Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/230132 
Year of Publication: 
2021
Citation: 
[Journal:] Regulation & Governance [ISSN:] 1748-5991 [Volume:] 15 [Issue:] 2 [Publisher:] John Wiley & Sons Australia, Ltd [Place:] Melbourne [Year:] 2021 [Pages:] 370-387
Publisher: 
John Wiley & Sons Australia, Ltd, Melbourne
Abstract: 
By analyzing why English local governments have made extensive use of long-term market loans with embedded derivatives, this paper seeks to contribute to the growing literature on local government financialization. Using an original, large-N panel dataset for the period from 1998 to 2014, we show that the configuration of the local political economy is an important driver of financialization processes: a Labour Party majority as well as fiscal and economic stress make it more likely that councils adopt risky financial instruments. As the use of financial innovations has also diffused geographically, policy diffusion impacts local governments as well. Highlighting the conditional effect of finance sector power, which only increases the use of financial innovations in very large councils, as well as the temporal dimension of fiscal and economic stress, we create ample avenues for further research.
Subjects: 
diffusion
finance power
financialization
local governments
partisan politics
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.