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The Economics of Capital Regulation in Financial Conglomerates

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  • Alan D. Morrison

Abstract

Financial conglomerates combine banking, insurance and other financial services within a single corporation. In this non-technical paper I consider the rationale for capital regulation in such firms and I examine some current policy questions in the light of this discussion. My first conclusion is that the different institutional structure of bank and insurance companies mitigates against harmonisation of capital requirements across different conglomerate businesses. I also question the received industry view that regulators should account for diversification effects at the holding company level.

Suggested Citation

  • Alan D. Morrison, 2002. "The Economics of Capital Regulation in Financial Conglomerates," OFRC Working Papers Series 2002fe08, Oxford Financial Research Centre.
    • Handle: RePEc:sbs:wpsefe:2002fe08
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2002fe08.pdf
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    Cited by:

    1. Andreani, Ettore, 2003. "Corporate Control and the Financial System in Germany: Recent Changes in the Role of Banks," Thuenen-Series of Applied Economic Theory 37, University of Rostock, Institute of Economics.
    2. Darius Palia & Robert Porter, 2003. "Contemporary Issues in Regulatory Risk Management of Commercial Banks," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 12(4), pages 223-256, September.
    3. Benjamin Lorent, 2006. "Raisons fondamentales d'une régulation prudentielle du secteur des assurances," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 49(3), pages 203-244.
    4. Ngoura Ndjidda & Ngo Bilong Adèe Amoa & Mohammadou Nourou, 2022. "Agricultural Growth in Cameroon: What Effects of Official Development Assistance Financing? [Croissance Agricole au Cameroun : Quels effets du financement de l'Aide Publique au Développement ?]," Post-Print hal-03858915, HAL.
    5. Petsch, Victoria, 2019. "The Necessity for Regulating the Insurance Market Considering the Implementation of the IDD," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 179-186, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    6. Szüle, Borbála, 2006. "A pénzügyi konglomerátumok létrejöttének kockázati hatásai [The risk effects of the evolution of financial conglomerates]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 661-680.
    7. Albulescu, Claudiu Tiberiu, 2008. "Central Bank or Single Financial Supervision Authority: The Romanian Case," MPRA Paper 17225, University Library of Munich, Germany, revised 10 Jan 2009.

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