Effective Financial Regulation and Creation of the Mega-Regulator in Russia
The subject of the article is creation of the effective system of financial regulation, most fitting to the needs of economic development of Russia and the structural characteristics of the domestic financial market. Having analyzed international experience to-date with integrated financial regulation, the authors formulate the basic conditions for introduction of mega-regulator in Russia. Its alternative institutional designs, their advantages and flaws are described. The conclusion is made that the scheme currently adopted in Russia with Central Bank as a mega-regulator is suboptimal.
Volume (Year): 19 (2013)
Issue (Month): 3 ()
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- Xavier Vives, 2001. "Restructuring Financial Regulation in the European Monetary Union," Journal of Financial Services Research, Springer, vol. 19(1), pages 57-82, February.
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- McKenzie, G. & Wolfe, S., 2001. "Unification of Financial Regulatory Structures: The Case of the Russian Federation," Papers 01-170, University of Southampton - Department of Accounting and Management Science.
- Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
- Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis," IMF Working Papers 09/70, International Monetary Fund.
- Jan Monkiewicz, 2007. "Integrated, Consolidated or Specialized Financial Markets Supervisors: Is there an Optimal Solution?*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 32(1), pages 151-162, January.
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