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Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision
Author: Mr. Martin Cihakhttps://orcid.org/0000-0002-3571-9707 and Richard Podpiera
Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 057
Language:
English
Publication Date:
01 Mar 2006
DOI:
https://doi.org/10.5089/9781451863178.001
ISBN:
9781451863178
ISSN:
1018-5941
Pages:
32
Keywords:
WP; banking supervision; supervision function; consumer protection; sectoral supervision model; integrating supervision; prudential supervision; supervisory agency
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Over the past two decades, there has been a clear trend toward integrating the regulation and supervision of banks, nonbank financial institutions, and securities markets. This paper reviews the international experience with integrated supervision. We survey the theoretical arguments for and against the integrated supervisory model, and use data on compliance with international standards to assess the validity of some of these arguments. We find that (i) full integration is associated with higher quality of supervision in insurance and securities and greater consistency of supervision across sectors, after controlling for the level of development; and (ii) fully integrated supervision is not associated with a significant reduction in supervisory staff.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund