{
  "title": "The Economic Crisis: Did Financial Supervision Matter?",
  "publication": "IMF Working Papers, November 1, 2011",
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  "summary": "The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improvements seemed unable to avoid or mitigate the crisis.",
  "sections": [
    {
      "heading": "Context and scope",
      "content": "- Publication: IMF Working Papers; Working Paper No. 2011/261.\n- Authors: Marc G Quintyn, Rosaria Vega Pansini, Donato Masciandaro.\n- Date: November 1, 2011.\n- Pages: 47.\n- Issue: 261; Volume: 2011.\n- DOI: https://doi.org/10.5089/9781463924560.001.\n- ISBN: 9781463924560; ISSN: 1018-5941; Stock No: WPIEA2011261.\n- Subject focus: Bank supervision, Banking, Basel Core Principles, Economic sectors, Financial crises, Financial regulation and supervision, Public sector, Tax incentives."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Historical triggers:\n  - The Asian financial crisis initiated global efforts to improve financial supervision.\n  - The crisis that began in 2007?08 revealed that many supervisory improvements did not prevent or mitigate that crisis.\n- Main empirical conclusion:\n  - Modifications in the architecture of financial supervision and in supervisory governance were found to be negatively correlated with economic resilience.\n- Conceptual framework:\n  - Uses the emerging distinction between macro-prudential supervision and micro-prudential supervision to analyze supervisory arrangements.\n- Institutional proposal and analysis:\n  - Explores whether separating macro- and micro-prudential supervision into two distinct institutions could create more checks and balances.\n  - Argues that improved checks and balances via institutional separation could strengthen supervisory governance and thereby reduce the probability of supervisory failure."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Reassess supervisory architecture:\n  - Reconsider the effectiveness of recent modifications in supervisory architecture given their negative correlation with economic resilience.\n- Strengthen supervisory governance:\n  - Prioritize governance arrangements that enhance accountability and checks and balances across supervisory functions.\n- Institutional design:\n  - Evaluate establishing two separate institutions for macro-prudential and micro-prudential supervision to improve governance and reduce supervisory failure risk.\n- Governance indicators and involvement:\n  - Use governance indicators and measures of central bank involvement and degree of supervision unification to guide reforms."
    },
    {
      "heading": "Keywords and thematic elements emphasized",
      "content": "- Bank supervision; banking industry; Basel Core Principles; central bank involvement; degree of supervision unification; governance arrangement; governance indicator; macroprudential supervision; microprudential supervision; proactive supervision; prudential supervision; supervisory architecture; supervisory governance; global crisis.\n\nSource: \"The Economic Crisis: Did Financial Supervision Matter?\", IMF Working Papers 2011, 261 (2011), Marc G Quintyn, Rosaria Vega Pansini, Donato Masciandaro; accessed via IMF landing page.\n\n---\n\n Content in this bundle\n\n- Wp11261\n  - Wp11261 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp11261 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-economic-crisis-did-financial-supervision-matter-25351"
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    "Authors: Marc G Quintyn, Rosaria Vega Pansini, Donato Masciandaro",
    "Published: November 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463924560.001",
    "Publication: IMF Working Papers; Working Paper No. 2011/261.",
    "Authors: Marc G Quintyn, Rosaria Vega Pansini, Donato Masciandaro.",
    "Date: November 1, 2011.",
    "Pages: 47.",
    "Issue: 261; Volume: 2011.",
    "DOI: https://doi.org/10.5089/9781463924560.001.",
    "ISBN: 9781463924560; ISSN: 1018-5941; Stock No: WPIEA2011261.",
    "Subject focus: Bank supervision, Banking, Basel Core Principles, Economic sectors, Financial crises, Financial regulation and supervision, Public sector, Tax incentives.",
    "Historical triggers:",
    "Main empirical conclusion:",
    "Conceptual framework:",
    "Institutional proposal and analysis:",
    "Reassess supervisory architecture:",
    "Strengthen supervisory governance:",
    "Institutional design:",
    "Governance indicators and involvement:",
    "Bank supervision; banking industry; Basel Core Principles; central bank involvement; degree of supervision unification; governance arrangement; governance indicator; macroprudential supervision; microprudential supervision; proactive supervision; prudential supervision; supervisory architecture; supervisory governance; global crisis.",
    "**Wp11261**"
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