2019

Established at the height of the Eurozone sovereign debt crisis, the intergovernmental European S... more Established at the height of the Eurozone sovereign debt crisis, the intergovernmental European Stability Mechanism (ESM) has, potentially, considerable influence over decisions on the provision of loans to Eurozone member state governments and on the recapitalization of banks. Legally and organizationally, the ESM is an international financial institution and thus its accountability can be compared to that of the International Monetary Fund (IMF) and other international financial institutions. However, the ESM's governance structure and decision-making procedures show that it is deeply embedded in the Eurozone governance architecture, resulting in a 'dual institutional embeddedness'. Focusing on vertical and horizontal accountability, combined with a learning perspective on accountability, this paper presents an assessment of the accountability mechanisms applicable to the idiosyncratic ESM and how these mechanisms work in practice.

Public Administration, 2018

After the international financial crisis, new financial regulation was adopted at the internation... more After the international financial crisis, new financial regulation was adopted at the international, regional and national levels, raising the issue of how to promote regulatory coherence, defined as the consistency between the rules adopted at different governance levels and in a variety of policy venues. A major recent area of reform concerned the loss absorbing capacity (LAC) of banks. In practice, the lack of regulatory coherence concerning LAC hampers the effective resolution of large international banks in a timely manner, ultimately undermining financial stability. We examine the role of regulators in the quest for coherence on LAC, explaining the incentives they had and how they deployed their delegated competences at different levels to achieve coherent rules that ensure financial stability. Theoretically, we combine insights from the public administration and political economy literatures. Methodologically, we process trace the making of LAC rules on three governance level...

SSRN Electronic Journal, 2018

This paper was written while Lucia Qualia was a research fellow first at the BIGSSS (University o... more This paper was written while Lucia Qualia was a research fellow first at the BIGSSS (University of Bremen) and the Hanse-Wissenschaftskolleg (HWK) and then at the Scuola Normale Superiore (SNS), Florence.

European Journal of Law Reform, 2017

SSRN Electronic Journal, 2017

Originating from a networked committee of national supervisory authorities with limited decision-... more Originating from a networked committee of national supervisory authorities with limited decision-making powers, the European Securities and Markets Authority (ESMA) has become a prominent regulator in European financial sector governance since 2008. It is the single supervisor of credit rating agencies and trade repositories operating in the EU and has recently exercised its new powers to impose fines on firms violating the EU rules. ESMA has both decision-making and information gathering powers. It decides upon important binding technical standards in securities trading and plays a crucial role in the harmonisation of national practices across the EU through issuing guidelines, disseminating best practices and conducting peer reviews. What explains this unparalleled transfer of powers to the supranational level in European financial sector governance? This paper argues that the succession of crises affecting the EU’s financial and economic order since 2008 created a momentum for centralisation of governance, operationalised in terms of the creation of new EU bodies and transfer of powers and competences from the member states to the EU level. Furthermore, as a consequence of a series of EU legislative reforms since 2011, ESMA has received new responsibilities and powers to ensure harmonised rule application across the EU.

JCMS: Journal of Common Market Studies, 2017

In the aftermath of the international financial crisis, the European Union (EU) adopted a series ... more In the aftermath of the international financial crisis, the European Union (EU) adopted a series of regulatory reforms concerning capital adequacy, bank structures and resolution in order to tackle the risks created by financial institutions that were ‘too big to fail’. This article demonstrates different degrees of progress towards a supranational framework in two important areas of reform: Limited harmonization of the rules on bank structures, but robust progress toward the supranationalization of bank resolution, where the euro area dimension is also considered. What accounts for this variation? We draw on a synthesis of neofunctionalism and liberal intergovernmentalism to explain the diverging outcomes. We explain the low supranationalization in bank structural reforms with the absence of strong spillovers and availability of domestic options to unilaterally contain financial instability. In bank resolution, we examine the causal mechanisms through which significant spillovers m...

Regulation & Governance, 2017

Post‐crisis international standards have been agreed on in certain areas of banking regulation, n... more Post‐crisis international standards have been agreed on in certain areas of banking regulation, namely capital, liquidity, and resolution, but not others, namely bank structure – why? We articulate a two‐step analytical framework that links the domestic and international levels of governance. In particular, we focus on the role of domestic regulators at the interface between the two levels. At the domestic level, regulators evaluate externalities and adjustment costs before engaging in cooperation at the international level. This analysis explains why regulators in the United States and the European Union act as pacesetters, foot‐draggers, or fence‐sitters in international standard setting; that is to say, why they promote, resist, or are neutral toward international financial standards. At the international level, we explain the outcome of international standard setting by considering the interaction of pacesetters and foot‐draggers.

Regulating Banks in Central and Eastern Europe, 2014

Chapter 1 presented two contrasting approaches to banking sector supervision. First, market-based... more Chapter 1 presented two contrasting approaches to banking sector supervision. First, market-based regulation was prevalent in the decades leading up to the 2008 global financial crisis. This approach is based on the assumption that if sufficient information is available on the marketplace, market discipline will force financial actors to behave responsibly, and will thus promote financial stability (Barth et al. 2006; Wymeersch 2009; de Haan et al. 2012). Second, according to the risk- averse counter-cyclical regulation approach that gained more traction after the global financial crisis, bank supervisors need to take proactive measures when they observe vulnerabilities in the banking system (Grabel 2007; Goodhart and Persaud 2008; Griffith-Jones et al. 2009).

West European Politics, 2016

Countries in Europe's Nordic-Baltic region such as Sweden, Estonia, Latvia, and Lithuania have de... more Countries in Europe's Nordic-Baltic region such as Sweden, Estonia, Latvia, and Lithuania have developed closely integrated banking systems and extensive supervisory cooperation. Following a series of mergers and acquisitions in the late 1990s and early 2000s, two Swedish-based banking groups, Föreningssparbanken (Swedbank) and Swedish Skandinavska Enskilda Banken (SEB), emerged as dominant in the entire region (Ekholm 2013). By 2001, the two groups owned more than two-thirds of the banking sector assets in Estonia and Lithuania, and a substantial share in Latvia (Ådahl 2002). The commitment of Swedish-based banks to preserving financial stability in the region was put to the test in the period 2007-2010, due to property asset bubbles in the Baltic states and the onset of the 2008 global financial crisis. As a result, the Swedish parent banks had to intervene swiftly to recapitalise their branches and subsidiaries in the Baltics (Aarma and Dubauskas 2012; Kattel and Raudla 2013).

Journal of Banking Regulation, 2016

West European Politics, 2014

Review of International Political Economy, 2013