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Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision

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Author Info
Richard Podpiera
Martin Cih�k

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Abstract

Over the past two decades, there has been a clear trend toward integrating the regulation and supervision of banks, nonbank financial institutions, and securities markets. This paper reviews the international experience with integrated supervision. We survey the theoretical arguments for and against the integrated supervisory model, and use data on compliance with international standards to assess the validity of some of these arguments. We find that (i) full integration is associated with higher quality of supervision in insurance and securities and greater consistency of supervision across sectors, after controlling for the level of development; and (ii) fully integrated supervision is not associated with a significant reduction in supervisory staff.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/57.

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Length: 32 pages
Date of creation: 15 Mar 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/57

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Related research
Keywords: Financial sector ; Bank regulations ; Bank supervision ; Insurance regulations ; Insurance supervision ; Securities regulations ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dirk Schoenmaker, 1992. "Institutional Separation between Supervisory and Monetary Agencies," FMG Special Papers sp52, Financial Markets Group. [Downloadable!] (restricted)
  2. Gianni De Nicoló & Philip F. Bartholomew & Jahanara Zaman & M. G. Zephirin, 2003. "Bank Consolidation, Internationalization and Conglomeration: Trends and Implications for Financial Risk," IMF Working Papers 03/158, International Monetary Fund. [Downloadable!]
  3. Richard K. Abrams & Michael Taylor, . "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 00/213, International Monetary Fund.
  4. Richard Podpiera, 2004. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Working Papers 04/204, International Monetary Fund. [Downloadable!]
  5. Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management: The Role of Regulatory Governance," IMF Working Papers 02/163, International Monetary Fund. [Downloadable!]
  6. Kina Chenard & Udaibir S. Das & Marc Quintyn, 2004. "Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis," IMF Working Papers 04/89, International Monetary Fund. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers DP 2007-17, Philippine Institute for Development Studies. [Downloadable!]
  2. Marc Quintyn & Michael Taylor, 2007. "Building Supervisory Structures in Sub-Saharan Africa--An Analytical Framework," IMF Working Papers 07/18, International Monetary Fund. [Downloadable!]
  3. Dairo Estrada & Javier Gutiérrez Rueda, 2008. "Supervisión Y Regulación Del Sistema Financiero:Modelos Implicaciones Y Alcances," BORRADORES DE ECONOMIA 004543, BANCO DE LA REPÚBLICA. [Downloadable!]
    Other versions:
  4. Alexander F. Tieman & Martin Cihák, 2008. "Quality of Financial Sector Regulation and Supervision Around the World," IMF Working Papers 08/190, International Monetary Fund. [Downloadable!]
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