Over the past two decades, there has been a clear trend toward integrating the regulation and supervision of banks, nonbank financial institutions, and securities markets. This paper reviews the international experience with integrated supervision. The authors survey the theoretical arguments for and against the integrated supervisory model, and use data on compliance with international standards to assess the validity of some of these arguments. The find that (i) integration is associated with a higher quality of supervision in insurance and securities and a higher consistency of supervision across sectors, after controlling for level of development; and (ii) integrated supervision is not associated with a significant reduction in supervisory staff.
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Volume (Year): 56 (2006) Issue (Month): 3-4 (March) Pages: 102-126 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation K20 - Law and Economics - - Regulation and Business Law - - - General L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
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