In the aftermath of the Asian financial crisis, international financial institutions(IFI), national stakeholders and academia took several initiatives to improve the quality of the regulato ry and supervisory framework for finance. It was hoped that a combination of stronger regulat ory frameworks and better quality supervision would help to avoid, or at least mitigate the effec ts of, a possible next crisis. Emerging initiatives, such as the Basel Core Principles for Effective Bank Supervision (BCP), were expedited and new initiatives, such as the IMF-World Bank Financial Sector Assessment Programs or FSAPs, were introduced. In the same period work on the Basel II regulatory framework saw the light of day. These international efforts were complemented by revisions by several national authorities, of their supervisory architecture in order to enhance the effectiveness of supervision. This wave of revisions was in spired by the unification of all financial supervisors in the Financial Services Auth ority (FSA) in the UK in 1997. Crisis mitigation brought additional arguments to the table for revising the national supervisory architecture. Finally, work was also undertaken to strengthen governance of supervisory agencies
The Economic Crisis: A Story of Supervisory Failure and Ideas for the Way Forward
MASCIANDARO, DONATO;
2012
Abstract
In the aftermath of the Asian financial crisis, international financial institutions(IFI), national stakeholders and academia took several initiatives to improve the quality of the regulato ry and supervisory framework for finance. It was hoped that a combination of stronger regulat ory frameworks and better quality supervision would help to avoid, or at least mitigate the effec ts of, a possible next crisis. Emerging initiatives, such as the Basel Core Principles for Effective Bank Supervision (BCP), were expedited and new initiatives, such as the IMF-World Bank Financial Sector Assessment Programs or FSAPs, were introduced. In the same period work on the Basel II regulatory framework saw the light of day. These international efforts were complemented by revisions by several national authorities, of their supervisory architecture in order to enhance the effectiveness of supervision. This wave of revisions was in spired by the unification of all financial supervisors in the Financial Services Auth ority (FSA) in the UK in 1997. Crisis mitigation brought additional arguments to the table for revising the national supervisory architecture. Finally, work was also undertaken to strengthen governance of supervisory agencies
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
