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. This paper brings the...

Which is the current state of the securities market supervision architectures? The recent financial Crisis has forcefully demonstrated that the financial services markets are deeply integrated, suggesting a corresponding integrated supervisory approach. The fact that market integration calls for...

This article presents an overview of the evolution of financial supervision as emerging and relevant tool of the overall economic policy design. We concentrate our analysis on the last three decades, considering the situation in both the advanced and emerging countries and with a special eye on...

Today policymakers in all the countries, shocked by the financial crisis of the 2007-2008, are reconsidering carefully the features of their supervisory regimes. This paper reviews the changing face of the financial supervisory regimes introducing new indicators to measure the level of...

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...

Which is the current state of the insurance supervision architectures? The recent financial crisis has forcefully demonstrated that the financial services markets are deeply integrated, requiring an integrated supervisory approach. How is insurance supervision integrated into the overall...

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...

We propose a path dependence approach to analyze the evolution of the financial supervisory architecture, focusing on the institutional role of the central bank, and then apply our framework to describe the institutional settings in a selected sample of countries. The policymaker who decides to...