The Reform Agenda
The financial crisis has prompted a shift toward a tighter and more macro-prudential approach to financial regulation. But the reform agenda still needs to address the role of supervisory (rather than regulatory) failures, while the institutional a...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2009/06/10849063/reform-agenda http://hdl.handle.net/10986/10246 |
| Summary: | The financial crisis has prompted a
shift toward a tighter and more macro-prudential approach to
financial regulation. But the reform agenda still needs to
address the role of supervisory (rather than regulatory)
failures, while the institutional arrangements needed to
implement the new framework remain to be worked out. For
most emerging economies, the existing reform agenda,
developing institutional and legal underpinnings for the
financial system and promoting financial access, remains
valid. But for those characterized by weak financial
oversight structures and more volatile economic cycles,
adopting capital buffers as part of a macro-prudential
regime may be a useful complement. |
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