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Large and Complex Financial Institutions: Challenges and Policy Responses

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  • R. B. Johnston
  • Balázs Horváth
  • Luca Errico
  • Jingqing Chai
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    Abstract

    This paper examines the regulatory and supervisory implications stemming from the dominance of large and complex financial institutions, drawing on the recent Financial Sector Assessment Program (FSAP) mission work on Sweden. The analysis highlights the importance of consolidated supervision, of a greater emphasis on effective management and corporate governance structures, and of measures strengthening the disciplinary role of the private sector. It calls for developing credible liquidity and crisis management arrangements through appropriate attention to the cross-product and cross-border nature of large and complex financial institution (LCFI) operations. Strengthened supervisory and regulatory responses will enable financial markets to better assess the nature and sources of residual risks they have to face and, on this basis, to develop more effective risk-mitigating measures.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 03/1.

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    Length: 25
    Date of creation: 01 Mar 2003
    Date of revision:
    Handle: RePEc:imf:imfpdp:03/1

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    Related research

    Keywords: Moral hazard; financial institutions; contagion; financial sector; financial system; crisis management; financial stability; systemic risk; financial services; financial crisis; early warning systems; financial markets; financial sector liberalization; government bond; capital adequacy; international financial system; stock exchange; financial distress; crisis resolution; bond; banking crises; banking supervision; asset management; crisis situation; credit derivatives; bond yield; collateralization; government bond market; banking crisis; government bond yield; financial intermediaries; crisis prevention; financial market; liquidity crisis; liquidity support; financial systems; bond market; money markets;

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