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Bank
Supervision
 Financial Regulatory Reform. A New Foundation: Rebuilding Financial Supervision and Regulation
Department of the Treasury. United States.
 The Reform Agenda. Charting the Future of Financial Regulation
Constantinos Stephanou. Financial and Private Sector Development Vice Presidency. World Bank. June 2009.
The crisis has prompted a shift toward a tighter and more macroprudential-approach to financial regulation. But the reform agenda still needs to address the role of supervisory (rather than regulatory) failures, while the institutional arrangements needed to implement the new framework remain to be worked out. For most emerging economies, the existing reform agenda—developing institutional and legal underpinnings for the financial system and promoting financial access— remains valid. But for those characterized by weak financial oversight structures and more volatile economic cycles, adopting capital buffers as part of a macro-prudential regime may be a useful complement.
 Enhancements to the Basel II framework
Basel Committee on Banking Supervision. BIS. July 2009.
The Basel Committee makes proposals for enhancing the Basel II framework in the area of securitization and more specifically for dealing with resecuritizations. These enhancements are intended to strengthen the framework and respond to lessons learned from the financial crisis.
 Supervision Model of Bank of Spain
Bank of Spain. June 2009.
(text in Spanish)
 Governance Practices at Financial Regulatory and Supervisory Agencies
Steven Seelig and Alicia Novoa. Monetary and Capital Markets Department. IMF. July 2009.
This paper summarizes the results of a survey of financial supervisory agencies in IMF member countries conducted in 2007. Responses were received from 140 financial sector supervisors in 103 countries. A majority of these are separate stand-alone agencies, though, a majority of bank supervisors are part of a central bank. The survey asked respondents about their governance structure and practices, as well as practices and policies related to public transparency and accountability.
Recommended
Readings
 What’s wrong with the current framework of global financial architecture?
Speech by Mr. Martín Redrado, Governor of the Central Bank of Argentina, at Bank Indonesia’s 7th Annual International Seminar “Global financial tsunami: what can we do? Bali, Indonesia. June 13, 2009.
First, a vision on where the global economy is heading to is provided. For this purpose, the recent “micro-environments” are assesed, as they add several question marks to the likelihood of achieving a sustainable and long-lasting recovery. Then, the lessons learned so far from the crisis in terms of the changes needed in regulatory and policy frameworks both at the national and supra-national levels are addressed.
Smaller but Safer? The Shape of Financial Systems to Come
Constantinos Stephanou. Financial and Private Sector Development Vice Presidency. World Bank. June 2009.
Global trends taken for granted in recent decades—the big expansion
in global financial assets compared with underlying economic
activity, growing global financial integration, shrinking role of the
state in financial systems, and rising share of cross-border ownership
of financial institutions—may reverse over the foreseeable future.
In addition, the structure of financial systems, particularly in
developed countries, will likely become oriented less toward capital
markets and more toward traditional (and simpler) banking activities.
The impact on economic growth and overall welfare is likely to be
negative—perhaps the price we have to pay for living in a brave new
(and presumably safer) financial world.
Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis
Erlend Walter Nier. Monetary and Capital Markets Department. IMF.
The depth and breadth of the ongoing financial crisis motivates a review of financial stability frameworks and within that the role of central banks in financial stability. This paper contributes in four ways. The paper reviews the tools that are typically at the disposal of central banks (including monetary policy). It then assesses the benefits and costs of an expanded role of central banks in financial regulation. The paper goes on to explore in detail the objectives, tools, and scope of financial regulation. Building on this prior analysis, the paper examines finally the design of regulatory structures.
The Financial Globalization, the Crisis and Latin America
Speech by Jaime Caruana, General Director. Bank of International Settlements, at the XLVI American Continent Central Bank Governors Meeting and at the LXXXVII Latin America and Spain Central Bank Governors Meeting. Dominican Republic. May 2009. (text in Spanish)
 Low Value Payment Instruments in Chile. Evolution and Trends
Flores, Alarcón, Morales and Yañez. Unit of Financial Products and Banking Industry. Department of Studies. Direction of Studies and Financial Analysis. Superintendence of Banks and Financial Institutions of Chile (SBIF).
This document analyzes the evolution of low value payment instruments in Chile during the last decade, identifying and contrasting the local trends with the observed evolution in the developed economies. Among the conclusions of the document it is worth to highlight that the international trends regarding electronic payments and the greater use and high incidence of the total of retail payments is also observed in the country, although with less intensity than in more developed economies. We also highlight the infrastructure limitations in information and communication technology in companies, a low population coverage of banking electronic payments instruments and the high presence of traditional payments instruments among other factors to explain the lower penetration of the electronic payments in the country.
(text in Spanish)
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