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Aligning Financial Supervisory Structures with Country Needs

Author

Listed:
  • Jeffrey Carmichael
  • Alexander Fleming
  • David Llewellyn

Abstract

this book is the result of a World Bank conference on regulatory structure organized to give policymakers an opportunity to reflect on the worldwide trend toward structural change and, in particular, the amalgamation of regulatory agencies. Within this trend, a number of competing models of regulatory structure have emerged, each with its group of proponents. These models range from an institutional structure in which each regulatory agency is assigned to a group of industry participants, through varying degrees of regulatory integration, to a unified structure in which all key regulatory responsibilities are combined within one agency. Rather than highlight one-or more-model as necessarily superior to the others, the conference sought to take an objective and balanced approach to the topic. This objective is reflected in a number of the presentations gathered here, including chapter 2, which, by providing a balanced overview of the alternatives, outlines the spectrum of possibilities and the range of issues that might influence the decision to choose a particular structure in a given situation. The conference was structured around three themes: the choice of an appropriate structure for regulation, problems relating to management of the transition to a new structure, and issues involved in implementing the new regime effectively.

Suggested Citation

  • Jeffrey Carmichael & Alexander Fleming & David Llewellyn, 2004. "Aligning Financial Supervisory Structures with Country Needs," World Bank Publications, The World Bank, number 14876, April.
  • Handle: RePEc:wbk:wbpubs:14876
    as

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/14876/302580PAPER0Al1inancial0supervisory.pdf?sequence=1
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    References listed on IDEAS

    as
    1. Graeme Thompson, 1996. "Regulatory Policy Issues in Australia," RBA Annual Conference Volume,in: Malcom Edey (ed.), The Future of the Financial System Reserve Bank of Australia.
    2. Udaibir S Das & Marc G Quintyn, 2002. "Crisis Prevention and Crisis Management; The Role of Regulatory Governance," IMF Working Papers 02/163, International Monetary Fund.
    3. de Luna Martinez, Jose & Rose, Thomas A., 2003. "International survey of integrated financial sector supervision," Policy Research Working Paper Series 3096, The World Bank.
    4. Marc Quintyn & Michael W. Taylor, 2003. "Regulatory and Supervisory Independence and Financial Stability," CESifo Economic Studies, CESifo, vol. 49(2), pages 259-294.
    5. Brimmer, Andrew F, 1989. "Distinguished Lecture on Economics in Government: Central Banking and Systemic Risks in Capital Markets," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 3-16, Spring.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Jeżowski Mirosław, 2015. "Design and Factors Affecting State Supervision of the Financial Market," Management and Business Administration. Central Europe, De Gruyter Open, vol. 23(1), pages 113-129, March.
    2. Cihák, Martin & Podpiera, Richard, 2008. "Integrated financial supervision: Which model?," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 135-152, August.
    3. Donato Masciandaro & Maria J. Nieto & Marc Quintyn, 2011. "Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors," Chapters,in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 17 Edward Elgar Publishing.
    4. Martin Čihák & Alexander Tieman, 2011. "Quality of Financial Sector Regulation and Supervision Around the World," Chapters,in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 15 Edward Elgar Publishing.
    5. Ngwu, Franklin N. & Chen, Zheyang, 2016. "Regulation of securitisation in China: Learning from the US experience," Research in International Business and Finance, Elsevier, vol. 37(C), pages 477-488.
    6. Petr Musílek, 2006. "Comparison Models of the Financial Regulation and Supervision: Advantages and Disadvantages," Český finanční a účetní časopis, University of Economics, Prague, vol. 2006(4), pages 8-22.
    7. Petr Musílek, 2008. "Institutional Arrangement of Financial Markets Supervision: The Case of the Czech Republic," European Financial and Accounting Journal, University of Economics, Prague, vol. 2008(4), pages 6-21.
    8. Melecky, Martin & Podpiera, Anca Maria, 2013. "Institutional structures of financial sector supervision, their drivers and historical benchmarks," Journal of Financial Stability, Elsevier, vol. 9(3), pages 428-444.
    9. Anthony Wood & Kimarie Clement, 2015. "A Review of the Financial Regulatory Framework of Barbados," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 111-145, january-j.

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