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Effective Financial Regulation and Creation of the Mega-Regulator in Russia

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  • Buklemishev, O.

    (Moscow State University, Moscow, Russia)

  • Danilov, Yu.

    (Higher School of Economics, Moscow, Russia)

Abstract

The 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 Info

Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): 19 (2013)
Issue (Month): 3 ()
Pages: 82-98

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Handle: RePEc:nea:journl:y:2013:i:19:p:82-98

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Keywords: financial regulation; mega-regulator; financial conglomerates; banking sector; non-bank financial institutes; investor protection; systemic risks;

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  1. Xavier Vives, 2001. "Restructuring Financial Regulation in the European Monetary Union," Journal of Financial Services Research, Springer, vol. 19(1), pages 57-82, February.
  2. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
  3. 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.
  4. 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.
  5. Martin Cihák & Richard Podpiera, 2006. "Isone Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 06/57, International Monetary Fund.
  6. 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.
  7. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks," IMF Working Papers 09/70, International Monetary Fund.
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