Institutional Structures of Regulation
The institutional structure of financial regulation emerged as a subject of study only in the past 10 years. Previously, the design of regulatory institutions was not a topic of interest to most academics and policymakers. In the past decade, however, rapid evolution in the financial services industry led many countries to adopt far-reaching changes to their institutional structures, and this gave rise to a lively academic debate regarding which structure is the most efficient and effective.
Historically, the structure of regulatory agencies paralleled the structure of the industry. Thus, to the extent that the industry was typically divided into three sectors—banking, securities, and insurance—regulatory ...
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