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E-grāmata: Institutional Structure of Financial Regulation: Theories and International Experiences [Taylor & Francis e-book]

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"In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the program to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in theUK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffery Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics"--

"Institutional structure of financial regulation is currently a subject of significant academic and practical interest, in light of the ongoing global financial crisis. The financial crisis has called into question the adequacy of financial regulation atthe national and supranational levels. Financial regulatory structure has now been considered a key issue behind the financial crisis and as such, a wave of financial regulatory reform has ensued in major markets overseas, including the enactment of the Dodd-Frank Act in the US and the program to split the Financial Services Authority in the UK. Mainland China and Hong Kong are no exceptions. In Hong Kong, the much-publicized Lehman Brothers minibond saga has prompted the Hong Kong government to reconsider its financial regulatory regime. Likewise, the Mainland has recently staged a reshuffle at the top financial regulators.This book examines the institutional structure reform of financial regulation presently going on at the international level, and theresulting policy implications for the local reforms in Hong Kong and Mainland China. The book will consist of three parts the first of which explores the theory of financial regulatory structure, the second considers international perspectives on financial regulatory structures, and the third focuses on local issues in Mainland China and Hong Kong. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner , Jeffery Carmichael , Robin Hui Huang, Dirk Schoenmaker, Andrew Sheng and Michael Taylor allowing for authoritative and interdisciplinary analyses"--

In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK.

This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan.

The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.

List of figures
xi
List of tables
xii
Notes on contributors xiii
Acknowledgements xvii
Introduction 1(6)
1 Background
1(1)
2 Content
2(5)
PART I Fundamental theories
7(94)
1 Regulatory reform after the financial crisis: Turin Peaks revisited
9(20)
Michael W. Taylor
1.1 Introduction
9(2)
1.2 (Why) does institutional structure matter?
11(3)
1.3 The case for Twin Peaks
14(4)
1.4 The Twin Peaks structure
18(2)
1.5 Four lessons from the financial crisis
20(7)
1.6 Conclusion
27(2)
2 Financial stability and proper business conduct: can supervisory structure help to achieve these objectives?
29(11)
Dirk Schoenmaker
Jeroen Kremers
2.1 Introduction
29(1)
2.2 Supervisory objectives and structure
30(5)
2.3 Conduct of business: a focused approach
35(1)
2.4 Financial stability: strong role for central bank
36(1)
2.5 Emerging Twin Peaks structure in Europe
37(1)
2.6 Conclusion
37(3)
3 Rules, discretion and macro-prudential policy
40(26)
Itai Agur
Sunil Sharma
3.1 Introduction
40(1)
3.2 Rules-based macro-prudential regulation is difficult
41(6)
3.3 Discretion opens the door to resistance
47(10)
3.4 A strong baseline: reducing the burden on time-varying policy
57(3)
3.5 Conclusion
60(6)
4 Helping hand or grabbing hand? Supervisory architecture, financial structure and market view
66(35)
Donato Masciandaro
Marc Quintyn
4.1 Introduction
66(3)
4.2 Do markets matter in designing financial supervision architectures? Helping hand view versus grabbing hand view
69(4)
4.3 Does the market factor matter?
73(6)
4.4 Case study: the market view in Italy
79(9)
4.5 Conclusion
88(13)
PART II International experiences
101(158)
5 Implementing Twin Peaks: lessons from Australia
103(6)
Jeff Carmichael
5.1 Introduction
103(1)
5.2 Background to Australia's Twin Peaks model
103(2)
5.3 Managing the transition
105(2)
5.4 Harmonizing the approach to regulation
107(1)
5.5 Defining the regulatory boundaries
107(1)
5.6 Inter-agency coordination
108(1)
5.7 Conclusion
108(1)
6 The break-up of the Financial Services Authority in the UK
109(28)
Eilis Ferran
6.1 Introduction
109(4)
6.2 Did the FSA have to go? An examination of the case for abolition
113(10)
6.3 Why it matters that the case for abolition of the FSA cannot be convincingly established
123(13)
6.4 Summary
136(1)
7 One step forward, two steps back? The institutional structure of US financial services regulation after the crisis of 2008
137(29)
Saule T. Omarova
7.1 Introduction
137(1)
7.2 A product of history: an overview of the US financial regulatory structure before 2010
138(3)
7.3 What is to be done? Themes in the debate on reforming the US financial regulatory structure
141(9)
7.4 The Dodd--Frank Act of 2010: key changes in the US financial regulatory structure
150(12)
7.5 What to expect? Uncertain prospects and certain challenges
162(2)
7.6 Conclusion
164(2)
8 Evolving supervisory and regulatory approaches of Japan in the post-crisis era
166(24)
Mamiko Yokoi-Arai
Tetsuo Morishita
8.1 Introduction
166(2)
8.2 The genesis of the institutional structure of financial supervision
168(9)
8.3 Evolving supervisory approaches
177(9)
8.4 Conclusion
186(4)
9 Financial regulatory structure in Hong Kong: looking Forward
190(42)
Douglas W. Arner
Evan Gibson
9.1 Introduction
190(1)
9.2 Historical financial development
191(6)
9.3 Regulatory structural themes
197(3)
9.4 Financial regulatory structure
200(10)
9.5 Global Financial Crisis: Hong Kong
210(3)
9.6 International organizations
213(1)
9.7 G20/FSB financial regulatory reforms
213(11)
9.8 Financial regulatory structure: options
224(2)
9.9 Conclusion
226(6)
10 Institutional structure of financial regulation in China: where is it now and where is it heading?
232(27)
Robin Hui Huang
10.1 Introduction
232(1)
10.2 The current financial regulatory structure
232(11)
10.3 Characteristics and problems
243(8)
10.4 The future of China's financial regulatory framework
251(7)
10.5 Conclusion
258(1)
Index 259
Robin Hui Huang is at the Faculty of Law, Chinese University of Hong Kong.



Dirk Schoenmaker is Dean of the Duisenberg School of Finance. He is also a professor of Finance, Banking and Insurance at the VU University Amsterdam and a member of the Advisory Scientific Committee of the European Systemic Risk Board at the ECB.
Permanent link: https://www.kriso.lv/db/9781315849690_pe.html
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