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Indian financial market regulation: A dialectic model

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  • Vashishtha, Ashutosh
  • Sharma, Anil K.
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    Abstract

    The regulatory model presented in this paper has its evolution in the views and motives of three distinct interest-groups, namely, regulators, financial institutions and investors. The model structurally symbolises a partly unified or ‘lead’ model. One may see this as consensus model representing a rallying point for financial market participatory groups. The basic premise on which the model rests is expectedly its ability to ensure, besides other factors, communication and coordination among regulators for dealing with some of the major problems, in particular, regulatory arbitrage, posed by modern complex financial markets. It is an experimental, tentative approach to the problem of effectiveness of financial regulation the importance of which is being seen today with growing concern and interest. A distinguishing feature of the approach is its admission of collective wisdom as one plausible way of examining the relationship between regulatory effectiveness and regulatory architecture.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economics and Business.

    Volume (Year): 64 (2012)
    Issue (Month): 1 ()
    Pages: 77-89

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    Handle: RePEc:eee:jebusi:v:64:y:2012:i:1:p:77-89

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    Web page: http://www.elsevier.com/locate/jeconbus

    Related research

    Keywords: Financial regulation; Dialectic; Unified model; Lead model; Logit regression;

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    References

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    1. Richard Herring, 1994. "International Financial Integration: The Continuing Process," Center for Financial Institutions Working Papers 94-23, Wharton School Center for Financial Institutions, University of Pennsylvania.
    2. David Llewellyn, 2000. "Some Lessons for Regulation from Recent Bank Crises," Open Economies Review, Springer, vol. 11(1), pages 69-109, August.
    3. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
    4. James R. Barth & Gerard Caprio, Jr. & Ross Levine, 2002. "Bank Regulation and Supervision: What Works Best?," NBER Working Papers 9323, National Bureau of Economic Research, Inc.
    5. Edward J. Kane, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," NBER Working Papers 0638, National Bureau of Economic Research, Inc.
    6. Mueller,Dennis C., 2003. "Public Choice III," Cambridge Books, Cambridge University Press, number 9780521894753.
    7. Giorgio Di Giorgio & Carmine Di Noia & Laura Piatti, 2000. "Financial Market Regulation: The Case of Italy and a Proposal for the Euro Area," Center for Financial Institutions Working Papers 00-24, Wharton School Center for Financial Institutions, University of Pennsylvania.
    8. de Luna Martinez, Jose & Rose, Thomas A., 2003. "International survey of integrated financial sector supervision," Policy Research Working Paper Series 3096, The World Bank.
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