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Financial Regulatory Structure and the Resolution of Conflicting Goals

  • Larry Wall
  • Robert Eisenbeis

The debate over modernizing the financial structure is raising questions about the merits of modernizing the financial regulatory structure. Regulatory structure is important because an almost unavoidable feature of our current system of government is that Congress assigns multiple goals that sometimes have conflicting policy implications to the regulatory agencies. The structure of the agencies is important to the resolution of these conflicts. Responsibility for two or more goals that have conflicting implications may be assigned to a single agency that is likely to resolve the conflict with a consistent set of policies based on the agency's priorities. Alternatively, the goals may be assigned to more than one agency, an action that often results in the conflicts being debated in the public arena but that may also result in the agencies' implementing inconsistent policies. This paper uses the problem of goal conflicts to provide a framework for evaluating alternative regulatory structures.

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Article provided by Springer in its journal Journal of Financial Services Research.

Volume (Year): 16 (1999)
Issue (Month): 2 (December)
Pages: 223-245

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Handle: RePEc:kap:jfsres:v:16:y:1999:i:2:p:223-245
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102934

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  1. Edward J. Kane, 1985. "The Gathering Crisis in Federal Deposit Insurance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262611856, June.
  2. Edward J. Kane, 1997. "Ethical Foundations of Financial Regulation," NBER Working Papers 6020, National Bureau of Economic Research, Inc.
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  5. Edward J. Kane, 1984. "Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies," NBER Working Papers 1331, National Bureau of Economic Research, Inc.
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  8. Edward J. Kane, 1988. "Changing incentives facing financial-services regulators," Proceedings, Federal Reserve Bank of Cleveland, pages 265-279.
  9. R. Alton Gilbert, 1988. "A comparison of proposals to restructure the U.S. financial system," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 58-75.
  10. Persons, John C., 1997. "Liars Never Prosper? How Management Misrepresentation Reduces Monitoring Costs," Journal of Financial Intermediation, Elsevier, vol. 6(4), pages 269-306, October.
  11. Larry D. Wall, 1997. "Taking note of the deposit insurance fund: a plan for the FDIC to issue capital notes," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 14-30.
  12. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August.
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