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Effective Financial Regulation and Creation of the Mega-Regulator in Russia

Author

Listed:
  • Buklemishev, O.

    (Moscow State University, Moscow, Russia)

  • Danilov, Yu.

    (Higher School of Economics, Moscow, Russia)

Abstract

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.

Suggested Citation

  • Buklemishev, O. & Danilov, Yu., 2013. "Effective Financial Regulation and Creation of the Mega-Regulator in Russia," Journal of the New Economic Association, New Economic Association, vol. 19(3), pages 82-98.
    • Handle: RePEc:nea:journl:y:2013:i:19:p:82-98
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial regulation; mega-regulator; financial conglomerates; banking sector; non-bank financial institutes; investor protection; systemic risks;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G01 - Financial Economics - - General - - - Financial Crises
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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