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The Political Economy of Bank Regulation in Developing Countries OUP CORRECTED PROOF – FINAL, 14/02/20, Spi OUP CORRECTED PROOF – FINAL, 14/02/20, Spi

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The Political Economy of Bank Regulation in Developing Countries OUP CORRECTED PROOF – FINAL, 14/02/20, Spi OUP CORRECTED PROOF – FINAL, 14/02/20, Spi OUP CORRECTED PROOF – FINAL, 14/02/20, SPi The Political Economy of Bank Regulation in Developing Countries OUP CORRECTED PROOF – FINAL, 14/02/20, SPi OUP CORRECTED PROOF – FINAL, 14/02/20, SPi The Political Economy of Bank Regulation in Developing Countries Risk and Reputation Edited by EMILY JONES 1 OUP CORRECTED PROOF – FINAL, 14/02/20, SPi 1 Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © Oxford University Press 2020 The moral rights of the authors have been asserted First Edition published in 2020 Impression: 1 Some rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, for commercial purposes, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization. This is an open access publication, available online and distributed under the terms of a Creative Commons Attribution – Non Commercial – No Derivatives 4.0 International licence (CC BY-NC-ND 4.0), a copy of which is available at http://creativecommons.org/licenses/by-nc-nd/4.0/. Enquiries concerning reproduction outside the scope of this licence should be sent to the Rights Department, Oxford University Press, at the address above Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2019947029 ISBN 978–0–19–884199–9 DOI: 10.1093/oso/9780198841999.003.0001 Printed and bound in Great Britain by Clays Ltd, Elcograf S.p.A. Links to third party websites are provided by Oxford in good faith and for information only. Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work. OUP CORRECTED PROOF – FINAL, 14/02/20, SPi Acknowledgements This book is the product of a four-year collaboration between the fourteen contributing authors. Our framework and arguments build from our diverse backgrounds in political science, economics, law, and corporate governance, and our knowledge in countries and regions across Africa, Asia, and Latin America. Dominic Byatt, our commissioning editor at Oxford University Press, advised us to write a book that would read like a monograph, with a central argument that brought our different case studies into a coherent whole. We have done our best to do exactly that. We came together as a project team in March 2016 to generate initial hypotheses, and again in June 2017 to peer-review our findings and develop a common analytical framework. Each of us revised our chapters several times to ensure our contributions spoke to each other. I am thankful to each and every contributing author for taking such a collaborative approach from the start to the very end of this project, and hope that they have found our collaboration as richly rewarding as I have. On behalf of all our team, we express our sincere thanks to Thorsten Beck and Ngaire Woods, who mentored and guided our research team, and the many practitioners, academics, and administrators who have provided us with their expertise, advice, and support. More than 200 practitioners from regulatory institutions, banks and non-bank financial firms, political parties, international organizations, and think tanks across five continents generously shared their insights and reflections with us. Given the political sensitivity of banking regula- tion, we agreed to preserve the anonymity of our interviewees and have done our utmost to honour this commitment. While their names do not appear on the pages that follow, we are all too aware that this work would not have been possible without their generosity. We hope we have done justice to the insights they shared. We presented our work and received helpful feedback from meetings of practi- tioners. We thank participants of the Oxford African Central Bank Governors Roundtable; meetings of the Alliance for Financial Inclusion in Sochi, Russia, and Siem Reap, Cambodia; the Financial Conduct Authority workshop on the Future of Financial Regulation in London; the Committee of African Bank Supervisors meeting in Cairo; the FSI/IMF global meeting on proportionality in financial regulation in Basel; the PEFM Africa Conference in Oxford; the T20 Taskforce on International Finance Architecture for Stability and Development; and seminars at the Bank of Nigeria, Central Bank of Kenya, DFID Rwanda, Bank of England, the Gateway House India, and the Overseas Development Institute. For sharing their reflections and facilitating this engagement, we are particularly thankful to OUP CORRECTED PROOF – FINAL, 14/02/20, SPi vi Acknowledgements Svein Andresen, Mathur Askhay, Denzel Bostander, Andrew Cornford, Juan Carlos Crisanto, Papa Lamine Diop, Charles Enoch, Michael Fuchs, Ricardo Gottschalk, Hugues Kamewe Tsafack, Tim Lyman, Guy Menan, Njuguna Ndung’u, Robin