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Integrated Financial Supervision : An Institutional Perspective for the Philippines

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  • Melanie S. Milo

    (PIDS)

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    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 countrys 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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    File URL: http://www.eaber.org/node/22667
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    Bibliographic Info

    Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 22667.

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    Date of creation: Jan 2007
    Date of revision:
    Handle: RePEc:eab:financ:22667

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    Related research

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

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    References

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    1. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
    2. 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.
    3. Gianni De Nicoló & M. G. Zephirin & Philip F. Bartholomew & Jahanara Zaman, 2003. "Bank Consolidation, Internationalization and Conglomeration: Trends and Implications for Financial Risk," IMF Working Papers 03/158, International Monetary Fund.
    4. Frederic S. Mishkin, 2001. "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries," NBER Working Papers 8087, National Bureau of Economic Research, Inc.
    5. Eicher, Theo & Leukert, Andreas, 2006. "Institutions and Economic Performance: Endogeneity and Parameter Heterogeneity," Discussion Papers in Economics 775, University of Munich, Department of Economics.
    6. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
    7. Sourafel Girma & Anja Shortland, 2008. "The political economy of financial development," Oxford Economic Papers, Oxford University Press, vol. 60(4), pages 567-596, October.
    8. Balisacan, Arsenio M. & Hill, Hal (ed.), 2003. "The Philippine Economy: Development, Policies, and Challenges," OUP Catalogue, Oxford University Press, number 9780195158984.
    9. Martin Cihák & Richard Podpiera, 2006. "Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 06/57, International Monetary Fund.
    10. Jenny Corbett, 2007. "Financial Institutions and Structures for Growth in East Asia," EABER Working Papers 21858, East Asian Bureau of Economic Research.
    11. Richard K. Abrams & Michael Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 00/213, International Monetary Fund.
    12. Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management: The Role of Regulatory Governance," IMF Working Papers 02/163, International Monetary Fund.
    13. Carino, Ledivina V., 2002. "Regulatory Governance in the Philippines: A Profile," Centre on Regulation and Competition (CRC) Working papers 30624, University of Manchester, Institute for Development Policy and Management (IDPM).
    14. Chang, Ha-Joon, 2006. "Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues," Working Paper Series DP2006/05, World Institute for Development Economic Research (UNU-WIDER).
    15. Swati R. Ghosh, 2006. "East Asian Finance : The Road to Robust Markets," World Bank Publications, The World Bank, number 7063, January.
    16. Milo, Melanie S., 2002. "Financial Services Integration and Consolidated Supervision: Some Issues to Consider for the Philippines," Discussion Papers DP 2002-22, Philippine Institute for Development Studies.
    17. Michael Taylor & Marc Quintyn & Silvia Ramirez, 2007. "The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors," IMF Working Papers 07/25, International Monetary Fund.
    18. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
    19. Panicos Demetriades & Svetlana Andrianova, . "Finance and Growth: What We Know and What We Need To Know," Discussion Papers in Economics 03/15, Department of Economics, University of Leicester.
    20. Bernard Shull & Lawrence J. White, 1998. "Of firewalls and subsidiaries: the right stuff for expanded bank activities," Proceedings 608, Federal Reserve Bank of Chicago.
    21. Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
    22. Quibria, M.G., 2002. "Growth and Poverty: Lessons from the East Asian Miracle Revisited," MPRA Paper 2638, University Library of Munich, Germany.
    23. Joseph G. Haubrich, 1996. "Combining bank supervision and monetary policy," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov.
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    Cited by:
    1. Sabrina R. Pellerin & John R.Walter & Patricia E.Wescott, 2009. "The consolidation of financial regulation: pros, cons, and implications for the United States," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 121-160.
    2. Sabrina R. Pellerin & John R. Walter & Patricia E. Wescott, 2009. "The consolidation of financial market regulation : pros, cons, and implications for the United States," Working Paper 09-08, Federal Reserve Bank of Richmond.

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