Integrated Financial Supervision : An Institutional Perspective for the Philippines
This paper looks at the issue of reforming financial regulatory structures from the New Institutional Economics perspective. In particular, it examines how the broader institutional environment prevailing in developing countries like the Philippines may affect the institutional arrangements for financial regulation, and how these might be taken into consideration when designing or reforming financial regulatory structures. The paper argues that the state of financial conglomerates in the Philippines does not warrant a shift toward integrated financial supervision. Instead, any effort to reform the financial supervisory structure must explicitly address the countrys most fundamental need, which is to strengthen institutions and governance structures. Key institutional characteristics must already be in place to undertake such a reform successfully, including sound political and legal systems and enforcement mechanisms. That being said, properly structured independent regulatory agencies in the financial sector can play a part in strengthening the overall regulatory environment.
|Date of creation:||Jan 2007|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.eaber.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
- Sayuri Shirai, 2001. "Searching for New Regulatory Frameworks for the Intermediate Financial Structure in Post-Crisis Asia," Center for Financial Institutions Working Papers 01-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2002.
"Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution,"
The Quarterly Journal of Economics,
MIT Press, vol. 117(4), pages 1231-1294, November.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
- Swati R. Ghosh, 2006. "East Asian Finance : The Road to Robust Markets," World Bank Publications, The World Bank, number 7063.
- Quibria, M.G., 2002. "Growth and Poverty: Lessons from the East Asian Miracle Revisited," MPRA Paper 2638, University Library of Munich, Germany.
- Frederic S. Mishkin, 2001. "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries," NBER Working Papers 8087, National Bureau of Economic Research, Inc.
- Gianni De NicolÃ³ & M. G. Zephirin & Philip F. Bartholomew & Jahanara Zaman, 2003. "Bank Consolidation, Internationalization and Conglomeration; Trends and Implications for Financial Risk," IMF Working Papers 03/158, International Monetary Fund.
- Eicher, Theo & Leukert, Andreas, 2006.
"Institutions and Economic Performance: Endogeneity and Parameter Heterogeneity,"
Discussion Papers in Economics
775, University of Munich, Department of Economics.
- Theo S. Eicher & Andreas Leukert, 2009. "Institutions and Economic Performance: Endogeneity and Parameter Heterogeneity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(1), pages 197-219, 02.
- Theo Eicher & Andreas Leukert, 2009. "Institutions and Economic Performance: Endogeneity and Parameter Heterogeneity," Working Papers UWEC-2007-16-P, University of Washington, Department of Economics.
- Bernard Shull & Lawrence J. White, 1998. "Of firewalls and subsidiaries: the right stuff for expanded bank activities," Proceedings 608, Federal Reserve Bank of Chicago.
- Martin Èihák & Richard Podpiera, 2006. "Is One Watchdog Better than Three? International Experience with Integrated Financial-Sector Supervision (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(3-4), pages 102-126, March.
- Michael Taylor & Marc Quintyn & Silvia Ramirez, 2007. "The Fear of Freedom; Politicians and the Independence and Accountability of Financial Sector Supervisors," IMF Working Papers 07/25, International Monetary Fund.
- Panicos Demetriades & Svetlana Andrianova, . "Finance and Growth: What We Know and What We Need To Know," Discussion Papers in Economics 03/15, Department of Economics, University of Leicester.
- Sourafel Girma & Anja Shortland, 2004.
"The Political Economy of Financial Development,"
Discussion Papers in Economics
04/21, Department of Economics, University of Leicester, revised Oct 2004.
- Sourafel Girma & Anja Shortland, 2004. "The Political Economy of Financial Development," Money Macro and Finance (MMF) Research Group Conference 2004 39, Money Macro and Finance Research Group.
- Joseph G. Haubrich, 1996. "Combining bank supervision and monetary policy," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov.
- Chang, Ha-Joon, 2006. "Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues," Working Paper Series DP2006/05, World Institute for Development Economic Research (UNU-WIDER).
- Jenny Corbett, 2007. "Financial Institutions and Structures for Growth in East Asia," EABER Working Papers 21858, East Asian Bureau of Economic Research.
- Milo, Melanie S., 2002. "Financial Services Integration and Consolidated Supervision: Some Issues to Consider for the Philippines," Discussion Papers DP 2002-22, Philippine Institute for Development Studies.
- Carino, Ledivina V., 2002. "Regulatory Governance in the Philippines: A Profile," Centre on Regulation and Competition (CRC) Working papers 30624, University of Manchester, Institute for Development Policy and Management (IDPM).
- Richard K. Abrams & Michael Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 00/213, International Monetary Fund.
- Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management; The Role of Regulatory Governance," IMF Working Papers 02/163, International Monetary Fund.
- Balisacan, Arsenio M. & Hill, Hal (ed.), 2003. "The Philippine Economy: Development, Policies, and Challenges," OUP Catalogue, Oxford University Press, number 9780195158984, March.
- Martin CihÃ¡k & Richard Podpiera, 2006. "Isone Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 06/57, International Monetary Fund.
- Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:eab:financ:22667. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shiro Armstrong)
If references are entirely missing, you can add them using this form.