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1、CentralTHEROLEOFCENTRALbanking,BANKSINFINANCIALmonetarySUPERVISIONANDstabilityandREGULATIONecaf_191740..46financialDavidG.MayesstabilityThisarticledescribesthinkingontheinstitutionsoffinancialsupervisionandregulationpriortothecurrentcrisisandgoesontoexaminewhatlessonshavebeenle
2、arntsubsequently.Itconcludesthattheproblemisnotsomuchthatcentralbanksneededtobemorecloselyinvolvedinsupervisionattheoutsetbutthatmanycountriesdidnothavesatisfactoryschemesinplaceforresolvingproblemsinlargeinstitutions.Centralbanksandgovernmentswerethenforcedintoadhocmeasurest
3、hatcouldhaveunfortunateimplicationsformoralhazardinthefutureunlessfundamentalproblemsareaddressed.Keywords:Bankingsupervision,centralbanks,Þnancialcrisis,FDIC,FSA,regulation,resolutionregime.Introductionorderbothtoheadoffandtohandleproblems.Untilthepresentfinancialcrisis,views
4、InthisarticleIconsiderwhetherwehaveamongpractitionersandintheliteraturelearntsomethingnewfromthepresentcrisisabouttheroleofcentralbanksinfinancialorwhetherwearesimplyseeingatypicalsupervisionandregulationremaineddivided.reactionwhensomethinggoeswrong–Manycountrieshavearrangeme
5、ntswherethenamely,thatsomeblameshouldbecentralbankisthesupervisorandmanydoapportionedandchangesmade.Thefirstnot.Thereareargumentsinfavourofbothsectionthereforesetsoutwherethinkingoutcomes(summarisedbyGoodhartandbeforethecrisislay;thesecondsuggestswhatSchoenmaker,1995,forexampl
6、e).Inpractice,lessonshavebeenlearntfromthecrisisandasagenerality,wherethecentralbankisathethirddrawsconclusionsforwhatmightbesupervisorthisrelatesonlytoprudentialchangedasaresult.Thereis,however,asupervisionandnottoconductofbusinessdangerofdrawinglopsidedconclusionsandoftenon
7、lytobanks.WherethebecausethebulkofthecrisisintermsofsupervisorisindependenttheroletendstoseriousbankfailureshasbeenfeltintheUSA,becomprehensive.theUKandIceland,althoughothersignificantInsofarastherehasbeenatrendineventshaveoccurredinLatvia,Belgium,recentyearsithasbeentowardscl
8、oserGermanyandtheNetherlands,forexample.centralbankinvolvement.Witht
