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Law > Business and Financial

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Personal Income, Wealth, and Their Distributions x
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Cover IMF Working Papers
Quality of Financial Sector Regulation and Supervision Around the World
Mr. Martin Cihak
and
Alexander F. Tieman
The paper analyzes the quality of financial sector regulation and supervision around the globe. Unlike studies that collect and analyze data on regulation and supervision "on the books," this study also analyzes available information on supervisory implementation, making use of data from IMF-World Bank assessments of compliance with international standards and codes. Incorporating supervisory implementation into the study provides an improved means of assessing countries' regulatory systems. We find that countries' regulatory frameworks score on average one notch below full compliance with the standards (on a 4-notch scale). There are substantial differences in the quality of regulatory and supervisory frameworks across countries, with the income level being a major factor.
Keywords:
WP; KKM governance variable; financial system; regulatory governance; EU country; IOSCO standard
Cover IMF Working Papers
Strengths and Weaknesses in Securities Market Regulation: A Global Analysis
Ms. Jennifer A. Elliott
and
Ana Carvajal
This paper examines the strengths and weaknesses of securities regulatory systems worldwide with a view to a better understanding of common problems and areas of global concern. We found that a consistent theme emerges regarding the lack of ability of regulators to effectively enforce compliance with existing rules and regulation. In many countries, a combination of factors, including insufficient legal authority, a lack of resources, political will and skills, has undermined the regulator's capacity to effectively execute regulation. This weakness is more acute in areas of increased technical complexity such as standards for and supervision of the valuation of assets and risk management practices.
Keywords:
WP; market participant; market intermediary; securities regulator; conduct rule; market country