Effective Financial Regulation and Creation of the Mega-Regulator in Russia
AbstractThe subject of the article is creation of the effective system of financial regulation, most fitting to the needs of economic development of Russia and the structural characteristics of the domestic financial market. Having analyzed international experience to-date with integrated financial regulation, the authors formulate the basic conditions for introduction of mega-regulator in Russia. Its alternative institutional designs, their advantages and flaws are described. The conclusion is made that the scheme currently adopted in Russia with Central Bank as a mega-regulator is suboptimal.
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Bibliographic InfoArticle provided by New Economic Association in its journal Journal of the New Economic Association.
Volume (Year): 19 (2013)
Issue (Month): 3 ()
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financial regulation; mega-regulator; financial conglomerates; banking sector; non-bank financial institutes; investor protection; systemic risks;
Find related papers by JEL classification:
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- G01 - Financial Economics - - General - - - Financial Crises
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
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- Xavier Vives, 2001. "Restructuring Financial Regulation in the European Monetary Union," Journal of Financial Services Research, Springer, vol. 19(1), pages 57-82, February.
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- McKenzie, G. & Wolfe, S., 2001. "Unification of Financial Regulatory Structures: The Case of the Russian Federation," Papers 01-170, University of Southampton - Department of Accounting and Management Science.
- Jan Monkiewicz, 2007. "Integrated, Consolidated or Specialized Financial Markets Supervisors: Is there an Optimal Solution?*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 32(1), pages 151-162, January.
- Martin CihÃ¡k & Richard Podpiera, 2006. "Isone Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 06/57, International Monetary Fund.
- Niemeyer, Jonas, 2001. "Where to Go after the Lamfalussy Report? - An Economic Analysis of Securities Market Regulation and Supervision," Working Paper Series in Economics and Finance 482, Stockholm School of Economics.
- Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks," IMF Working Papers 09/70, International Monetary Fund.
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