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Integrated Financial Supervision: An Institutional Perspective for the Philippines

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Author Info
Melanie S. Milo () (Philippine Institute for Development Studies)
Abstract

This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Philippines does not warrant a shift toward integrated financial supervision. Instead, any effort to reform the financial supervisory structure must explicitly address the country’s most fundamental need, which is to strengthen institutions and governance structures. Key institutional characteristics must already be in place to undertake such a reform successfully, including sound political and legal systems and enforcement mechanisms. That being said, properly structured independent regulatory agencies in the financial sector can play a part in strengthening the overall regulatory environment.

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Publisher Info
Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 2007.16.

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Length: 66
Date of creation: 2007
Date of revision:
Handle: RePEc:eab:financ:1780

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Related research
Keywords: financial sector; financial development; financial services regulation; regulatory agencies; regulatory structure; integrated supervision; institutions;

Find related papers by JEL classification:
G20 - Financial Economics - - Financial Institutions and Services - - - General
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

References listed on IDEAS
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    Other versions:
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    Other versions:
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    Other versions:
  17. Sayuri Shirai, 2001. "Searching for New Regulatory Frameworks for the Intermediate Financial Structure in Post-Crisis Asia," Center for Financial Institutions Working Papers 01-28, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
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    Other versions:
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    Other versions:
  20. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier. [Downloadable!] (restricted)
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