IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/201441.html
   My bibliography  Save this article

Le autorita' indipendenti nel settore bancario (Indipendent authorities in the banking sector)

Author

Listed:
  • Luca Papi

    (Universita' Politecnica delle Marche)

Abstract

Negli ultimi anni la diffusione delle autorita' indipendenti ha rappresentato un importante tratto distintivo dell’evoluzione istituzionale di gran parte dei paesi. La corrispondente delega di poteri è stata giustificata con la necessaria autonomia dal potere politico ed economico, nell’ipotesi che le autorità indipendenti siano la risposta istituzionale piu' efficace per perseguire gli interessi pubblici. Questa impostazione si basa su tre principali presupposti la cui validita' e' storicamente e geograficamente determinata. Il lavoro esamina le autorita' indipendenti del settore bancario e finanziario, spiegandone l’evoluzione e i profili di autonomia e di accountability. I cambiamenti della regolamentazione e del ruolo delle autorita' vengono messi in relazione agli sviluppi internazionali e alla loro continua trasformazione, anche alla luce delle ricorrenti crisi finanziarie. Infine il lavoro si interroga su quale debba essere l’assetto istituzionale ottimale in termini di divisione/integrazione delle responsabilità di vigilanza in ambito bancario/finanziario. In recent years, the diffusion of independent authorities has been an important distinguishing feature of the institutional evolution of most countries. The corresponding delegation of powers has been justified with the necessary autonomy from political and economic power, on the assumption that independent authorities are the most effective institutional response to pursue public interests. This approach is based on three main assumptions whose validity is historically and geographically determined. The work examines the independent authorities of the banking and financial sector, explaining their evolution and the profiles of autonomy and accountability. Changes in regulation and the role of the authorities are linked to international developments and their continuous transformation, also in light of the recurrent financial crises. Finally, the work wonders on what should be the optimal institutional structure in terms of division/integration of supervisory responsibilities in the banking/financial sector.

Suggested Citation

  • Luca Papi, 2014. "Le autorita' indipendenti nel settore bancario (Indipendent authorities in the banking sector)," Moneta e Credito, Economia civile, vol. 67(268), pages 349-399.
    • Handle: RePEc:psl:moneta:2014:41
    as

