Download or read book Politicians and Financial Supervision Architectures written by Donato Masciandaro and published by . This book was released on 2008 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years we have witnessed a deep change in the design of all the institutions that are responsible for supervising banking and financial markets. The financial supervision scenario is going through a deep evolution on all fronts, and many countries have made important changes in the overall architecture, redefining who is responsible for what.How is the conventional face of supervision changing in all the segments of financial markets? And what are the determinants of one supervisory regime versus another? Our standpoint focuses on the role that politicians can play in reshaping the regime, given that, as a matter of fact, they take the decision to maintain or reform an institutional setting.The paper is organized as follows. In Section Two we describe the actual landscape of the financial supervision architecture in a cross-country perspective. In Section Three we discuss the role that political preferences play in determining the shape of the supervisory setting. The empirical analysis in Section Four allows us to shed light on the factors affecting the choice of supervisory regimes. We discuss the case of Italy in Section Five, while Section Six attempts some preliminary conclusions.
Download or read book The Fear of Freedom written by Marc Quintyn and published by International Monetary Fund. This book was released on 2007-02 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for supervision in recent years. Despite improvements, there is strong evidence that the endorsement of independence remains half-hearted, which shows itself through either overcompensation on the accountability side, or resort to political control mechanisms. The latter could potentially undermine the agency's credibility. The results indicate that policymakers still need to be persuaded of the long-term benefits of independence for financial sector soundness, and of the potential for a virtuous interaction between independence and accountability, if the arrangements are well-designed.
Download or read book Designing Financial Supervision Institutions written by Donato Masciandaro and published by Edward Elgar Publishing. This book was released on 2007 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the first systematic discussion of a new and promising field: the economics of independence, accountability and governance of financial supervision institutions. For a long time the design of supervision had been an irrelevant issue, both in theory and practice. This perception changed dramatically in the mid-1990s, and over the past decade many countries have witnessed changes in the architecture of financial supervision. This book presents frameworks for analyzing the emerging supervisory architectures and sheds light on the different supervisory regimes, with a particular focus on the role of central banks. It takes a country-specific, comparative and empirical approach. Designing Financial Supervision Institutions will be an accessible reference tool for multidisciplinary scholars and academics (principally economics, but also politics and law), policymakers, regulators and supervisory institutions. All royalties from this book to go to the UK charity, NSPCC.
Download or read book Handbook of Central Banking Financial Regulation and Supervision written by S. Eijffinger and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.
Download or read book The Structure of Financial Supervision written by and published by . This book was released on 2008-01-01 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Financial Supervision Regimes written by Donato Masciandaro and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the determinants of the recent wave of financial supervision reforms, reviewing six different views concerning the determinants of financial supervision architectures: economic view, market view, law view, political view, geography view and institutional view. The empirical tests provide first support for this view: in a setting characterized by a central bank traditionally less involved in supervision a unified model of supervision seems to be more likely to occur. The role of central bank involvement in supervision still holds when its level of monetary independence is taking in account. Furthermore, the probability that a country will move toward a unified model is higher: the smaller the overall size of the economy; when the legal framework is characterized by German and Scandinavian roots. Therefore, also the economic size view and the law view matter.
Download or read book Central Banks and Supervisory Architecture in Europe written by Holzmann, Robert and published by Edward Elgar Publishing. This book was released on 2022-10-07 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European financial supervisory architecture, this insightful book outlines what can be done to innovate the current set-up in the face of pressing issues like climate change, BigTech and crypto assets.
Download or read book Banking Monetary Policy and the Political Economy of Financial Regulation written by Gerald A. Epstein and published by Edward Elgar Publishing. This book was released on 2014-07-31 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D�Arista, among others. Now, writing in the tradition of D�Arista's extensive work, the
Download or read book Central Banks or Single Authorities A Delegation Puzzle Economics Politics and Law of Financial Supervision Architectures written by Donato Masciandaro and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this wor ...
Download or read book Handbook of Central Banking and Financial Authorities in Europe written by Donato Masciandaro and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing ongoing changes in the design of regulatory and supervisory authorities over the banking and financial industry in Europe, this comprehensive Handbook pays particular attention to the role of national central banks, the new financial supervisory authorities and the European Central Bank (ECB).
Download or read book Helping Hand or Grabbing Hand Politicians Supervision Regime Financial Structure and Market View written by Donato Masciandaro and published by . This book was released on 2008 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost all literature on the evolution of financial supervision architecture stresses the importance of financial market characteristics in determining the recent trend toward more unification. In the real world, however, it is not always clear to what extent market features are important. We present two complementary approaches to gain insight into the above relationship, focusing on the political cost and benefit analysis. First, a cross-country study tests two alternative theories; the helping hand and the grabbing hand views of government; to determine the impact of market structure on the supervisory setting. Our evidence seems more consistent with the grabbing hand view, considering the degree of banking concentration as a proxy of the capture risk, and presuming the market demonstrates a preference for consolidation of supervisory powers. Second, the results of a survey among financial CEOs in Italy confirms a market preference for a more consolidated supervisory regime but reveals only weak consistency between the views of the policymakers and those of market operators.
