Current Challenges in Financial Regulation

Current Challenges in Financial Regulation

Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specifi...

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Bibliographic Details
Main Author: Claessens, Stijn
Format: Policy Research Working Paper
Language:English
en_US
Published: World Bank, Washington, DC 2012
Subjects:
ACCOUNTING
ADVERSE EFFECTS
ADVERSE IMPACT
AGENCY PROBLEMS
AUDITING
BANKING SUPERVISION
BANKING SYSTEM
BANKING SYSTEMS
BANKS
BARRIERS TO ENTRY
BASLE CORE PRINCIPLES
BONDS
BROKERS
CAPITAL MARKETS
CENTRAL BANK
CLEARING SYSTEMS
COMMERCIAL BANKS
COMPARATIVE ADVANTAGES
COMPETITION POLICY
COMPETITIVE ENVIRONMENT
CONSOLIDATION
CONSUMER PROTECTION
CONSUMERS
CORPORATE FINANCE
CORPORATE GOVERNANCE
DECISION-MAKING
DEPOSIT INSURANCE
DEPOSITS
DEREGULATION
DERIVATIVES
DEVELOPMENT STRATEGIES
ECONOMIES OF SCALE
EMERGING MARKETS
EXTERNALITIES
FAIR TRADING
FINANCIAL CONGLOMERATES
FINANCIAL CRISES
FINANCIAL CRISIS
FINANCIAL DEREGULATION
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL INTEGRATION
FINANCIAL INTERMEDIATION
FINANCIAL LIBERALIZATION
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL REGULATION
FINANCIAL REPORTING
FINANCIAL RESTRUCTURING
FINANCIAL SECTOR
FINANCIAL SERVICES
FINANCIAL STABILITY
FINANCIAL SYSTEMS
FINANCIAL TRANSACTIONS
FIXED COSTS
FOREIGN ENTRY
GLOBALIZATION
HEDGE FUNDS
INFORMATION ACQUISITION
INFORMATION SYSTEMS
INNOVATIONS
INSURANCE
INSURANCE COMPANIES
INSURANCE MARKETS
INTEREST RATE
INTERNATIONAL BANKS
INVESTMENT BANKING
INVESTMENT BANKS
LEVEL PLAYING FIELD
LIQUIDITY
MARKET BEHAVIOR
MARKET DISCIPLINE
MORAL HAZARD
MORTGAGE LOANS
MUTUAL FUNDS
NATURAL MONOPOLY
NEGATIVE EXTERNALITIES
NON-BANK
NON-BANKS
NONBANK FINANCIAL INSTITUTIONS
PENSION FUNDS
PHONES
POLITICAL ECONOMY
PRICE SETTING
PRIVATIZATION
PRODUCT DIFFERENTIATION
PRODUCTION FUNCTION
PROFITABILITY
REGULATORY AGENCIES
REGULATORY APPROACHES
REGULATORY CHALLENGES
REGULATORY FRAMEWORK
REGULATORY REGIMES
REGULATORY SYSTEMS
REORGANIZATION
RISK MANAGEMENT
SECURITIES
SECURITIES MARKETS
STOCK EXCHANGES
SUBORDINATED DEBT
SUNK COSTS
TECHNICAL ASSISTANCE
TELECOMMUNICATIONS
TRADING SYSTEMS
TRANSPARENCY
UNIVERSAL SERVICE
VALUATION
WEALTH
Online Access:http://documents.worldbank.org/curated/en/2006/12/7289499/current-challenges-financial-regulation
http://hdl.handle.net/10986/9261
Description
Summary:Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.

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