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The Debate on Integrated Financial Supervision: What is New?

Author

Listed:
  • Edgardo Demaestri

    (Interamerican Development Bank)

  • Gustavo Ferro

    (Instituto de Economía UADE and CONICET)

Abstract

This article discusses the integrated financial supervision of different kinds of financial intermediaries. Systemic stability, non-sophisticated consumers protection and the efficiency enhancement have been advanced as explanations of prudential and conduct regulation. These are founded on financial markets failures, mainly because of asymmetric information. We debate pros and cons of integrating supervision, the role of the central bank in the financial supervision, and the more recent discussion in the aftermath of the 2008 financial crisis. We review and analyze the conceptual and empirical literature, and present the current consensus.

Suggested Citation

  • Edgardo Demaestri & Gustavo Ferro, 2015. "The Debate on Integrated Financial Supervision: What is New?," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(72), pages 27-58, June.
    • Handle: RePEc:bcr:ensayo:v:1:y:2015:i:72:p:27-58
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    File URL: http://www.bcra.gov.ar/Pdfs/Investigaciones/72_Demaestri.pdf
    File Function: Spanish version (versión en Español)
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    More about this item

    Keywords

    central bank; financial system; regulation; supervision;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • L5 - Industrial Organization - - Regulation and Industrial Policy

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