Title The economic crisis : did financial supervision matter? / prepared by Donato Masciandaro, Rosaria Vega Pansini, Marc Quintyn

Published [Washington, D.C.] : International Monetary Fund, ©2011

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Description 1 online resource (48 pages) : illustrations Series IMF working paper ; WP/11/261 IMF working paper ; WP/11/261. Contents Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; II. Background and Conceptual Framework; III. The 2008-09 Economic crisis: What role for Supervision?; A. The narrative: supervisory flaws as a contributing factor; Table 1 -- What selected authors say about failures in the supervisory architecture and supervisory governance; B. The empirical evidence; Related Literature; Quantifying our two Dimensions of Supervision; Supervisory architecture; 1. Financial Supervision Unification; 2. Central Bank Involvement in Supervision; Supervisory governance 3. Supervisory Governance RatingsSupervision and Economic Resilience: the Evidence; Table 2 -- Resilience, Supervisory Architecture and Governance; Table 3 -- Resilience, Regulatory Quality, Supervisory Architecture and Governance; Table 4 -- Resilience, Financial Regulatory Quality, Supervisory Architecture and Governance; Table 5 -- Resilience, Financial Regulatory Quality, Supervisory Architecture and Governance; Table 6 -- Resilience. Regulatory Qualities, Supervisory Architecture and Governance; Table 7 -- Resilience, Supervisory Unification, Governance and Interaction Variables Table 8 -- Supervisory Architecture and Financial Sector SizeTable 9 -- Supervisory Governance and Financial Sector Size; Table 10 -- Supervisory Architecture, Governance and Financial Performances Variables; Table 11 -- Supervisory Architecture, Governance and Financial Structure Variables; IV. Policy Recommendation: Rely on Architecture to improve Governance; A. Overview of recommendations; Table 12 -- Proposals addressing supervisory architecture; Table 13 -- Proposals addressing supervisory failure; B. Combining architecture and governance to address incentive issuess; V. Conclusion Appendix 1 -- Data DescriptionAppendix 2 -- Data Statistics; VI. References; References; References; Footnotes Summary 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 Notes At head of title: IMF Institute "November 2011." Bibliography Includes bibliographical references Notes English Subject Financial services industry -- State supervision -- Econometric models Global Financial Crisis, 2008-2009 -- Econometric models Econometric models Form Electronic book Author Vega Pansini, Rosaria, author. Quintyn, Marc, author. IMF Institute, issuing body. ISBN 1283567407 9781283567404 1463928475 9781463928476 1463931107 9781463931100 1463956029 9781463956028 9786613879851 6613879851

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