Regulatory Mechanism for Financial Markets: Emerging Trends and Managerial implications

Anil K. Sharma; Ashutosh Vashishtha

doi:10.65301/dias.2005.2.1.399

Articles 3rd Edition of DTR Apr 2005 – Sept 2005

DOI 10.65301/dias.2005.2.1.399

Regulatory Mechanism for Financial Markets: Emerging Trends and Managerial implications

Authors

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Published 2005-04-30

Pages 40-50

Abstract

Financial markets have significantly developed in the last decade around the globe and cross border capital flows have
increased many folds as a result of liberalization and globalization o f these markets. Regulatory failures causing financial
crisis have also occurred with greater frequency in the last ten years or so in both advanced and emerging economies. This
has created a need for a strong institutional regulatory mechanism capable of handling the challenges o f globalization and
arrests the incidences o f financial irregularities and scams. In this background the present paper is an attempt to address the
issues pertaining to financial sector regulation

References

1. Allen, F., D. Gale, (1995), "Financial Markets, Intermediaries and Inter temporal Smoothing", Rodney L. White Center for Financial Research,
Discussion Paper 5-95 W harton School. Philadelphia.
2. Briault, Clive (1999), "The Rationale for a Single National Financial Services Regulator", K,FSA Occasional Paper No.2.
3. Carmichael, J. and Pomerleano, M., (2002), “The Development and Regulation of Non-Bank Financial Institutions", Working Paper Series World Bank, Washington DC.
4. Currie, Carolyn (2003), “Towards a General Theory/ of Financial Regulation: Predicting, Measuring and Preventing Financial Crises", Working Paper
Series, No. 132, School of Finance and Economics, University of Technology, Sydney.
5. Davis, Howard (2004) Conference Speech on "The changing face of Financial Regulation”, Securities and Exchange Board of India, March 23, Mumbai.
6. Davis, Howard (2004) Conference Speech on “CD Deshmukh Memorial Lecture”, Reserve Bank of India, February, Mumbai.
7. Diamond, D. and R Dybvig (1983), “Bank Runs, Deposit Insurance, and Liquidity", Journal of Political Economy 91 (3): 401-19.
8. Franks J., Schaefer S. and Staunton, M. (1997), "The Direct and Compliance Costs of Financial Regulation ”,Journal of Banking and Finance, n. 11
9. Freshfields, (2003), “How Countries Supervise Their Banks, Insurers, and Securities Markets" ,Fresh fields, 2003, London.
10. Giorgio, D. G. and Noida, C.D. (2001), “Financial Regulation a n d Supervision in the Euro Area: A Four- Peak Proposal", The Working Paper Series, W harton
Financial Institutions Center, The Wharton School, University of Pennsylvania. USA
11. Goodhart, Charles (2001) “The Organisational Structure of Banking Supervision”, FSI Occasional Papers, No 1, Financial Stability Institute, Basel,
Switzerland.
12. Knight, Malcolm (2004) "Regulation and Supervision in Insurance and Banking: Greater Convergence, Shared Challenges", Conference Speech at the
IAIS11 th Annual Conferencein Am m an , Jo rd an, 6 O cto b er.
13. Llewellyn, D., (2004), “The Institutional Structure of Financial Regulation: The Basic Issues",WorldBank, Washington DC.
14. Martinez, J. andThomas A. Rose, T.A., (2003), “International Survey of Integrated Supervision",World Bank Study, Washington DC.
15. Pemia, Joseph del Mar (2004), Speech on “Aligning Financial Regulatory Architecture with Country Needs: Lessons From International Experience",
World Bank Financial sector Conference, June 5 6,2004, New Delhi.
16. Rai, Vinod (2004), Conference Speech on “Aligning Financial Regulatory Architecture With Country Needs: Lessons From International Experience",
WorldBankFinancialsectorConference, June5 6,2004, New Delhi.
17. Eric S. Rosengren, and John S. Jordan (2000), “Building an Infrastructure for Financial Stability: An Overview ”,New England Economic Review, Federal
Reserve Bank of Boston. s
18. Sisodia, N.S. (2004), Conference Speech on “Aligning Financial Regulatory Architecture With Country Needs: Lessons From International Experience",
World Bank Financial sector Conference, June 5 6,2004, New Delhi.
19. Taylor M., (1997), "Redrawing the Regulatory Map: A Proposal for Reform",Journal of Financial Regulation, No. 1.
20. Williamson, John (1988), “Speeches, Testimony, Papers on Markets and Regulation”, Nov 20-21,Institute for International Economics, University of
California, Santa Cruz. USA.

