Issues in the Unification of Financial Sector Supervision

Abrams, Richard; Taylor, Michael W.

doi:10.5089/9781451874938.001

Cited by 75 publications

(97 citation statements)

References 1 publication

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…In addition to these features, integrity among RSB's staffs needs to be provided in order to ensure that the RSB's staffs can collectively pursue institutional goals (Das & Quintyn, 2002). Moreover, Abrams & Taylor (2000) emphasize that the objectives of RSB need to be defined clearly and the RSB needs to be equipped with adequate resources and effective enforcement powers along with the provision of legal protection for its actions.…”

Section: Independency Of Regulatory and Supervisory Body: Whither Desmentioning

confidence: 99%

Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey

Regulation

Aysan

2006

SSRN Journal

View full text Add to dashboard Cite

Recent financial crises highlight weaknesses in financial markets and the need for regulatory and supervisory bodies (RSB) to improve the stability of financial markets. Currently, international institutions like the IMF and the World Bank place the independent RSB among their principle policy recommendations to developing countries. This paper acknowledges the importance of independent RSB for the proper functioning of financial markets. However, this paper also points out the preconditions to establish independent RSB. Unless certain prerequisites are satisfied, policy recommendations to construct an independent RSB are doomed to fail. The recent Turkish experience is provided as a case study to elucidate this conclusion. This paper first presents the arguments for independent RSB and the policy recommendations in institution building for stronger financial system. Then, the background of Turkish experience for independent RSB is provided. Finally, we analyze the primary reasons for the deficient performance of Turkish RSB over the last five years in an attempt to provide actual lessons for the future institutional reforms.

show abstract

Section: Independency Of Regulatory and Supervisory Body: Whither Desmentioning

confidence: 99%

Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey

Regulation

Aysan

2006

SSRN Journal

View full text Add to dashboard Cite

show abstract

“…An integrated supervisor may offer a better way to prepare and respond more effectively to the emergence of new products and services. This can be important for financial 28 Abrams and Taylor (2000).…”

Section: Regulatory Flexibilitymentioning

confidence: 99%

“…24 Llewellyn (2006). 25 See among others, Abrams and Taylor (2000); De Luna Martinez and Rose (2003); Č ihak and Podpiera (2006). 26 Carmichael et al (2004).…”

Section: Arguments In Favour Of Integrated Financial Supervisionmentioning

confidence: 99%

“…This fragmented supervision has raised concerns on the ability of supervisors to take a consolidated view and assess the overall risk the conglomerate is taking. The existence of financial conglomerates has also increased the importance of having a regulatory 22 Abrams and Taylor (2000). 23 IMF (2006).…”

Section: Arguments In Favour Of Integrated Financial Supervisionmentioning

confidence: 99%

See 1 more Smart Citation

Restructuring Financial Sector Supervision: Creating a Level Playing Field

Flamee¹,

Windels²

2008

Geneva Pap Risk Insur Issues Pract

View full text Add to dashboard Cite

During the past few years, the financial industry has been characterised by an ongoing cross-sector and cross-border consolidation of financial institutions spanning banking, securities, and insurance institutions and the blurring demarcation of their respective products and instruments. Against the backdrop of these changes, the creation of a level playing field for financial services has become a key challenge for policy makers, regulators, and market participants alike. At different national and international levels, regulators, and supervisors have been responding to this challenge with a plethora of measures. This paper presents a number of initiatives at different supervisory levels in view of recent financial sector developments and discusses how the challenge of a level playing field is being tackled. Keywords: level playing field; globalisation; supervisory challenges; integrated supervision; cooperation Financial sector supervision in an era of changeThe ongoing cross-sector and cross-border consolidation of financial institutions including new financial conglomerates has led to a blurring of distinctions between financial sectors and national financial markets. 1 Against the backdrop of these changes, the creation of a level playing field for financial services has become a key challenge and a central point of attention for policy makers, regulators and market participants alike. A plethora of measures have been launched by many countries and organisations around the world in the desire to offer higher levels of competition, transparency, equal access and greater financial stability. The most notable example is the establishment of the European single market in financial services with the possibility to offer identical arrangements across the EU. To this end, the European Commission has launched a financial services policy, which clearly focuses on an integrated, open, inclusive and competitive financial market. 2 At a national level, many countries have been considering the institutional structures of financial regulation in order to safeguard a level playing field between financial institutions. For many years, the architecture of financial supervision reflected a traditional approach, with separate agencies for banking, securities and

show abstract

“…25 Borio and Filosa (1994); Goodhart (1995); Taylor (1995); Goodhart et al (1998). 26 Abrams and Taylor (2000).…”

Section: Towards Integrated Financial Market Supervision In Switzerlandmentioning

confidence: 99%

The Integrated Supervision of Financial Markets: The Case of Switzerland

Gugler

2005

Geneva Pap Risk Insur Issues Pract

View full text Add to dashboard Cite

Sound financial markets are of tremendous importance to the functioning of a national economy. Regulation and supervision are essential not only in order to maintain the financial markets' stability and integrity, but also to protect the interests of depositors, investors, consumers, and insurance policyholders and ensure the proper functioning of business transactions. In order to monitor effectively the current developments of financial markets, it is essential to review and adjust periodically regulation and supervision mechanisms.

show abstract

Issues in the Unification of Financial Sector Supervision

Cited by 75 publications

References 1 publication

Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey

Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey

Restructuring Financial Sector Supervision: Creating a Level Playing Field

The Integrated Supervision of Financial Markets: The Case of Switzerland

Contact Info

Product

Resources

About