Co-Creation for the Reduction of Uncertainty in Financial Governance: The Case of Monetary Authority of Singapore.

2019 ◽  
Vol 19 (2) ◽  
pp. 60-80
Author(s):  
Olga Mikheeva ◽  
Piret Tõnurist
Keyword(s):  
Closed System ◽  
Financial Regulation ◽  
Financial Innovation ◽  
Financial Sector ◽  
Monetary Authority ◽  
Regulation And Supervision ◽  
New Organizational Forms ◽  
Financial Governance ◽  
Reduction Of Uncertainty ◽  
Insight Into

Traditionally financial governance has been perceived and studied as a closed system. Yet, increasing sophistication of technology facilitates the emergence of new organizational forms of collaboration between the state and corporate actors. The study argues that co-creation becomes the way for public sector to mitigate new types of uncertainties, coming from increasing technological sophistication of the financial sector. Thus, new insights can be gained from looking at co-creation in financial governance, which is a unique setting for co-creation as state’s partners are large and capable corporate organizations, especially in regards to financial innovation. Such an approach also brings new insight into co-production literature. To exemplify the argument, a closer look at how co-creation has been effectively applied by the Monetary Authority of Singapore in financial regulation and supervision as well as in policies related to promotion of the financial sector is provided.  Keywords: financial governance, co-creation, uncertainty, financial innovation, Singapore

Revised Approach to Financial Regulation and Supervision Standards Assessments in FSAP Updates

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Quantitative Analysis ◽  
Financial Regulation ◽  
Financial System ◽  
Financial Sector ◽  
Developmental Needs ◽  
Policy Responses ◽  
Assessment Program ◽  
Regulation And Supervision ◽  
Financial Regulation And Supervision

The Financial Sector Assessment Program (FSAP) is a central instrument for the Fund and Bank to promote financial sector soundness in member countries. The FSAP uses quantitative analysis and qualitative tools to help identify the risks and vulnerabilities of a country’s financial system, ascertain the sector’s developmental needs, and prioritize policy responses. Detailed assessments of the observance of relevant financial sector standards and codes, and the associated Reports on Observance of Standards and Codes (ROSCs) have been an important component of the FSAP.

Guidance Note for Staff on Undertaking Targeted (Risk-Based) Reports on the Observance of Standards and Codes (ROSCs) in Financial Regulation and Supervision

Policy Papers ◽  
2010 ◽  
Vol 2010 (47) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
International Monetary Fund ◽  
Financial Regulation ◽  
Financial Sector ◽  
Assessment Program ◽  
Guidance Note ◽  
The World Bank ◽  
Regulation And Supervision ◽  
The World ◽  
The International Monetary Fund

In September 2009, the International Monetary Fund (IMF) and the World Bank (WB) Boards approved changes to the Financial Sector Assessment Program (FSAP) to (i) make it more flexible and better-aligned with country needs as well as IMF and WB financial sector priorities and core responsibilities; (ii) enhance the quality, candor, and comparability of assessments; and (iii) better-integrate FSAP analysis into the institutions’ evolving mandates.

A Macrofinancial Approach to Supervisory Standards Assessments

Policy Papers ◽  
2014 ◽  
Vol 2014 (68) ◽  
Author(s):  
Keyword(s):  
Financial Regulation ◽  
Financial Sector ◽  
International Standards ◽  
Regulation And Supervision ◽  
Standard Assessment ◽  
Financial Regulation And Supervision ◽  
Country Specific

Standards assessments serve several important objectives but are not well integrated into Fund surveillance. Financial standards assessments, when undertaken in the context of FSAPs, are used to identify weaknesses in financial regulation and supervision, or other areas covered by international standards. However, those weaknesses are not specifically linked to the risks and vulnerabilities facing the financial sector. Conversely, the analysis of country-specific vulnerabilities in the FSAP does not contribute to targeting the standard assessment effort, since the assessment must be exhaustive and cover the entire standard.

scholarly journals Institutional Arrangements for Fintech Regulation and Supervision

FinTech Notes ◽  
2020 ◽  
Vol 19 (02) ◽  
Author(s):  
Charles Taylor ◽  
Christopher Wilson ◽  
Eija Holttinen ◽  
Anastasiia Morozova
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Conflicts Of Interest ◽  
Financial Sector ◽  
Institutional Arrangements ◽  
Dual Roles ◽  
Regulation And Supervision ◽  
Regulatory Architecture ◽  
Institutional Structures ◽  
Policy Objectives

Fintech developments are shaking up mandates within the existing regulatory architecture. It is not uncommon for financial sector agencies to have multiple policy objectives. Most often the policy objectives for these agencies reflect prudential, conduct and financial stability policy objectives. In some cases, financial sector agencies are also allocated responsibility for enhancing competition and innovation. When it comes to fintech, countries differ to some extent in the manner they balance the objectives of promoting the development of fintech and regulating it. Countries see fintech as a means of achieving multiple policy objectives sometimes with lesser or greater degrees of emphasis, such as accelerating development and spurring financial inclusion, while others may support innovation with the objective of promoting competition and efficiency in the provision of financial services. This difference in emphasis may impact institutional structures, including the allocation of staff resources. Conflicts of interest arising from dual roles are sometimes managed through legally established prioritization of objectives or establishment of separate internal reporting lines for supervision and development.

scholarly journals Financialization at a watershed in the USA

2018 ◽  
Vol 22 (5) ◽  
pp. 488-508 ◽  
Author(s):  
Costas Lapavitsas ◽  
Ivan Mendieta-Muñoz
Keyword(s):  
Great Recession ◽  
Structural Breaks ◽  
Financial Regulation ◽  
Financial Sector ◽  
State Intervention ◽  
Mortgage Debt ◽  
The Great Recession ◽  
Us Economy ◽  
Macroeconomic Indicators ◽  
The Usa

In the period following the Great Recession of 2007–2009 the financialization of the US economy reached a watershed characterized by stagnant financial profits, falling proportions of financial sector and mortgage debt, and rising proportion of public debt. The main macroeconomic indicators of financialization in the USA show structural breaks that can be dated around the period of the Great Recession. The reliance of households on the formal financial system appears to have weakened for the first time since the early 1980s. The financial sector has lacked the dynamism of the previous three decades, becoming more reliant on government. The state has increased its own indebtedness and supported large financial institutions via unconventional monetary policy measures. At the same time, state intervention has tightened the regulatory framework for big banks. The future path of financialization in the USA will depend heavily on government policy with regard to state debt and financial regulation, although the scope for boosting financialization is narrow.

Lessons from the Crisis

2010 ◽  
Author(s):  
Jean Tirole
Keyword(s):  
Public Policy ◽  
Financial Crisis ◽  
Real Estate ◽  
Consumer Protection ◽  
Financial Regulation ◽  
Financial Sector ◽  
System Reform ◽  
Financial Reforms ◽  
Mortgage Crisis ◽  
Regulatory Failure

This chapter aims to contribute to the debate on financial system reform. The first part describes what is perceived to be a massive regulatory failure, a breakdown that goes all the way from regulatory fundamentals to prudential implementation. The second part discusses some implications of recent events for financial sector regulation. It argues that to avoid a repetition of the financial crisis, we need both to change public policies that contributed to the crisis (particularly the mortgage crisis) and to institute financial reforms. Desirable reforms of public policy regarding real estate lending include promoting consumer protection and reducing subsidies. Financial regulation must also be international. The creation of supranational regulatory structures has become increasingly urgent in a world in which institutions and counterparties are truly international.

Sign in / Sign up

Export Citation Format

Share Document