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The Economic Crisis : Did Financial Supervision Matter?
Author/Editor: Marc Quintyn, Rosaria Vega Pansini, Donato Masciandaro
Release Date: © November, 2011
ISBN : 978-1-46392-456-0
Stock #: WPIEA2011261
Stock Status: On back-order
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The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improvements seemed unable to avoid or mitigate the crisis. This paper brings the first systematic analysis of the role of two of these efforts - modifications in the architecture of financial supervision and in supervisory governance - and concludes that they were negatively correlated with economic resilience. Using the emerging distinction between macro- and micro-prudential supervision, we explore to what extent two separate institutions would allow for more checks and balances to improve supervisory governance and, thus, reduce the probability of supervisory failure.
More publications in this series: Working Papers