Effective Financial Regulation and Creation of the Mega-Regulator in Russia

O. Buklemishev and Yuri Danilov
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O. Buklemishev: Moscow State University, Moscow, Russia

Journal of the New Economic Association, 2013, vol. 19, issue 3, 82-98

Abstract: The subject of the article is creation of the effective system of financial regulation, most fitting to the needs of economic development of Russia and the structural characteristics of the domestic financial market. Having analyzed international experience to-date with integrated financial regulation, the authors formulate the basic conditions for introduction of mega-regulator in Russia. Its alternative institutional designs, their advantages and flaws are described. The conclusion is made that the scheme currently adopted in Russia with Central Bank as a mega-regulator is suboptimal.

Keywords: financial regulation; mega-regulator; financial conglomerates; banking sector; non-bank financial institutes; investor protection; systemic risks (search for similar items in EconPapers)
JEL-codes: D02 G01 G23 G28 K22 L51 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2013:i:19:p:82-98

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