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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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

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spelling	okr-10986-92612021-04-23T14:02:42Z Current Challenges in Financial Regulation Claessens, Stijn 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 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. 2012-06-26T16:19:19Z 2012-06-26T16:19:19Z 2006-12 http://documents.worldbank.org/curated/en/2006/12/7289499/current-challenges-financial-regulation http://hdl.handle.net/10986/9261 English en_US Policy Research Working Paper; No. 4103 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Claessens, Stijn Current Challenges in Financial Regulation
relation	Policy Research Working Paper; No. 4103
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Claessens, Stijn
author_facet	Claessens, Stijn
author_sort	Claessens, Stijn
title	Current Challenges in Financial Regulation
title_short	Current Challenges in Financial Regulation
title_full	Current Challenges in Financial Regulation
title_fullStr	Current Challenges in Financial Regulation
title_full_unstemmed	Current Challenges in Financial Regulation
title_sort	current challenges in financial regulation
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2006/12/7289499/current-challenges-financial-regulation http://hdl.handle.net/10986/9261
_version_	1764406791867727872

Current Challenges in Financial Regulation

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