Chapter 45

Institutional Structures of Regulation

M. Taylor

Central Bank of Bahrain, Manama, Kingdom of Bahrain and Homburg Academy, Kusnacht, Switzerland

Outline

Introduction

Institutional Structures of Supervision

Institutional Regulation

Functional Regulation

A Mixed System: The United Kingdom Pre-1997

Integrated Regulation

Twin Peaks

The Role of the Central Bank

Macroeconomic Policy and Banking Supervision

Macroprudential Supervision

Crisis Management Arrangements

Concentration of Power, Independence, and Accountability

References

Until the middle of the 1990s, the institutional structure of financial regulation received little attention in either academic or policy-making circles. The operative assumption was that institutional structures ...

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