LEADER 09141nam 2200721Ia 450 001 9910812976303321 005 20200520144314.0 010 $a1-280-08408-1 010 $a9786610084081 010 $a1-4175-5007-4 024 7 $a10.1596/0-8213-6002-7 035 $a(CKB)111098478195466 035 $a(OCoLC)70773190 035 $a(CaPaEBR)ebrary10067181 035 $a(SSID)ssj0000085308 035 $a(PQKBManifestationID)11120855 035 $a(PQKBTitleCode)TC0000085308 035 $a(PQKBWorkID)10008219 035 $a(PQKB)11102113 035 $a(MiAaPQ)EBC3050741 035 $a(Au-PeEL)EBL3050741 035 $a(CaPaEBR)ebr10067181 035 $a(CaONFJC)MIL8408 035 $a(The World Bank)2004056359 035 $a(US-djbf)13726309 035 $a(EXLCZ)99111098478195466 100 $a20040921d2004 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 00$aAligning financial supervisory structures with country needs /$fedited by Jeffrey Carmichael, Alexander Fleming, David T. Llewellyn 205 $a1st ed. 210 $a[Washington, D.C.] $cWorld Bank Institute$d2004 215 $axviii, 263 pages $cillustrations ;$d23 cm 225 1 $aWBI learning resources series 300 $aPapers presented at a conference entitled Aligning financial supervisory structure with country needs on Dec. 4-5, 2003 at the World Bank Institute in Washington, D.C. 311 $a0-8213-6002-7 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- Foreword -- Contributors -- Chapter 1: Summary of the Discussion -- Choosing an Appropriate Regulatory Structure -- Managing the Transition -- Making Structures Work -- Other Issues -- Conclusions -- Chapter 2: Institutional Structure of Financial Regulation and Supervision: The Basic Issues -- Institutional Structure -- Some Initial Perspectives -- Regulation, the Financial System, and the Economy -- Universal Functions -- Origin of the Debate -- Some Key Issues -- The Importance of Institutional Structure -- A Regulatory Matrix -- Alternative Frameworks -- Integrated Versus Multiple Agencies: -- The Case for Integration -- The Potential Hazards of Integrated Agencies -- The Mega Regulator-Supervisor -- Twin Peaks Model -- The Role of the Central Bank -- International Experience -- Corporate Governance Issues -- Conclusions -- Appendix. Financial Conglomerates -- Chapter 3: Making the Structural Decision -- Australia's Approach to Regulatory Reform -- Setting Up the Inquiry -- The Evidence Produced by the Inquiry -- Inefficiencies in the Financial System -- The Changing Financial Landscape -- Regulatory Implications -- From Implications to Objectives -- Philosophical Framework -- Anticompetitive Behavior -- Market Misconduct -- Asymmetric Information -- Systemic Instability -- Implications for Regulatory Structure -- Structural Options Considered -- Industry-Based Regulators -- The Market Failure-based Model -- The Super Regulator Model -- The Committee Recommendations -- Conclusions -- The South African Case -- South Africa's Financial Environment -- The Process to Review the Regulatory Environment -- A Mild Bank Liquidity Crisis -- Country-Specific Features Informing the Structural Decision -- Openness of the Economy and the Discretion of the Central Bank -- Concentration in Banking -- Settlement System and Time to React. 327 $aThe Financial Safety Net and Deposit Insurance -- Lack of True Integration in Financial Groups -- The Role of State-Owned and Foreign-Owned Banks -- Rationale for an Objective-Based Approach -- A Model for Good Times and Bad? -- Conclusions -- The New Structure of Financial Regulation in Ireland -- International Trends and Issues in Financial Regulation -- Rationale for Reviewing the Structure of Financial Regulation in Ireland -- Process Involved in Implementing the Government Decision -- Why is Model Is Suitable for Ireland -- The New Structure in Operation -- Financial Stability -- Regulation of All Sectors -- Strategic Plan, 2004-06 -- Central Bank and Financial Services Authority of Ireland Bill, 2003 -- Confidentiality Rules -- Funding Arrangements -- Conclusions -- Chapter 4: The Speed of Change: Balancing the Risks -- Issues in the Unification of Supervision: Lessons from the Swedish Experience -- Key Considerations -- Managerial Challenges -- The Swedish Experience -- Conclusions -- The Integration of Financial Supervisory Bodies: The Korean Experience -- The Need for Change and the Decision to Integrate -- The Process of Integration -- The Planning Process -- Organizational