Problems with quality in financial distribution - a state or market failure?

Problémy v distribuci finančních produktů: selhání trhu anebo regulace?

Jiří Šindelář and Michal Erben

Český finanční a účetní časopis, 2017, vol. 2017, issue 3, 5-17

Abstract: The paper deals with negative impacts of chosen regulatory attributes (regulatory arbitrage, relative over and under regulation) on economic agents' behaviour in the financial distribution area. Using three case studies from the Czech market (life insurance, corporate bonds and pension savings), we demonstrate situations, when state regulatory incursions caused substantial deformations of the target market and the subsequent detriment of final customers. Although partial market failures cannot be ruled out, our observations show that in particular, the regulatory arbitrage between individual sub-sectors of the financial market is a potent stimulator of distribution momentum, which, in turn, can lead to future systemic risks.

Keywords: Financial market regulation; Life insurance; Corporate bonds; Pension savings; Systemic risk; Regulace finančního trhu; Životní pojištění; Korporátní dluhopisy; Penzijní spoření; Systémové riziko (search for similar items in EconPapers)
JEL-codes: D04 D47 G2 K22 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.cfuc.498

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