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Confronting Divergent Interests in Cross-Country Regulatory Arrangements

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  • Edward J. Kane

Abstract

Although nation-based systems of financial regulation constitute a second-best approach to global welfare maximization, treacherous accountability problems must be acknowledged and resolved before regulatory cooperation can deal fairly and efficiently with cross-border issues. To track and control insolvency risk within and across any set of countries, officials must construct a partnership that allows regulators in every participating country to monitor and to influence counterpart regulators in partnering nations. Using efforts to harmonize the Australian and New Zealand regulatory systems as an example, this paper identifies characteristics by which regulatory systems differ and underscores particular features that make regulatory harmonization difficult to achieve.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11865.

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Date of creation: Dec 2005
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Publication status: published as Edward J. Kane, 2006. "Confronting divergent interests in cross-country regulatory arrangements," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 12p., June.
Handle: RePEc:nbr:nberwo:11865

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  1. Altunbas, Yener & Marqués, David, 2008. "Mergers and acquisitions and bank performance in Europe: The role of strategic similarities," Journal of Economics and Business, Elsevier, vol. 60(3), pages 204-222.
  2. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Department of Economics Working Papers 2008-07, Department of Economics, Williams College.
  3. Geof Mortlock, 2003. "New Zealand's financial sector regulation," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 66, December.
  4. Schüler, Martin, 2003. "Incentive Problems in Banking Supervision: The European Case," ZEW Discussion Papers 03-62, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. Peter Ledingham, 1995. "The review of bank supervision arrangements in New Zealand: the main elements of the debate," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 58, September.
  6. Philippe Aghion, Patrick Bolton & Steven Fries, 1999. "Optimal Design of Bank Bailouts: The Case of Transition Economies," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(1), pages 51-, March.
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Cited by:
  1. Robert A. Eisenbeis, 2006. "Home country versus cross-border negative externalities in large banking organization failures and how to avoid them," Working Paper 2006-18, Federal Reserve Bank of Atlanta.
  2. Tim Ng, 2007. "The Reserve Bank’s policy on outsourcing by banks," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 70, June.
  3. Edward J. Kane, 2014. "Insurance Contracts and Derivatives that Substitute for Them: How and Where Should Their Systemic and Nonperformance Risks be Regulated?," NFI Policy Briefs 2014-PB-03, Indiana State University, Scott College of Business, Networks Financial Institute.
  4. Marcelo Rezende, 2011. "How do joint supervisors examine financial institutions? the case of state banks," Finance and Economics Discussion Series 2011-43, Board of Governors of the Federal Reserve System (U.S.).

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