Towards a new prudential regulation scheme: a contribution to the debate

Vers un nouveau schéma de réglementation prudentielle: une contribution au débat

Jézabel Couppey ()
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Jézabel Couppey: TEAM - Théories et Applications en Microéconomie et Macroéconomie - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: The financial and banking instability of recent years gave rise to a debate concerning the appropriateness of a prudential regulation reform. This article contributes to this debate by proposing a new scheme of prudential regulation that presents three fundamental characteristics to improve the regulation efficiency. First, this scheme can be defined as a "regulatory triptych" integrating the three modes of regulation operating in the financial and banking sphere: regulation, internal control and market discipline. Second, it is "dynamic and incentive compatible" in the sense that it takes into account, period by period, of the possible reactions the agents (regulated and regulating) and implements instruments to insure the compatibility of agents incentives. Third, it is "global" (and not based on the institution) because its application concerns all regulated financial intermediaires (banks, investment entreprises and insurance companies). Indeed, the institutional nature of prudential systems seems us to be one of essential causes of their inefficiency.

Keywords: financial intermediation; prudential regulation; internal control; market discipline; pre-commitment; intermédiation financière; réglementation prudentielle; contrôle interne; discipline de marché; pré-engagement (search for similar items in EconPapers)
Date: 2000-01
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Published in 2000

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