After the Financial Crisis
Elgar original reference
Edited by Sylvester Eijffinger and Donato Masciandaro
Chapter 15: Quality of Financial Sector Regulation and Supervision Around the World
Martin Čihák and Alexander Tieman 1 Introduction How good is financial sector regulation and supervision around the world? That is a rather grand question, given that there are many different regulatory frameworks around the world, operating in different institutional environments. But it is a valid and important question, because the financial globalization made individual country financial systems much more closely linked, and differences in regulatory and supervisory quality can become exposed in a stressful situation, as illustrated in the recent global financial crisis. This chapter addresses the question about the quality of regulation and supervision around the globe by using data from International Monetary Fund (IMF)–World Bank assessments of countries’ compliance with international standards.2 Unlike some of the existing databases and studies that collect only information on regulation and The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or IMF policy. The chapter is an updated and shortened version of Čihák and Tieman (2008). We would like to thank, without implicating, Jörg Decressin, Jennifer Elliott, Alessandro Giustiniani, Bernard Laurens, Jan-Willem van der Vossen, and Graham ColinJones for useful comments, Mark Swinburne for guidance, and Kalin Tintchev for research assistance. All remaining errors are our own. 2 As used in this chapter, the term ‘country’ does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities...
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