Global Crisis, Regulatory Reform and International Policy Coordination

Author:

Nachane D. M.1

Affiliation:

1. Indira Gandhi Institute of Development Research, Mumbai, Maharashtra.

Abstract

The recent global crisis has brought the following issues to the forefront of macro-policy analysis: (a) procyclicality of bank capital regulation, (b) role of asset bubbles, (c) high social costs of financial failures and (d) high leverage of financial institutions (FIs). It has been realized by the global community that tackling these problems calls for a coordinated approach in which the following agencies will have to play a vital role: National regulatory and supervisory (R&S) authorities International Monetary Fund (IMF) Financial Stability Forum (FSF) International standard setting bodies—Basel Committee on Banking Supervision (BCBS), International Organization of Securities Commissions (IOSCO), etc. Influential groups like G-20 For purposes of this article, we focus on the role of national R&S authorities and find that this role revolves around seven key policy areas, namely (a) making monetary policy respond to asset prices, (b) strengthening and expanding the scope of regulation and supervision, (c) controlling leverage of FIs, (d) dampening procyclicality of capital requirements, (e) reducing costs of financial failures, (f) devising market incentives for prudent behaviour and (g) a shift from micro-prudential to macro-prudential regulation. We examine to what extent the official financial supervisory and regulatory authorities in India have fulfilled this role successfully. JEL Classification: E6, F4, F5

Publisher

SAGE Publications

Subject

Economics and Econometrics,Finance

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3