Download or read book Politicians and Financial Supervision Unification Outside the Central Bank written by Donato Masciandaro and published by . This book was released on 2010 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increasing number of countries show a trend towards a certain degree of consolidation of powers in financial supervision, which has resulted in the establishment of unified regulators, that are different from the national central banks. By contrast a high involvement of the central bank in supervision seems to be correlated with a multi-authorities regime (central bank fragmentation effect). This paper, using a simple application of a general common agency game, sheds light on which conditions the politicians prefer when implementing a unified sector supervision outside the central bank. From a theoretical point of view the quality of public sector governance plays a crucial role in determining the supervision unification. Focusing on the behaviour of the quot;goodquot; policymaker (helping hand type), it will prefer a unified financial authority that is different from the central bank if the correspondent welfare gains - linked to at least one of the three effects: moral hazard, conflict of interest, bureaucracy - are considered higher respect to the information losses. The quot;badquot; policymaker (grabbing hand type) will choose the single financial authority if the financial industry likes it, and the central bank is not a captured one. On the other hand, the paper tests the model, confirming the robustness of the institutional position of the central bank in explaining therecent trend in supervision consolidation, with an empirical analysis performed with ordered functions on an updated dataset.
Download or read book Helping Hand Or Grabbing Hand Supervisory Architecture Financial Structure and Market View written by Donato Masciandaro and published by International Monetary Fund. This book was released on 2008-02 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature stresses the importance of financial market characteristics in determining the supervisory architectures. In the real world it is not always clear to what extent market features are taken into account. We present two complementary approaches to gain insights in the above relationship. First, an empirical test of two theories-the helping and the grabbing hand view of government-seems more consistent with the latter, presuming the market demonstrates a preference for consolidation of supervisory powers. Second, a survey among financial CEOs in Italy confirms a preference for a consolidated supervisory regime and reveals only weak consistency between the views of the policymakers and the market operators.
Download or read book The Redesign of the Global Financial Architecture written by Stuart P. M. Mackintosh and published by Routledge. This book was released on 2020-10-29 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than ten years on from the most intense phase of the global financial crisis, and the collective international response in the G20 summit in London, a ‘new normal’ has emerged with systems in place to mitigate against further banking crises. This updated new edition analyzes this post-crisis international and national regulatory framework and asks whether the current paradigm is fit for purpose as new dangers gestate and develop. This new edition includes a discussion of the impact of the aggressively deregulatory and anti-globalist policies of the Trump administration and its pursuit of an ‘America First’ policy and explores its implications for the regulatory landscape constructed and tended by previous leaders. The author addresses new and future systemic risks, many outside the regulated banking sector, which have grown in importance since 2015. He develops possible future scenarios for the international regulatory architecture, both negative and positive, asking, ‘Are we better prepared for future banking crises?’ New risks, including the COVID-19 pandemic and economic crash, are testing the global system; and the G20, without US leadership, may be failing in this latest most severe crisis of our lifetimes. This book provides a unique narrative explanation drawn from leading actors of key events and policy changes as they unfolded immediately post-crisis. The author builds upon the first edition to capture key developments that have occurred during the past five years, while raising key questions and vulnerabilities, and looking at future risks and challenges that may emerge. This text will be of great interest to students, teachers and researchers of financial frameworks, globalisation and political economy.
Download or read book Institutional Structure of Financial Regulation written by Robin Hui Huang and published by Routledge. This book was released on 2014-06-20 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.
Download or read book History of Transparency in Politics and Society written by Jens Ivo Engels and published by V&R Unipress. This book was released on 2020-08-10 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the demand for transparency is omnipresent. In particular, transparency is considered a prerequisite for good governance, for political participation and democracy. On closer inspection, however, transparency proves to be ambivalent. For complete transparency has not yet been achieved anywhere. Moreover, measures to increase transparency can have the opposite effect and stir up mistrust. Historians are just beginning to discover this topic. The volume assembles contributions covering European history since the 19th century. The contributors focus on political and cultural history, but include also economic and media history as well as the history of ideas. They analyse publicly debated demands and efforts for transparency, conceived as the access to information or ist disclosure.
Download or read book Economics and Politics in Designing Supervision written by Donato Masciandaro and published by . This book was released on 2014 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last years, the design of supervision against money laundering has become increasingly essential in agendas of governments through the creation of specialized agencies: the Financial Intelligence Units (FIUs). The economics of Anti Money Laundering (AML) suggested that the Financial model of FIU (FFIU), which is the regime adopted for example in the US, should be the best choice. Nevertheless, although nowadays the FFIU is still the most common framework, an empirical analysis of the FIUs establishment shows a more nuaced reality; it is discovered that, after the 2001 terrorist attack, the adoption of FFIU is unlikely. September Eleven seems to be the key event in the more recent design of the supervisory architecture against money laundering, signalling that politicians seem to prefer the Law Enforcement model of FIU (LEFIU). Using a political economy model two possible and non-alternative explanations are offered. On the one hand, in order to counteract the terrorist threat, politicians could have preferred the comparative advantages of the LEFIU model in term of police and investigation powers rather than the information gains supplied by the FFIU model. On the other hand, politicians could have used the September Eleven event just as an occasion to avoid the establishment of a FFIU model with its higher risks of having banking capture and/or an over-powerful financial agency.