Structure of the Financial Supervisory Service -- The Benefits and Challenges of Integration -- Key Factors for Successful Integration -- The Big Bang Approach in Korea and Elsewhere -- Chapter 5: Transitional Issues in Emerging Markets -- The Organizational Structure of Financial Supervision: The Salvadoran Case -- Time Frame and Rationale for Separation -- From the Central Bank to an Independent Agency -- Supervision of the Securities Market and Pension Funds -- Assessment of the Process -- The Agencies -- Role of the Central Bank -- Coordinating Mechanisms -- The Changing Financial Sector Landscape: Implications for the Regulatory Structure. 327 $aThe Single Financial Supervisor: The Hungarian Case -- Features of the Hungarian Financial Landscape -- The Objectives of Integration -- The Process of Integration -- International Road Map for Further Development -- Issues Considered in the Integration of Supervision -- Supervisory Independence -- Institutional Autonomy -- Budgetary Autonomy -- Administrative Autonomy -- Regulatory Autonomy -- Accountability and Transparency -- Practical Challenges of Integration -- Conclusions -- Chapter 6: Making Regulatory Structures Effective -- Establishing Legal Consistency for Integrated Regulation -- Constitutional Limitations: Independence of the Central Bank and Role of the Judiciary -- Legislative Environment -- Specific Legal Issues -- Conclusions -- Creating an Effective Regulatory Culture in Estonia -- The Process of Integration -- Preparation Phase: Selecting Staff and Preparing People -- Formal Launch -- Transition Phase -- Challenges Encountered -- Lack of Common Benchmarks of Performance -- Differences in Compensation -- Fear of New Leadership and Hierarchy -- Differences in Supervisory Approach, Scope, and Methods -- Inherent Conflicts in Regulatory Cultures -- Enforcement Policy in a Transitional Supervisor -- Practical Solutions Applied -- Conclusions -- Communicating with Stakeholders: Issues to Consider -- Who Are the Relevant Stakeholders? -- How to Communicate? -- What to Communicate? -- How to Measure Success in Stakeholder Communications? -- Chapter 7: Keynote Addresses from the Conference -- Integrated Regulation in the United Kingdom and the Lessons for Others -- Creation of the Financial Services Authority -- How Successful Has FSA Been? -- The Case for Integrated Regulation -- The Case Against Integration and Why It Is Wrong -- Overly Bureaucratic? -- Overly Powerful? -- Loss of Specialist Expertise?. 327 $aConflict between Prudential and Conduct-of-Business Regulation? -- The Central Bank Problem? -- The Preconditions for Success -- Implementing an Integrated Supervisor in Estonia: Lessons Learned -- Tables -- Table 2.1: Regulatory Matrix -- Table 2.2: Main Reasons for Adopting Integrated Supervision -- Table 2.3: Problems in Establishing Integrated Supervisory Agencies -- Table 2.4: Structure of Supervision in 77 Countries, 2002 -- Table 2.5: Bank Regulators in 69 Countries -- Table 2.6: Supervision Authorities in 69 Countries, 2002 -- Table 2.7: Scope of Unified Supervisory Agencies -- Table 2.8: Powers of the Integrated Supervisory Agencies over Banks -- Figures -- Figure 2.1: FAC Index and CBFA Index in 69 Countries, 2002 -- Figure 3.1: Board Membership -- Figure 3.2: Relationship between Central Bank and Financial Services Regulator -- Figure 3.3: Organizational Chart of the Irish Financial Services Regulatory Authority -- Figure 5.1: Structure of Financial Supervision in El Salvador -- Figure 5.2: Functional Setup of HFSA, 2003 -- Boxes -- Box 5.1: Timetable for Setting Up the Single Financial Supervisor in Hungary -- Box 5.2: International Road Map of Assessments. 410 0$aWBI learning resources series. 606 $aInternational finance$vCongresses 606 $aMonetary policy$vCongresses 606 $aBanks and banking, Central$vCongresses 615 0$aInternational finance 615 0$aMonetary policy 615 0$aBanks and banking, Central 676 $a354.8/28 701 $aCarmichael$b Jeffrey$01620693 701 $aFleming$b Alexander$093627 701 $aLlewellyn$b David T$0252235 712 02$aWorld Bank Institute. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910812976303321 996 $aAligning financial supervisory structures with country needs$93953594 997 $aUNINA