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Financial Sector Supervision: What We Have Learned So Far*
Financial sector supervision: What we have learned so far

This roundtable audience embodies more practical experience in the specific regulatory requirements of the securities sector than a former central banker can match. If I can make some contribution, it may be in two very disparate areas. The first one is quite micro—on the role of the “frontline” supervisor. The second is at a more macro level—to make the case that, for the emerging financial markets in East Asia, conventional (old-fashioned, if you like) industry-based supervision may be more appropriate than the current vogue for universal/unitary supervision of the financial sector as a whole.

The Role of the “Frontline” Regulator

Douglass North (2005) has observed: “Economists of the libertarian persuasion ...

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