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Going from Regulation to Supervision: Support for Paradigm Shift from an Efficiency Study of the Merchant Banking Industry In Singapore

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  • Guan Hua Lim

    (Department of Finance and Accounting, Faculty of Business Administration, National University of Singapore, Singapore)

Abstract

Increasingly we are witnessing a paradigm shift from checklist style regulations of financial institutions to one that emphasizes supervision and the role of the marketplace. Advocates of this new paradigm argue that the size and financial strength of a financial institution does not necessarily equate to excellence and efficiency. This paper offers as evidence from an efficiency study of the merchant banking industry in Singapore that such a paradigm shift is appropriate. The findings of the study indicate that the efficiencies of the merchant banks do not appear to change much over time, profit and cost efficiencies are un-correlated, and that size is not a reliable indicator of efficiency.

Suggested Citation

  • Guan Hua Lim, 2002. "Going from Regulation to Supervision: Support for Paradigm Shift from an Efficiency Study of the Merchant Banking Industry In Singapore," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 5(01), pages 31-51.
    • Handle: RePEc:wsi:rpbfmp:v:05:y:2002:i:01:n:s0219091502000705
    DOI: 10.1142/S0219091502000705
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    More about this item

    Keywords

    Regulation; X-efficiency; P-efficiency; Merchant banks;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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