{"title":"Independence without purpose? Macroprudential regulation at the Bundesbank","authors":"Edin Ibrocevic","doi":"10.1080/03085147.2022.2117339","DOIUrl":null,"url":null,"abstract":"Abstract It is commonly assumed that state agencies legitimize themselves via outputs. This paper shows that in situations of organizational crisis, state agencies may adopt new policy areas symbolically to compensate for lost legitimacy. Drawing on an ethnography within the Bundesbank, internal documents, and insider interviews, I trace how the German Bundesbank adopted financial stability as a policy area to compensate for the loss of monetary policy and banking supervision in the early 2000s. By focusing on the relationship between internal organizational struggles over the Bundesbank’s identity and the boundary work it has to conduct to establish its new role, I show that the Bundesbank failed to shift the state-economy boundary post-crisis in its effort to regain its position as autonomous purveyor of macroeconomic governance.","PeriodicalId":48030,"journal":{"name":"Economy and Society","volume":"25 1","pages":"655 - 678"},"PeriodicalIF":4.0000,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economy and Society","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1080/03085147.2022.2117339","RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 4
Abstract
Abstract It is commonly assumed that state agencies legitimize themselves via outputs. This paper shows that in situations of organizational crisis, state agencies may adopt new policy areas symbolically to compensate for lost legitimacy. Drawing on an ethnography within the Bundesbank, internal documents, and insider interviews, I trace how the German Bundesbank adopted financial stability as a policy area to compensate for the loss of monetary policy and banking supervision in the early 2000s. By focusing on the relationship between internal organizational struggles over the Bundesbank’s identity and the boundary work it has to conduct to establish its new role, I show that the Bundesbank failed to shift the state-economy boundary post-crisis in its effort to regain its position as autonomous purveyor of macroeconomic governance.
期刊介绍:
This radical interdisciplinary journal of theory and politics continues to be one of the most exciting and influential resources for scholars in the social sciences worldwide. As one of the field"s leading scholarly refereed journals, Economy and Society plays a key role in promoting new debates and currents of social thought. For 37 years, the journal has explored the social sciences in the broadest interdisciplinary sense, in innovative articles from some of the world"s leading sociologists and anthropologists, political scientists, legal theorists, philosophers, economists and other renowned scholars.