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Prudential Regulation and Competition in Financial Markets

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  • Rudiger Ahrend
  • Jens Arnold
  • Fabrice Murtin

Abstract

This paper examines how a range of stability-oriented regulatory policies for banking and insurance are related to selected stability and competition outcomes in these sectors. Based on survey information on financial market regulation, policy indicators for eight areas of prudential banking regulation are constructed, in addition to indicators for the insurance sector. Despite incomplete information on some areas that turned out to be important in the context of the recent financial crisis, the indicators correlate well with different measures of financial stability, both during the recent crisis and beyond. Furthermore, the results do not support the view that there is a general trade-off between stability-oriented regulatory policies and competition in banking and insurance. Régulation prudentielle et concurrence sur les marchés financiers Cette étude examine le lien entre les politiques de régulation prudentielle des industries de la banque et de l’assurance et les résultats observés dans ces secteurs en termes de stabilité et de concurrence. Sur la base d’enquêtes portant sur la régulation des marchés financiers, des indicateurs sont construits pour évaluer les politiques touchant à huit segments différents de la régulation bancaire prudentielle, ainsi qu‘au secteur de l’assurance. En dépit de lacunes dans le renseignement de certains segments de la régulation, lacunes préjudiciables dans le contexte récent de crise financière, ces indicateurs présentent une corrélation satisfaisante avec diverses mesures de stabilité financière, à la fois dans ce contexte de crise et au-delà. En outre, les résultats ne confirment pas l’hypothèse qu’il y aurait en général un arbitrage entre la régulation prudentielle et la concurrence dans les secteurs de la banque et de l’assurance.

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File URL: http://dx.doi.org/10.1787/220117664431
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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 735.

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Date of creation: 01 Dec 2009
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Handle: RePEc:oec:ecoaaa:735-en

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Keywords: competition; banking; insurance; stability; prudential regulation; concurrence; stabilité; régulation prudentielle; assurance; banque;

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Cited by:
  1. Crafts, Nicholas & Fearon, Peter, 2010. "Lessons from the 1930s' Great Depression," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8057, C.E.P.R. Discussion Papers.
  2. Rudiger Ahrend & Jens Arnold & Fabrice Murtin, 2011. "Have more strictly regulated banking systems fared better during the recent financial crisis?," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(5), pages 399-403.
  3. Ahrend, Rudiger, 2008. "Monetary Ease: A Factor behind Financial Crises? Some Evidence from OECD Countries," Economics Discussion Papers 2008-44, Kiel Institute for the World Economy.
  4. Rudiger Ahrend & Antoine Goujard & Cyrille Schwellnus, 2012. "International Capital Mobility: Which Structural Policies Reduce Financial Fragility?," OECD Economic Policy Papers 2, OECD Publishing.
  5. Rudiger Ahrend & Cyrille Schwellnus, 2012. "Do investors disproportionately shed assets of distant countries during global financial crises?: The role of increased uncertainty," OECD Journal: Economic Studies, OECD Publishing, OECD Publishing, vol. 2012(1), pages 1-20.

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