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Quality of Financial Sector Regulation and Supervision Around the World

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Author Info

  • Martin Cihák
  • Alexander F. Tieman

Abstract

The paper analyzes the quality of financial sector regulation and supervision around the globe. Unlike studies that collect and analyze data on regulation and supervision "on the books," this study also analyzes available information on supervisory implementation, making use of data from IMF-World Bank assessments of compliance with international standards and codes. Incorporating supervisory implementation into the study provides an improved means of assessing countries'' regulatory systems. We find that countries'' regulatory frameworks score on average one notch below full compliance with the standards (on a 4-notch scale). There are substantial differences in the quality of regulatory and supervisory frameworks across countries, with the income level being a major factor.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/190.

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Length: 45
Date of creation: 01 Aug 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/190

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Related research

Keywords: Financial stability; Financial sector; Bank supervision; Basel Core Principles; standards; regulation; standards and codes; securities regulation; international standards; regulations; banking supervision; internal controls; supervisory frameworks; enforcement powers; regulatory frameworks; risk management; financial sector regulation; money laundering; compliance program; banking supervisors; prudential regulation; supervisory agency; assessment methodology; supervisory authority; collective investment scheme; insurance supervisors; supervisory systems; market intermediaries; supervisory framework; market intermediary; foreign banks; financial sector standards; foreign counterparts; settlement systems; financial crime; internationally accepted standards; financial crimes; supervisory agencies; financial sector supervision; supervisory process; financial regulation; foreign regulators; securities transactions; international supervisory standards; financial supervision; supervisory standards; criminal elements; adequate powers; international law; accounting standards; internal organization;

This paper has been announced in the following NEP Reports:

References

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  1. Cihák, Martin & Podpiera, Richard, 2008. "Integrated financial supervision: Which model?," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 135-152, August.
  2. Martin Cihák & Richard Podpiera, 2006. "Isone Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 06/57, International Monetary Fund.
  3. Udaibir S. Das & Marc Quintyn & Kina Chenard, 2004. "Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis," IMF Working Papers 04/89, 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.
  5. Mathias Dewatripont & Jean Tirole, 1994. "The prudential regulation of banks," ULB Institutional Repository 2013/9539, ULB -- Universite Libre de Bruxelles.
  6. Jennifer A. Elliott & Ana Carvajal, 2007. "Strengths and Weaknesses in Securities Market Regulation," IMF Working Papers 07/259, International Monetary Fund.
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Citations

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Cited by:
  1. Monika Marcinkowska, 2013. "Regulation and self-regulation in banking: in search of optimum," Bank i Kredyt, National Bank of Poland, Economic Institute, vol. 44(2), pages 119-158.
  2. Nedelchev, Miroslav, 2010. "Корпоративно Управление На Финансови Групи (Спазвай И Обяснявай)
    [Corporate Governance of Financial Groups (Comply and Explain)]
    ," MPRA Paper 52249, University Library of Munich, Germany.
  3. Asli Demirgüç-Kunt & Enrica Detragiache, 2010. "Basel Core Principles and Bank Risk," IMF Working Papers 10/81, International Monetary Fund.
  4. Cihak, Martin & Demirguc-Kunt, Asli & Johnston, R. Barry, 2013. "Incentive audits : a new approach to financial regulation," Policy Research Working Paper Series 6308, The World Bank.
  5. Tigran Poghosyan & Martin Cihák, 2009. "Distress in European Banks," IMF Working Papers 09/9, International Monetary Fund.

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