Donato Masciandaro, Marc Quintyn, 03 February 2009

Over the last ten years the financial supervision architecture and the role of the central bank in supervision therein has undergone radical transformation. A new CEPR Policy Insight addresses three questions. Which are the main features of the supervisory architecture reshaping? What explains the increasing diversity of the institutional settings? What are so far the effects of the changing face of banking and financial supervisory regimes on the quality of regulation and supervision?

Donato Masciandaro, Marc Quintyn, 03 February 2009

Central banks that have historically been involved in financial supervision often resist reforms that would unify supervisory powers in an agency other than the bank. This column argues that regulatory innovation is necessary to keep pace with financial innovation. Policymakers should be open to changes, including unification, and adopt reforms needed in their circumstances.

Arvind Subramanian, 29 August 2008

Growth begets further growth, which is good news for both China and India. But this column argues that it is easier to create or improve a market than to build state capacity, which means that China, with its lagging private sector, is likely to fare better than India, which has deteriorating institutions.

Arvind Subramanian, 06 August 2008

Manmohan Singh has political capital and needs a legacy. This column suggests that the prime minister focus his energies on reforming higher education – a badly lagging sector that needs deregulation, liberalisation, and globalisation.

Thorvaldur Gylfason, Eduard Hochreiter, 02 August 2008

The development gap between former Soviet states is striking – top performers like Estonia have joined the European Union while others, such as Georgia, lag far behind. What accounts for these differences? In the case of Estonia, this column attributes them to successful institutional reforms, good governance, and investments in education.

Peter Kenen, 30 October 2007

Here is an evaluation of progress on IMF reform by one of the world’s most eminent scholars of the global financial system.

Michael Burda, 23 October 2007

Germany’s equilibrium rate of unemployment has not fallen as much over the past two decades as in the Netherlands, Denmark, Ireland, and Britain. Unlike those successful reformers, Germany has not yet finished its supply-side homework. If it backslides now, it and the rest of Europe will pay the price when the next downturn comes.



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