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Integrated Financial Supervision: an Institutional Perspective for the Philippines

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  • Milo, Melanie S.
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    Abstract

    This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Philippines does not warrant a shift toward integrated financial supervision. Instead, any effort to reform the financial supervisory structure must explicitly address the country’s most fundamental need, which is to strengthen institutions and governance structures. Key institutional characteristics must already be in place to undertake such a reform successfully, including sound political and legal systems and enforcement mechanisms. That being said, properly structured independent regulatory agencies in the financial sector can play a part in strengthening the overall regulatory environment.

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    Bibliographic Info

    Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2007-17.

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    Length: 66
    Date of creation: 2007
    Date of revision:
    Handle: RePEc:phd:dpaper:dp_2007-17

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    Postal: NEDA sa Makati Building, 106 Amorsolo St., Legaspi Village, Makati City,
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    Web page: http://www.pids.gov.ph/
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    Related research

    Keywords: financial sector; regulatory structure; financial development; financial services regulation; regulatory agencies; integrated supervision; institutions;

    References

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    Cited by:
    1. Sabrina R. Pellerin & John R.Walter & Patricia E.Wescott, 2009. "The consolidation of financial regulation: pros, cons, and implications for the United States," Economic Quarterly, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond, issue Spr, pages 121-160.
    2. Sabrina R. Pellerin & John R. Walter & Patricia E. Wescott, 2009. "The consolidation of financial market regulation : pros, cons, and implications for the United States," Working Paper, Federal Reserve Bank of Richmond 09-08, Federal Reserve Bank of Richmond.

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