Newnham, Liliana Rojas-Suarez, Lemma Senbet, Rupert Thorne, Judith Tyson, Eryk Walczak, Jonathan Ward, Staci Warden, and Rahan Zamil. We also received useful feedback from academic conferences, workshops, and seminars. We thank participants at the African Studies Association annual conference in Washington DC; the International Studies Association annual conference in Baltimore; the African Studies Association UK annual conference in Birmingham; the Development Studies Association annual conference in Oxford; the Journal of Financial Regulation workshop in Hong Kong; the work- shop of the International Political Economy Society, Philadelphia; the Barcelona workshop on Global Governance; the Politics of Economic Regulation in Africa workshop in Oxford; and seminars hosted by the Cambridge Development Studies Centre, global finance research group at SOAS, and Institute for Development Studies, University of Nairobi. We thank the many people who were kind enough to host us, engage in detailed conversations, read drafts, and provide us with constructive criticism. Our particular thanks to Abdul-Gafaru Abdulai, Chris Adam, Dan Awrey, Catherine Boone, Tim Buthe, Ha-Joon Chang, Stephany Griffith-Jones, Thomas Hale, Peter Lewis, Kate Meagher, Victor Murinde, Stefano Pagliari, Anne Pitcher, John Vickers, Andrew Walter, and Alexandra Zeitz. We are also grateful to three anonymous reviewers who gave us a series of insightful criticisms that helped us to sharpen our chapters. Along the way we have been provided excellent research assistance by Aakash Desai, Vijay Kumar, Max Lyssewski, Mike Norton, Tila Mainga, Nina Obermeier, Chelsea Tabart, and Katherine Tyson. We received high-quality administrative support from Mark Crofts, Reija Fanous, Kim Fuggle, Ellie Haugh, and Ingrid Locatelli, and superb copyediting from Emma Burnett and Shreya Hewett. This research was made possible thanks to generous funding from the UK Economic and Social Research Council (Grant ES/L012375/1) under the DFID- ESRC Growth Research Programme. We thank Petya Kangalova and Beverley Leahy at ESRC and Louise Shaxson and her team at ODI for their support. We also thank Sharron Pleydell-Pearce in Oxford for helping pull together our original grant application and providing insightful comments. At OUP we thank Dominic Byatt, commissioning editor, for seeing potential in this project and mentoring us through the process to publication, and Matthew Williams for editorial assistance. We also thank Kayalvizhi Ganesan and Sally Evans-Darby for support during the production process. On a personal note we thank our various friends, partners, and families who have provided the backup at home that makes research trips and long writing days possible. My own thanks to my partner Al-hassan Adam and our children Rumi and Maya, who will be relieved to know that this manuscript has been submitted. OUP CORRECTED PROOF – FINAL, 14/02/20, SPi Acknowledgements vii A final heartfelt thanks goes to Peter Knaack for being such a brilliant colleague throughout the research and writing of this book. He marshalled us all behind the scenes and reviewed numerous versions of every chapter, with unfailing good humour and a constant stream of Trader Joe’s chocolate. We are grateful! Any errors are of course our own. Emily Jones Oxford September 2019 OUP CORRECTED PROOF – FINAL, 14/02/20, SPi OUP CORRECTED PROOF – FINAL, 14/02/20, SPi Contents List of Figures xi List of Tables xiii List of Contributors xv PART I. INTRODUCTION, CROSS-COUNTRY VARIATION, AND ANALYTICAL ARGUMENT 1. The Puzzle: Peripheral Developing Countries Implementing International Banking Standards 3 Emily Jones 2. The Challenges International Banking Standards Pose for Peripheral Developing Countries 34 Emily Jones 3. The Politics of Regulatory Convergence and Divergence 68 Emily Jones PART II. CASE STUDIES 4. Pakistan: Politicians, Regulations, and Banks Advocate Basel 105 Natalya Naqvi 5. Rwanda: Running Without Legs 126 Pritish Behuria 6. Ghana: Reformist Politicians Drive Basel Implementation 147 Emily Jones 7. West African Economic and Monetary Union: Central Bankers Drive Basel Under IMF Pressure 174 Ousseni Illy and Seydou Ouedraogo 8. Tanzania: From Institutional Hiatus to the Return of Policy-Based Lending 196 Hazel Gray 9. Kenya: ‘Dubai’ in the Savannah 218 Radha Upadhyaya OUP CORRECTED PROOF – FINAL, 14/02/20, SPi x Contents 10. Bolivia: Pulling in Two Directions—The Developmental State and Basel Standards 239 Peter Knaack 11. Nigeria: Catch 22—Navigating Basel Standards in Nigeria’s Fragile Banking Sector 260 Florence Dafe 12. Angola: ‘For the English to see—the politics of mock compliance’ 283 Rebecca Engebretsen and Ricardo Soares de Oliveira 13. Vietnam: The Dilemma of Bringing Global Financial Standards to a Socialist Market Economy 305 Que-Giang Tran-Thi and Tu-Anh Vu-Thanh 14. Ethiopia: Raising a Vegetarian Tiger? 327 Toni Weis PART III. CONCLUSION 15.
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