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Anil K. Sharma, Ashutosh Vashishtha . (2005). Regulatory Mechanism for Financial Markets: Emerging Trends and Managerial implications. DIAS Technology Review, 2(1), 40-50.

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[1] 1. Allen, F., D. Gale, (1995), "Financial Markets, Intermediaries and Inter temporal Smoothing", Rodney L. White Center for Financial Research,

[2] Discussion Paper 5-95 W harton School. Philadelphia.

[3] 2. Briault, Clive (1999), "The Rationale for a Single National Financial Services Regulator", K,FSA Occasional Paper No.2.

[4] 3. Carmichael, J. and Pomerleano, M., (2002), “The Development and Regulation of Non-Bank Financial Institutions", Working Paper Series World Bank, Washington DC.

[5] 4. Currie, Carolyn (2003), “Towards a General Theory/ of Financial Regulation: Predicting, Measuring and Preventing Financial Crises", Working Paper

[6] Series, No. 132, School of Finance and Economics, University of Technology, Sydney.

[7] 5. Davis, Howard (2004) Conference Speech on "The changing face of Financial Regulation”, Securities and Exchange Board of India, March 23, Mumbai.

[8] 6. Davis, Howard (2004) Conference Speech on “CD Deshmukh Memorial Lecture”, Reserve Bank of India, February, Mumbai.

[9] 7. Diamond, D. and R Dybvig (1983), “Bank Runs, Deposit Insurance, and Liquidity", Journal of Political Economy 91 (3): 401-19.

[10] 8. Franks J., Schaefer S. and Staunton, M. (1997), "The Direct and Compliance Costs of Financial Regulation ”,Journal of Banking and Finance, n. 11

[11] 9. Freshfields, (2003), “How Countries Supervise Their Banks, Insurers, and Securities Markets" ,Fresh fields, 2003, London.

[12] 10. Giorgio, D. G. and Noida, C.D. (2001), “Financial Regulation a n d Supervision in the Euro Area: A Four- Peak Proposal", The Working Paper Series, W harton

[13] Financial Institutions Center, The Wharton School, University of Pennsylvania. USA

[14] 11. Goodhart, Charles (2001) “The Organisational Structure of Banking Supervision”, FSI Occasional Papers, No 1, Financial Stability Institute, Basel,

[15] Switzerland.

[16] 12. Knight, Malcolm (2004) "Regulation and Supervision in Insurance and Banking: Greater Convergence, Shared Challenges", Conference Speech at the

[17] IAIS11 th Annual Conferencein Am m an , Jo rd an, 6 O cto b er.

[18] 13. Llewellyn, D., (2004), “The Institutional Structure of Financial Regulation: The Basic Issues",WorldBank, Washington DC.

[19] 14. Martinez, J. andThomas A. Rose, T.A., (2003), “International Survey of Integrated Supervision",World Bank Study, Washington DC.

[20] 15. Pemia, Joseph del Mar (2004), Speech on “Aligning Financial Regulatory Architecture with Country Needs: Lessons From International Experience",

[21] World Bank Financial sector Conference, June 5 6,2004, New Delhi.

[22] 16. Rai, Vinod (2004), Conference Speech on “Aligning Financial Regulatory Architecture With Country Needs: Lessons From International Experience",

[23] WorldBankFinancialsectorConference, June5 6,2004, New Delhi.

[24] 17. Eric S. Rosengren, and John S. Jordan (2000), “Building an Infrastructure for Financial Stability: An Overview ”,New England Economic Review, Federal

[25] Reserve Bank of Boston. s

[26] 18. Sisodia, N.S. (2004), Conference Speech on “Aligning Financial Regulatory Architecture With Country Needs: Lessons From International Experience",

[27] World Bank Financial sector Conference, June 5 6,2004, New Delhi.

[28] 19. Taylor M., (1997), "Redrawing the Regulatory Map: A Proposal for Reform",Journal of Financial Regulation, No. 1.

[29] 20. Williamson, John (1988), “Speeches, Testimony, Papers on Markets and Regulation”, Nov 20-21,Institute for International Economics, University of

[30] California, Santa Cruz. USA.