Download Challenges for Central Banking by Anthony M. Santomero, Staffan Viotti, Anders Vredin PDF

By Anthony M. Santomero, Staffan Viotti, Anders Vredin

It should be attainable to say that, in general talking, primary banks all over the world have by no means ahead of held one of these significant and well-respected place of their respective international locations as they carry now. Their projects appear to be reasona­ bly good outlined and the mandate given to them to assure cost balance has thus far labored extra effectively than used to be maybe anticipated. Inflation is below it's been for a very long time. One critical financial institution after the opposite has been given a place self sustaining of standard occasion political tactics. Re­ seek pertaining to financial coverage and different themes of relevance for primary banking has made sturdy development in past times decade. a lot of the mys­ tique that has quite often surrounded the inner paintings and decision-making of vital banks has steadily disappeared. as an alternative, openness and transparency became the foremost phrases of the day. The verbal exchange channels of vital banks; speeches, inflation experiences, mins of conferences, and so on. obtain substantial recognition and infrequently provide upward thrust to headlines within the media. The en­ vironment within which significant banks paintings and act this day has hence gone through alterations that during my view are very optimistic. notwithstanding, we should be on our shield opposed to complacency. it'd be most deadly for principal bankers this day to chill and sit back within the trust that each one of the $64000 difficulties were resolved and wish no additional attention. until vital bankers stay regularly alert and vigilant, their policy-making can simply deteriorate.

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The key question is how to adapt the regulatory framework to the increasingly competitive environment of banking. Traditionally, bankers and regulators worked in concert to safeguard the financial services sector, thereby maintaining the stability of the financial system. To this end, direct and indirect approaches to regulation can be distinguished. Direct regulation seeks to reduce discretion on the part of banks (and regulators) by explicitly prescribing and dictating the activities banks can engage in.

Section 2 surveys some of the recent changes in the competitive environment of Western banking. Section 3 contains a discussion of issues at stake in the regulation of financial systems, the various approaches to regulation and the effect of competition on the optimal regulatory design. Section 4 describes our recommendations for optimal regulatory design. The issue of regulatory design in transition economies is contained in Section 5. Section 6 concludes. 2. COMPETITIVE ENVIRONMENT OF WESTERN BANKING Across Western countries there are striking variations in the configurations of financial systems.

S. regulatory structure was (and still largely is) characterised by a government sponsored deposit insurance system, a separation of investment banking and commercial banking, and pervasive entry barriers including limitations on inter- and intra-state branching. This structure dates back to the 1930s and is contained in the Banking Act of 1933, also known as the Glass-Steagall Act. Complementary legislation sought to reduce competition even further. In particular, regulatory caps on deposit rates, known as Regulation Q were in effect into the 1980s.

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