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Integrated financial supervision: Which model?

  • Cihák, Martin
  • Podpiera, Richard

Integrated agencies supervising banks, nonbank financial institutions, and securities markets have been gaining popularity around the globe. Using a unique data set on compliance with international standards in 84 countries, we find that greater supervisory integration is associated with higher quality of insurance and securities supervision and greater consistency of supervision across sectors. Within the different forms of integration, we find some support for the "twin peaks" model that integrates supervision across sectors but separates business conduct and prudential supervision. We also find that whether supervision is located inside or outside the central bank has no significant relation to supervisory quality.

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Article provided by Elsevier in its journal The North American Journal of Economics and Finance.

Volume (Year): 19 (2008)
Issue (Month): 2 (August)
Pages: 135-152

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Handle: RePEc:eee:ecofin:v:19:y:2008:i:2:p:135-152
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  1. Donato Masciandaro, 2006. "E Pluribus Unum? Authorities' Design in Financial Supervision: Trends and Determinants," Open Economies Review, Springer, vol. 17(1), pages 73-102, January.
  2. Richard Podpiera, 2006. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Staff Papers, Palgrave Macmillan, vol. 53(2), pages 5.
  3. Dirk Schoenmaker, 1992. "Institutional Separation between Supervisory and Monetary Agencies," FMG Special Papers sp52, Financial Markets Group.
  4. Masciandaro, Donato, 2007. "Divide et impera: Financial supervision unification and central bank fragmentation effect," European Journal of Political Economy, Elsevier, vol. 23(2), pages 285-315, June.
  5. Jeffrey Carmichael & Alexander Fleming & David Llewellyn, 2004. "Aligning Financial Supervisory Structures with Country Needs," World Bank Publications, The World Bank, number 14876, March.
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