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The Development and Regulation of Non-Bank Financial Institutions

Author

Listed:
  • Jeffrey Carmichael
  • Michael Pomerleano

Abstract

Non-bank financial institutions (NBFIs) are becoming an increasingly important segment of the financial system in some developing countries. This book aims to create awareness of the promise of NBFIs for developing countries and to assist policymakers in creating a coherent policy structure and a sound regulatory and supervisory environment for their development. The first chapter offers a coherent policy framework for addressing the regulation of NBFIs and the second chapter addresses the principles for regulation. Subsequent chapters provide an overview of the insurance industry, mutual funds and pension schemes, leasing and real estate companies, and securities markets, and discusses the specific regulatory framework for these institutions. The final chapter explores development policy challenges confronting emerging markets.

Suggested Citation

  • Jeffrey Carmichael & Michael Pomerleano, 2002. "The Development and Regulation of Non-Bank Financial Institutions," World Bank Publications, The World Bank, number 15236, April.
  • Handle: RePEc:wbk:wbpubs:15236
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    References listed on IDEAS

    as
    1. Palacios,Robert J. & Pallares-Miralles,Montserrat, 2000. "International patterns of pension provision," Social Protection and Labor Policy and Technical Notes 98252, The World Bank.
    2. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
    3. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, April.
    4. Palacios,Robert J. & Pallares-Miralles,Montserrat, 2000. "International patterns of pension provision," Policy Research Working Paper Series 98252, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Lehmann Matthias, 2013. "Die Ausgestaltung grenzüberschreitender Bankenaufsicht als ordnungspolitisches Problem / The Optimal Design of Cross-Border Banking Supervision As a Policy Problem," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 64(1), pages 327-348, January.
    2. Masahiro Kawai & Peter J. Morgan, 2012. "Central Banking for Financial Stability in Asia," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 215-246, August.
    3. World Bank & International Monetary Fund, 2005. "Financial Sector Assessment : A Handbook," World Bank Publications, The World Bank, number 7259.
    4. repec:eee:jbfina:v:84:y:2017:i:c:p:107-122 is not listed on IDEAS
    5. Benjamin Lorent, 2006. "Raisons fondamentales d'une régulation prudentielle du secteur des assurances," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 49(3), pages 203-244.
    6. Lee, Chien-Chiang & Lin, Chun-Wei & Zeng, Jhih-Hong, 2016. "Financial liberalization, insurance market, and the likelihood of financial crises," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 25-51.
    7. Noemi Javier, 2008. "New legislation for regulation of non-bank deposit takers," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, December.
    8. Dijkman,Miquel, 2015. "Monitoring financial stability in developing and emerging economies : practical guidance for conducting macroprudential analysis," Policy Research Working Paper Series 7248, The World Bank.
    9. Kawai, Masahiro & Pomerleano, Michael, 2010. "Regulating Systemic Risk," ADBI Working Papers 189, Asian Development Bank Institute.
    10. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336.
    11. Peter J. Morgan, 2013. "Monetary Policy Frameworks in Asia : Experience, Lessons, and Issues," Finance Working Papers 23639, East Asian Bureau of Economic Research.
    12. K.R. Shanmugam, 2015. "An Inter-Country Analysis on Growth of Non-Bank Financial Intermediaries," Working Papers 2015-100, Madras School of Economics,Chennai,India.
    13. Guglielmo Maria Caporale & Mario Cerrato & Xuan Zhang, 2016. "Analysing the Determinants of Credit Risk for General Insurance Firms in the UK," CESifo Working Paper Series 5971, CESifo Group Munich.
    14. repec:idb:idbbks:196 is not listed on IDEAS
    15. Sahar Nasr, 2004. "Financial Leasing In MENA Region: An Analysis of Financial, Legal And Institutional Aspects," Working Papers 0424, Economic Research Forum, revised 11 Apr 2004.
    16. Guido Palazzo & Lena Rethel, 2008. "Conflicts of Interest in Financial Intermediation," Journal of Business Ethics, Springer, vol. 81(1), pages 193-207, August.
    17. Ross P. Buckley & Douglas W. Arner & Michael Panton, 2014. "Financial innovation and development in East Asia: balancing risks and opportunities," Chapters,in: Global Shock, Risks, and Asian Financial Reform, chapter 7, pages 246-283 Edward Elgar Publishing.
    18. Karunagaran A, 2012. "Inter-connectedness of Banks and NBFCs in India: Issues and Policy Implications," Working Papers id:4692, eSocialSciences.
    19. Philip Turner, 2002. "Bond markets in emerging economies: an overview of policy issues," BIS Papers chapters,in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 1-12 Bank for International Settlements.
    20. Muhamad Amar Mohd Farid, 2013. "Monitoring shadow banking and its challenges: the Malaysian experience," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Proceedings of the Sixth IFC Conference on "Statistical issues and activities in a changing environment", Basel, 28-29 August 2012., volume 36, pages 99-122 Bank for International Settlements.
    21. 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.
    22. Karen Goldstein Rossotto & Robert J. Peterson & Pietro Masci & Luis Alberto Giorgio & Valeriano F. García & Derek West & Ruben Lee & Osvaldo R. Agatiello & Andrew Hook & Kenroy Dowers & Ivan Sotomayor, 2003. "Focus on Capital: New Approaches to Developing Latin American Capital Markets," IDB Publications (Books), Inter-American Development Bank, number 2958 edited by Pietro Masci & Kenroy Dowers, February.
    23. Masahiro Kawai & Michael Pomerleano, 2012. "Strengthening Systemic Financial Regulation," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 2 Edward Elgar Publishing.
    24. International Monetary Fund, 2010. "Republic of Kazakhstan; Selected Issues," IMF Staff Country Reports 10/237, International Monetary Fund.
    25. Kellee Tsai, 2015. "Financing Small and Medium Enterprises in China: Recent Trends and Prospects beyond Shadow Banking," HKUST IEMS Working Paper Series 2015-24, HKUST Institute for Emerging Market Studies, revised May 2015.

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