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Financial Supervision Fragmentation and Central Bank Independence: The Two Sides of the Same Coin?

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  • Andreas Freytag

    ()
    (University of Jena, Faculty of Economics)

  • Donato Masciandaro

    (Paolo Baffi Centre, Bocconi University, Milan, and Department of Economics, Mathematics and Statistics, University of Lecce)

Abstract

This paper analyses how the central banks role in the monetary institutional setting can affect the unification process of the overall financial supervision architecture. Using indicators of monetary commitment and central bank independence, we claim that these legal proxies show an inverse link with financial supervision unification. Therefore, the trade off still holds between the supervisory and the central bank involvement per se, however, monetary commitment and independence do also matter. In this respect, in an institutional setting characterized by a central bank deeply and successfully involved in supervision, or legally independent, a multi-authority model is likely to occur.

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Bibliographic Info

Paper provided by Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät in its series Jenaer Schriften zur Wirtschaftswissenschaft with number 14/2005.

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Date of creation: 01 Nov 2005
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Handle: RePEc:jen:jenasw:2005-14

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Keywords: Financial Supervision; Single Authority; Central Bank Independence; Monetary Commitment;

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References

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  1. Martin Kloyer & Roland Helm & Wolfgang Burr, 2004. "Compensation Preferences of R&D-Suppliers - Some Empirical Results," Jenaer Schriften zur Wirtschaftswissenschaft 13/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  2. Klein, Robert & Scholl, Armin, 2004. "Software zur Entscheidungsanalyse : eine Marktübersicht," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 21356, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  4. Roland Helm & Michael Steiner & Armin Scholl & Laura Manthey, 2004. "A Comparative Empirical Study on Common Methods for Measuring Preferences," Jenaer Schriften zur Wirtschaftswissenschaft 20/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  5. Uwe Cantner & Kristina Dreßler & Jens J. Krüger, 2004. "Firm Survival in the German Automobile Industry," Jenaer Schriften zur Wirtschaftswissenschaft 08/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  6. Roland Helm & Michaela Ludl, 2004. "Kundenkarten als Kundenbindungsinstrument des Handels," Jenaer Schriften zur Wirtschaftswissenschaft 07/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  7. Uwe Cantner & Werner Gueth & Andreas Nicklisch & Torsten Weiland, 2003. "Competition in Innovation and Imitation - A Theoretical and Experimental Study -," Papers on Strategic Interaction 2004-02, Max Planck Institute of Economics, Strategic Interaction Group.
  8. Uwe Cantner & Jens Kruger & Kristina von Rhein, 2011. "Knowledge compensation in the German automobile industry," Applied Economics, Taylor & Francis Journals, vol. 43(22), pages 2941-2951.
  9. Roland Helm, 2004. "Export Market Entry Strategy and Success: Conceptual Framework and Empirical Examination," Jenaer Schriften zur Wirtschaftswissenschaft 06/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  10. Roland Helm & Reinhard Meckl & Nicole Sodeik, 2005. "Wissensmanagement - Ein Überblick zum Stand der empirischen Forschung," Jenaer Schriften zur Wirtschaftswissenschaft 04/2005, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  11. Uwe Cantner & Jens J. Krüger & Kristina Von Rhein, 2009. "Knowledge and Creative Destruction over the Industry Life Cycle: The Case of the German Automobile Industry," Economica, London School of Economics and Political Science, vol. 76(301), pages 132-148, 02.
  12. Andreas Freytag & Simon Renaud, 2004. "Langfristorientierung in der Arbeitsmarktpolitik," Jenaer Schriften zur Wirtschaftswissenschaft 23/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  13. Uwe Cantner & Jens J. Krüger, 2004. "Empirical Tools for the Analysis of Technological Heterogeneity and Change. Some Basic Building Blocks of "Evolumetrics"," Jenaer Schriften zur Wirtschaftswissenschaft 05/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  14. Andreas Freytag & Dirk Schiereck & Thomas W. Thomas, 2005. "Consolidation and Market Power of Energy Utilities - The case of US-American and German Utility Takeovers," Jenaer Schriften zur Wirtschaftswissenschaft 07/2005, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
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Cited by:
  1. Aleksandra A. Maslowska, 2011. "Quest for the Best: How to Measure Central Bank Independence and Show its Relationship with Inflation," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 5(2), pages 132-161, August.
  2. Aleksandra Maslowska, 2008. "Quest for the best: How to measure central bank independence and show its relation with inflation?," Discussion Papers 37, Aboa Centre for Economics.
  3. Alan S. Blinder, 2006. "Monetary Policy Today: Sixteen Questions and about Twelve Answers," Working Papers 73, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Aleksandra Maslowska, 2007. "Discussion on the Inconsistency of Central Bank Independence Measures," Discussion Papers 21, Aboa Centre for Economics.
  5. Carlos F. Alves, 2008. "O Efeito da Família Jurídica na Transposição da Directiva das Ofertas Públicas de Aquisição," Notas Económicas, Faculdade de Economia, Universidade de Coimbra, issue 27, pages 39-56, Jume.

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