Current challenges in financial regulation

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Current challenges in financial regulation

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Claessens, Stijn

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Stijn Claessens

Abstract

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4103.

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Date of creation: 01 Dec 2006
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Handle: RePEc:wbk:wbrwps:4103

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This paper has been announced in the following NEP Reports:

NEP-ALL-2007-01-13 (All new papers)
NEP-BAN-2007-01-13 (Banking)
NEP-DEV-2007-01-13 (Development)
NEP-FMK-2007-01-13 (Financial Markets)
NEP-REG-2007-01-13 (Regulation)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Berglof, Erik & Claessens, Stijn, 2004. "Enforcement and Corporate Governance," Policy Research Working Paper Series 3409, The World Bank. [Downloadable!]
Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2003. "What Works in Securities Law?," NBER Working Papers 9882, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, 02. [Downloadable!] (restricted)
Beck, Thorsten, 2006. "Creating an efficient financial system : challenges in a global economy," Policy Research Working Paper Series 3856, The World Bank. [Downloadable!]

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This page was last updated on 2009-12-4.

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