Abstract and Keywords
Regulation has been a recurring theme in business history at industry level as well as in case studies of firms and firm dynamics. For banking and finance, the complications of information asymmetry and the systemic importance of banking systems for monetary and economic stability have led to a general consensus that there can be a positive role for regulation and supervision in the banking industry. But there are also important challenges that arise from regulatory competition, moral hazard and regulatory capture. These challenges can be magnified when raised to the regional, international, or global platform. This chapter argues that despite the apparent need for greater coordination of prudential supervision and regulation to ensure a stable global financial system, there has been only limited progress toward practical implementation of these principals at a global level.
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