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Convergence and Integration of Banking Sector Regulations in the Euro-Mediterranean area

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  • Ayadi, Rym
  • Arbak, Emrah
  • De Groen, Willem Pieter
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    Abstract

    This analysis of regulatory convergence shows that substantial improvements have been made in the southern and eastern Mediterranean countries (SEMCs), yet they still suffer from key weaknesses in deposit insurance, entry obstacles, political interference and the strength of legal rights. In particular, deposit insurance systems in many SEMCs are not explicit, which could lead to uncertainties in the provision of support to banks in case of default. Moreover, most systems do not attempt to align the banks’ incentives in risk-taking with those of taxpayers by implementing risk-based premiums. Another persistent issue is the presence of entry obstacles, with signs of substantial barriers to entry and continued government ownership of banks. The comparison of regulatory systems also highlights that some SEMCs have barely been able to catch up with the strong increase in supervisory independence in EU Mediterranean countries in recent years. While creditor protection remains relatively weak, significant improvements in credit information have occurred since 2003, notably through the establishment of private credit bureaus with universal coverage.

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    File URL: http://www.ceps.eu/system/files/MEDPRO%20TR34%20RA%2C%20EA%20%2526%20WPDG%20Convergence%20of%20Banking%20Sector%20Regulations%20-%20final.pdf
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    Bibliographic Info

    Paper provided by Centre for European Policy Studies in its series CEPS Papers with number 7853.

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    Length: 31 pages
    Date of creation: Mar 2013
    Date of revision:
    Handle: RePEc:eps:cepswp:7853

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    1. Simeon Djankov & Caralee McLiesh & Andrei Shleifer, 2005. "Private Credit in 129 Countries," NBER Working Papers 11078, National Bureau of Economic Research, Inc.
    2. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    3. Jappelli, Tullio & Pagano, Marco, 1999. "Information Sharing, Lending and Defaults: Cross-Country Evidence," CEPR Discussion Papers 2184, C.E.P.R. Discussion Papers.
    4. Haselmann, Rainer & Pistor, Katharina & Vig, Vikrant, 2006. "How Law Affects Lending," MPRA Paper 157, University Library of Munich, Germany.
    5. Pagano, Marco & Jappelli, Tullio, 1993. " Information Sharing in Credit Markets," Journal of Finance, American Finance Association, vol. 48(5), pages 1693-1718, December.
    6. Svetlana Andrianova & Panicos Demetriades & Anja Shortland, 2010. "Government Ownership of Banks, Institutions and Economic Growth," Discussion Papers in Economics 11/01, Department of Economics, University of Leicester, revised Oct 2010.
    7. Kane, Edward J., 2000. "Designing financial safety nets to fit country circumstances," Policy Research Working Paper Series 2453, The World Bank.
    8. Juan Sole & Gabriel Sensenbrenner & Amor Tahari & J. E. J. De Vrijer & Marina Moretti & Patricia D Brenner & A. Senhadji Semlali, 2007. "Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries," IMF Working Papers 07/125, International Monetary Fund.
    9. Reint Gropp & Jukka Vesala, 2002. "Deposit insurance, moral hazard, and market monitoring," Proceedings 823, Federal Reserve Bank of Chicago.
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