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The Structure of Cross‐Sector Financial Supervision

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  • RichardJ. Herring
  • Jacopo Carmassi

Abstract

In this paper the authors note that, over the last decade, in many countries the financial supervisory functions that were once performed by central banks have been combined with those performed by other official agencies and/or self‐regulatory organizations to form a single financial services regulator. They consider three questions: (1) Why has this change occurred? (2) What role in supervision, if any, should the central bank continue to play? and (3) Do these organizational changes in financial supervision pose risks to financial stability?

Suggested Citation

  • RichardJ. Herring & Jacopo Carmassi, 2008. "The Structure of Cross‐Sector Financial Supervision," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 17(1), pages 51-76, February.
    • Handle: RePEc:wly:finmar:v:17:y:2008:i:1:p:51-76
    DOI: 10.1111/j.1468-0416.2007.00132.x
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    References listed on IDEAS

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    1. Carmine Di Noia & Giorgio Di Giorgio, 1999. "Should Banking Supervision and Monetary Policy Tasks be Given to Different Agencies?," International Finance, Wiley Blackwell, vol. 2(3), pages 361-378, November.
    2. Mr. Michael W Taylor & Mr. Marc G Quintyn & Ms. Silvia Ramirez, 2007. "The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors," IMF Working Papers 2007/025, International Monetary Fund.
    3. Mr. Martin Cihak & Richard Podpiera, 2006. "Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision," IMF Working Papers 2006/057, International Monetary Fund.
    4. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
    5. Walter, Ingo, 2004. "Mergers and Acquisitions in Banking and Finance: What Works, What Fails, and Why?," OUP Catalogue, Oxford University Press, number 9780195159004.
    6. repec:bla:intfin:v:2:y:1999:i:3:p:361-78 is not listed on IDEAS
    7. Donato Masciandaro, 2004. "Unification in financial sector supervision: The trade‐off between central bank and single authority," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 12(2), pages 151-169, June.
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