The Political Economy of the European Bank Coordination (Vienna) Initiative [before doctoral defense]

Kivonat, rövid leírás

This dissertation aims to understand how the European Bank Coordination “Vienna” Initiative, as a regime, was formed, transformed, and thus became resilient, as well as how it impacted the financial system in CESEE from 2009 to 2025. To achieve this objective, the following research questions and hypotheses were formulated: 1. What conditions and mechanisms contributed to the emergence of the international regime known as the Vienna Initiative? H1: The Vienna Initiative emerged as an interest-based regime to prevent uncoordinated deleveraging in CESEE during the GFC. 2. How was the Vienna Initiative regime transformed and consolidated when the circumstances changed? H2: The Vienna Initiative evolved into a power-based regime as EU financial governance changed after the GFC. 3. Which factors contribute to the effectiveness and resilience of the Vienna Initiative regime? H3: The effectiveness and resilience of the Vienna Initiative result from the interaction among exogenous shocks, endogenous institutional design, and cognitive mechanisms across the regime’s different phases of development. 4. What was the Vienna Initiative's impact on the CESEE's financial system? H4: The Vienna Initiative had a significant and lasting positive impact on the financial systems of CESEE countries by enhancing both short-term stability and long-term structural resilience.