Today policymakers in all the countries, shaken by the financial crisis of the 2007-2008, are carefully reconsidering the features of their supervisory architecture. Over the last ten years the financial supervision architecture and the role of the central bank in supervision therein has...

We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role...

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto...

Almost all literature on the evolution of financial supervision architecture stresses the importance of financial market characteristics in determining the recent trend toward more unification. In the real world, however, it is not always clear to what extent market features are important. We...

This paper analyzes recent trends in, and determinants of, financial supervisory governance inside and outside central banks. We first identify similarities and differences between this emerging strand in the literature and the central bank independence literature in order to frame the...

We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role...

The literature stresses the importance of financial market characteristics in determining the supervisory architectures. In the real world it is not always clear to what extent market features are taken into account. We present two complementary approaches to gain insights in the above...