| Description |
1 online resource (57 pages) |
| Contents |
Cover; Contents; Glossary; I. Behavioral Elements; A. Introduction; B. Norms; C. Behavior of Others; D. Biases; II. Practical Take-Out for Financial Supervisors, Regulators, and Central Banks; A. Framework for Integration of Behavioral Elements into Financial Supervision and Regulation; B. An Even Further Enhanced Supervision Mechanism; C. Systemic Risk Assessment; D. Role of Central Banks: Monetary Policy Committees and Communication; E.A Behavioral Approach for Financial Supervision, Regulation, and Central Banking; III. Conclusion; References; Tables |
|
1. MINDSPACE: Behavioral Elements and Examples2. Shefrin's Model for Culture and Governance; 3. A Behavioral Approach for Financial Supervision, Regulation, and Central Banking; Figures; 1. Trend in RIA Adoption Across OECD Jurisdictions; 2. Legal Norms-Illegal versus Harmful; 3. Schematic Overview of Agency Theory; 4. Overview of Biases; 5. Framework for Integration of Behavioral Elements into Financial Supervision and Regulation; 6. DNB's House of Cultural Elements; 7. Categories and Examples of Supervisory Interventions; Boxes; 1. Sen on Utility-Maximization |
| Summary |
This paper describes how behavioral elements are relevant to financial supervision, regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal, and market); (2) behavior of others (internalization, identification, and compliance); and (3) psychological biases. It stresses that financial supervisors, regulators, and central banks have not yet realized the full potential that these behavioral elements hold. To do so, they need to devise a behavioral approach that includes aspects relating to individual and group behavior. The paper provides case examples of experiments with such an approach, including behavioral supervision. Finally, it highlights areas for further research |
| Notes |
2. Governance-A Matter of Definition |
|
Print version record |
| Subject |
Financial services industry -- State supervision
|
|
Financial services industry -- Risk management
|
|
Banks and banking, Central.
|
|
Banks and banking, Central
|
|
Financial services industry -- State supervision
|
| Form |
Electronic book
|
| ISBN |
9781484372814 |
|
1484372816 |
|
