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Supervision of financial conglomerates : the case of Chile

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  • Stephanou, Constantinos

Abstract

The author describes the presence of financial conglomerates and assesses the extent to which the risks they introduce to the Chilean financial system are mitigated by existing oversight arrangements (and at what cost). In particular, he questions whether the current silo-based supervisory framework, which has served the system fairly well until now, can continue unchanged given growing inter-linkages in the financial system. The author proposes a high-level short- and medium-term supervisory reform agenda that addresses identified vulnerabilities relating to financial conglomerates and continues the migration from a rules-oriented to a risk-based supervisory approach that has gradually been taking place in Chile in recent years.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3553.

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Date of creation: 01 Mar 2005
Date of revision:
Handle: RePEc:wbk:wbrwps:3553

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Related research

Keywords: Banks&Banking Reform; Financial Intermediation; Environmental Economics&Policies; Non Bank Financial Institutions; Insurance&Risk Mitigation;

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References

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  1. Franklin Allen & Richard Herring, 2001. "Banking Regulation versus Securities Market Regulation," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 01-29, Wharton School Center for Financial Institutions, University of Pennsylvania.
  2. Iman van Lelyveld & Arnold Schilder, 2002. "Risk in Financial Conglomerates: Management and Supervision," Research Series Supervision (discontinued), Netherlands Central Bank, Directorate Supervision 49, Netherlands Central Bank, Directorate Supervision.
  3. Nicolás Majluf & Nureya Abarca & Darío Rodríguez & Luis Arturo Fuentes, 1998. "Governance And Ownership Structure In Chilean Economic Groups," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 111-139.
  4. Andrew Kuritzkes & Til Schuermann & Scott M. Weiner, 2002. "Risk Measurement, Risk Management and Capital Adequacy in Financial Conglomerates," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 03-02, Wharton School Center for Financial Institutions, University of Pennsylvania.
  5. Lisa M. DeFerrari & David E. Palmer, 2001. "Supervision of large complex banking organizations," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), Board of Governors of the Federal Reserve System (U.S.), issue Feb, pages 47-57.
  6. Richard K. Abrams & Michael Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers, International Monetary Fund 00/213, International Monetary Fund.
  7. Gregory Elliehausen, 1998. "The cost of banking regulation: a review of the evidence," Staff Studies, Board of Governors of the Federal Reserve System (U.S.) 171, Board of Governors of the Federal Reserve System (U.S.).
  8. de Luna Martinez, Jose & Rose, Thomas A., 2003. "International survey of integrated financial sector supervision," Policy Research Working Paper Series 3096, The World Bank.
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Cited by:
  1. De la Cruz, Javier & Stephanou, Constantinos, 2006. "Financial system structure in Colombia : a proposal for a reform agenda," Policy Research Working Paper Series 4006, The World Bank.

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