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Integracion de la supervisión financiera en el Banco Central: La experiencia de Uruguay

Author

Listed:
  • Edgardo Demaestri

    ()

  • Jorge Ottavianelli

    ()

  • Gustavo Ferro

    ()

Abstract

We analyze the Uruguayan experience of unifying financial supervision in one regulatory body into the Central Bank in Uruguay. An integrated regulator can be situated inside the Central Bank, or as a separate institution. Being established inside the Central Bank, it has the potential of achieving economies of scale and scope, improving informative flows, and yielding a prudential bias to regulation. We analyze the experience of the integration of financial regulation and supervision in Uruguay into its Central Bank, including the consideration of the pros and cons of the process. We also study the consequences of macro-prudential functions to face a financial crisis. Finally, we identify lessons arising from this experience

Suggested Citation

  • Edgardo Demaestri & Jorge Ottavianelli & Gustavo Ferro, 2015. "Integracion de la supervisión financiera en el Banco Central: La experiencia de Uruguay," Estudios Economicos, Universidad Nacional del Sur, Departamento de Economia, vol. 32(64), pages 31-51, january-j.
  • Handle: RePEc:uns:esteco:v:32:y:2015:i:64:p:31-51
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    File URL: http://revistas.uns.edu.ar/ee/article/view/736/414
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    References listed on IDEAS

    as
    1. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7, Edward Elgar Publishing.
    2. Torsten Wezel & Mario Mansilla & Gustavo Adler, 2009. "Modernizing Bank Regulation in Support of Financial Deepening; The Case of Uruguay," IMF Working Papers 09/199, International Monetary Fund.
    3. Mario Bergara & José A. Licandro, 2002. "Regulación prudencial y ciclos de crédito: un enfoque microeconómico," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(2), pages 141-160, abril-jun.
    4. Alicia Novoa & Steven A. Seelig, 2009. "Governance Practices At Financial Regulatory and Supervisory Agencies," IMF Working Papers 09/135, International Monetary Fund.
    5. Mario Bergara & Gerardo Licandro & Jorge Ottavianelli, 2000. "Un enfoque complementario para la supervisión bancaria en Uruguay," Documentos de trabajo 2000010, Banco Central del Uruguay.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    supervisión financiera integrada; regulación micro-prudencial; regulación macro-prudencial; Uruguay;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • L5 - Industrial Organization - - Regulation and Industrial Policy

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