    Download full text from publisher

    File URL: https://rosa.uniroma1.it/rosa04/moneta_e_credito/article/view/12642/pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Barth,James R. & Caprio,Gerard & Levine,Ross, 2008. "Rethinking Bank Regulation," Cambridge Books, Cambridge University Press, number 9780521709309, September.
    3. Moser, Peter, 1999. "Checks and balances, and the supply of central bank independence," European Economic Review, Elsevier, vol. 43(8), pages 1569-1593, August.
    4. Marc Quintyn & Michael W. Taylor, 2003. "Regulatory and Supervisory Independence and Financial Stability," CESifo Economic Studies, CESifo Group, vol. 49(2), pages 259-294.
    5. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
    6. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    7. Edward Kane, 1997. "Ethical Foundations of Financial Regulation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 12(1), pages 51-74, August.
    8. Mr. Richard K. Abrams & Mr. Michael W Taylor, 2000. "Issues in the Unification of Financial Sector Supervision," IMF Working Papers 2000/213, International Monetary Fund.
    9. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks: Lessons From the Crisis," IMF Working Papers 2009/070, International Monetary Fund.
    10. Richard A. Posner, 1974. "Theories of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 335-358, Autumn.
    11. Thorsten Beck, 2013. "Finance, growth and fragility: the role of government," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 49-77.
    12. Franks, Julian R. & Schaefer, Stephen M. & Staunton, Michael D., 1997. "The direct and compliance costs of financial regulation," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1547-1572, December.
    13. Beck, Thorsten & Degryse, Hans & Kneer, Christiane, 2014. "Is more finance better? Disentangling intermediation and size effects of financial systems," Journal of Financial Stability, Elsevier, vol. 10(C), pages 50-64.
    14. Mr. Udaibir S Das & Mr. Marc G Quintyn & Miss Kina Chenard, 2004. "Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis," IMF Working Papers 2004/089, International Monetary Fund.
    15. Luca Papi, 2011. "Central bank capital adequacy for central banks with or without a monetary policy," Mo.Fi.R. Working Papers 49, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Donato Masciandaro & Marc Quintyn, 2013. "The Evolution of Financial Supervision: the Continuing Search for the Holy Grail," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 8, pages 263-318, SUERF - The European Money and Finance Forum.
    2. Melanie S. Milo, 2007. "Integrated Financial Supervision : An Institutional Perspective for the Philippines," Finance Working Papers 22667, East Asian Bureau of Economic Research.
    3. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers DP 2007-17, Philippine Institute for Development Studies.
    4. Masciandaro, Donato & Pansini, Rosaria Vega & Quintyn, Marc, 2013. "The economic crisis: Did supervision architecture and governance matter?," Journal of Financial Stability, Elsevier, vol. 9(4), pages 578-596.
    5. Masciandaro, D. & Nieto, M. & Prast, H.M., 2007. "Financial Governance of Banking Supervision," Other publications TiSEM 65d7ff26-dca3-4da3-86ff-6, Tilburg University, School of Economics and Management.
    6. García Osma, Beatriz & Mora, Araceli & Porcuna-Enguix, Luis, 2019. "Prudential supervisors’ independence and income smoothing in European banks," Journal of Banking & Finance, Elsevier, vol. 102(C), pages 156-176.
    7. Marc Quintyn, 2009. "Independent agencies: more than a cheap copy of independent central banks?," Constitutional Political Economy, Springer, vol. 20(3), pages 267-295, September.
    8. Mathonnat, Clément & Williams, Benjamin, 2020. "Does more finance mean more inequality in times of crisis?," Economic Systems, Elsevier, vol. 44(4).
    9. Emmanuel Carré & Guillaume L’œillet, 2018. "The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 161-180, March.
    10. Fraccaroli, Nicolò & Sowerbutts, Rhiannon & Whitworth, Andrew, 2020. "Does regulatory and supervisory independence affect financial stability?," Bank of England working papers 893, Bank of England.
    11. Marc Quintyn & Michael W. Taylor, 2003. "Regulatory and Supervisory Independence and Financial Stability," CESifo Economic Studies, CESifo Group, vol. 49(2), pages 259-294.
    12. Jorge Ponce, 2010. "A Normative Analysis of Banking Supervision: Independence, Legal Protection and Accountability," Money Affairs, CEMLA, vol. 0(2), pages 141-181, July-Dece.
    13. Emmanuel Carré & Guillaume L’Œillet, 2017. "Une revue de la littérature récente sur le nexus finance-croissance après la crise : apports, limites et pistes de recherche," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 271-290.
    14. Dyna Heng, 2015. "Impact of the New Financial Services Law in Bolivia on Financial Stability and Inclusion," IMF Working Papers 2015/267, International Monetary Fund.
    15. Bengtsson, Elias, 2020. "Macroprudential policy in the EU: A political economy perspective," Global Finance Journal, Elsevier, vol. 46(C).
    16. repec:zbw:bofrdp:2008_001 is not listed on IDEAS
    17. Granlund, Peik, 2008. "Regulatory choices in global financial markets : restoring the role of aggregate utility in the shaping of market supervision," Research Discussion Papers 1/2008, Bank of Finland.
    18. Loayza,Norman V. & Ouazad,Amine & Ranciere,Romain, 2017. "Financial development, growth, and crisis: is there a trade-off ?," Policy Research Working Paper Series 8237, The World Bank.
    19. Szambelańczyk Jan & Marcinkowska Monika, 2016. "Should The Paradigms of Banking Theory be Redefined Based on Banking Practice? (Thoughts on The Polarity of Opinion Concerning The Polish Banking Sector)," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 12(3), pages 1-26, October.
    20. Luc Laeven, 2011. "Banking Crises: A Review," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 17-40, December.
    21. Prast, H.M., 2007. "Who pays for Banking Supervision?," Other publications TiSEM 2ef7a617-610e-4d00-a072-f, Tilburg University, School of Economics and Management.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2014:41. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.