Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe
This paper investigates the politics of holding bank executives accountable for banking crises. The aftermath of the 2008 global financial crisis was characterized by a significant variation in the extent to which European countries endorsed this type of retributive justice. In particular, while som...
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The City University of New York
2020
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ftcityunivlondon:oai:openaccess.city.ac.uk:23882 2023-07-02T03:32:43+02:00 Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe Kovras, I. Pagliari, S. 2020-10-30 text https://openaccess.city.ac.uk/id/eprint/23882/ https://openaccess.city.ac.uk/id/eprint/23882/1/Kovras%20%26%20Pagliari%20-%20Crisis%20and%20Punishment%20-%20Pre-publication%20draft.pdf https://jcp.gc.cuny.edu/ https://doi.org/10.5129/001041521X16026878142074 en eng The City University of New York https://openaccess.city.ac.uk/id/eprint/23882/1/Kovras%20%26%20Pagliari%20-%20Crisis%20and%20Punishment%20-%20Pre-publication%20draft.pdf Kovras, I. https://openaccess.city.ac.uk/view/creators_id/iosif=2Ekovras.html orcid:0000-0003-2787-2389 orcid:0000-0003-2787-2389 Pagliari, S. https://openaccess.city.ac.uk/view/creators_id/stefano=2Epagliari=2E1.html orcid:0000-0003-0612-5296 orcid:0000-0003-0612-5296 (2020). Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe. Comparative Politics, doi:10.5129/001041521X16026878142074 https://doi.org/10.5129/001041521X16026878142074 doi:10.5129/001041521X16026878142074 HG Finance JN Political institutions (Europe) Article PeerReviewed 2020 ftcityunivlondon https://doi.org/10.5129/001041521X16026878142074 2023-06-13T18:39:58Z This paper investigates the politics of holding bank executives accountable for banking crises. The aftermath of the 2008 global financial crisis was characterized by a significant variation in the extent to which European countries endorsed this type of retributive justice. In particular, while some countries established special prosecutorial bodies and took steps to facilitate prosecutions, others seemed to consider the crisis “business as usual” and relied on the existing investigative and prosecutorial mechanisms to seek out wrongdoing. We explore the experiences of two European countries, Iceland and Cyprus. We argue that the way a financial crisis unfolds plays a significant role in shaping the appetite of politicians for promoting an agenda of retributive justice. With a banking collapse, politicians will be most proactive, as voters’ demand for justice is high and the risks for the banking industry are minimal. With a severe yet negotiated crisis following a bailout/bail-in, politicians are more reluctant to endorse policies that may risk the recovery of the fragile. Article in Journal/Newspaper Iceland City University London: City Research Online Comparative Politics |
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City University London: City Research Online |
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ftcityunivlondon |
language |
English |
topic |
HG Finance JN Political institutions (Europe) |
spellingShingle |
HG Finance JN Political institutions (Europe) Kovras, I. Pagliari, S. Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
topic_facet |
HG Finance JN Political institutions (Europe) |
description |
This paper investigates the politics of holding bank executives accountable for banking crises. The aftermath of the 2008 global financial crisis was characterized by a significant variation in the extent to which European countries endorsed this type of retributive justice. In particular, while some countries established special prosecutorial bodies and took steps to facilitate prosecutions, others seemed to consider the crisis “business as usual” and relied on the existing investigative and prosecutorial mechanisms to seek out wrongdoing. We explore the experiences of two European countries, Iceland and Cyprus. We argue that the way a financial crisis unfolds plays a significant role in shaping the appetite of politicians for promoting an agenda of retributive justice. With a banking collapse, politicians will be most proactive, as voters’ demand for justice is high and the risks for the banking industry are minimal. With a severe yet negotiated crisis following a bailout/bail-in, politicians are more reluctant to endorse policies that may risk the recovery of the fragile. |
format |
Article in Journal/Newspaper |
author |
Kovras, I. Pagliari, S. |
author_facet |
Kovras, I. Pagliari, S. |
author_sort |
Kovras, I. |
title |
Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
title_short |
Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
title_full |
Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
title_fullStr |
Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
title_full_unstemmed |
Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe |
title_sort |
crisis and punishment? explaining politicians’ appetite for retribution in post-crisis europe |
publisher |
The City University of New York |
publishDate |
2020 |
url |
https://openaccess.city.ac.uk/id/eprint/23882/ https://openaccess.city.ac.uk/id/eprint/23882/1/Kovras%20%26%20Pagliari%20-%20Crisis%20and%20Punishment%20-%20Pre-publication%20draft.pdf https://jcp.gc.cuny.edu/ https://doi.org/10.5129/001041521X16026878142074 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
https://openaccess.city.ac.uk/id/eprint/23882/1/Kovras%20%26%20Pagliari%20-%20Crisis%20and%20Punishment%20-%20Pre-publication%20draft.pdf Kovras, I. https://openaccess.city.ac.uk/view/creators_id/iosif=2Ekovras.html orcid:0000-0003-2787-2389 orcid:0000-0003-2787-2389 Pagliari, S. https://openaccess.city.ac.uk/view/creators_id/stefano=2Epagliari=2E1.html orcid:0000-0003-0612-5296 orcid:0000-0003-0612-5296 (2020). Crisis and Punishment? Explaining Politicians’ Appetite for Retribution in Post-Crisis Europe. Comparative Politics, doi:10.5129/001041521X16026878142074 https://doi.org/10.5129/001041521X16026878142074 doi:10.5129/001041521X16026878142074 |
op_doi |
https://doi.org/10.5129/001041521X16026878142074 |
container_title |
Comparative Politics |
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1770272374210428928 |