Global trends in financial sector supervisory architectures

摘要

Products and services offered by banks, insurance companies, and securities firms have substantially blurred in order to maximize profits through business expansion and financial innovation. Today financial institutions include new sophisticated products and activities which contain characteristics of all the listed institutions. Changes and transformations in the financial sector were followed by certain changes of supervisory bodies. In this paper we investigate the changes in the regulatory and supervisory models using data over the period 1999-2014 from 69 countries around the world. We find empirical evidence on some trends in changes of financial sector supervision architecture. These trends indicate that: (i) the sectoral architecture which was dominant in the past is largely replaced with integrated and hybrid models, (ii) central bank fragmentation effect is less present in countries that have been affected by the crisis, if they perform the changes to existing supervisory models. Finally, our research highlights hybrid model as insufficiently recognized one in earlier researches.