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Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda / Eva Gutierrez
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Gutierrez, Eva
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Banks & Banking Reform.
- Currencies and Exchange Rates.
- Debt Markets.
- Emerging Markets.
- Finance and Financial Sector Development.
- Financial regulation.
- Financial supervision.
- Macro-prudential policies.
- Private Sector Development.
- Prudential oversight.
- Systemic oversight frameworks.
- Latin America.
- Local Subjects:
- Access to Finance.
- Banks & Banking Reform.
- Currencies and Exchange Rates.
- Debt Markets.
- Emerging Markets.
- Finance and Financial Sector Development.
- Financial regulation.
- Financial supervision.
- Macro-prudential policies.
- Private Sector Development.
- Prudential oversight.
- Systemic oversight frameworks.
- Latin America.
- Physical Description:
- 1 online resource (38 pages)
- Other Title:
- Systemic Oversight Frameworks in LAC
- Place of Publication:
- Washington, D.C., The World Bank, 2012
- System Details:
- data file
- Summary:
- The world financial crisis that started in the US housing market in 2008 brought into evidence deep failures of prudential oversight, linked for the most part to a failure to comprehend and handle systemic risk in a way that could prevent systemic crises. This paper summarizes the responses to the joint World Bank-ASBA survey o the state of systemic oversight in the Latin American and Caribbean financial sectors and reflects on some of the challenges identified by respondents. We found that there is broad consensus among regional financial authorities on the need to enhance the current systemic oversight framework. Improving consolidated supervision to mitigate risk-shifting in conglomerates, adjusting prudential regulations to account for the accumulation of systemic risks, redefining the role of the supervisor to make it more proactive, and improving coordination among local supervisors as well as with foreign supervisors figure preeminently in the regional reform agenda.
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