Integracion de la supervisión financiera en el Banco Central: La experiencia de Uruguay

Edgardo Demaestri; Jorge Ottavianelli; Gustavo Ferro

doi:10.52292/j.estudecon.2015.736

Authors

Edgardo Demaestri BID
Jorge Ottavianelli Universidad de la República
Gustavo Ferro UADE - CONICET

DOI:

https://doi.org/10.52292/j.estudecon.2015.736

Keywords:

integrated financial supervision, micro-prudential regulation, Uruguay.

Abstract

We analyze the Uruguayan experience of unifying financial supervision in one regulatory body into the Central Bank in Uruguay. An integrated regulator can be situated inside the Central Bank, or as a separate institution. Being established inside the Central Bank, it has the potential of achieving economies of scale and scope, improving informative flows, and yielding a prudential bias to regulation. We analyze the experience of the integration of financial regulation and supervision in Uruguay into its Central Bank, including the consideration of the pros and cons of the process. We also study the consequences of macro-prudential functions to face a financial crisis. Finally, we identify lessons arising from this experience.

Downloads

Download data is not yet available.

References

Adler, G., M. Mansilla & T. Wezel (2009). Modernizing Bank Regulation in Support of Financial Deepening: The Case of Uruguay. Monetary and Financial Systems Department, International Monetary Fund, IMF Working Paper WP/09/199. DOI: https://doi.org/10.5089/9781451873467.001

Aizenman, J. (2010). Macro prudential supervision in the open economy, and the role of central banks in Emerging Markets. Open Economies Review, 21, 465-482. DOI: https://doi.org/10.1007/s11079-010-9167-z

Bergara, M. & J. Licandro (2002). Regulación prudencial y ciclos de crédito: un enfoque microeconómico. Monetaria, XXV (2), 141-160.

Bergara, M., Licandro G., & Ottavianelli, J. (2001). Un enfoque complementario para la supervisión bancaria en Uruguay. Revista de Economía, segunda época, VIII(1), 5-30.

Brost, H., H. Loechel & H. Xianz Li. (2008). Benefits and Costs of Integrated Financial Services Providers (IFSP) - State-of-the-Art in Research. Frankfurt School on Finance and Management, EU-China BMT Working Paper Series 006. DOI: https://doi.org/10.2139/ssrn.1718177

Carmassi, J. & R. Herring R. (2008). The Structure of Cross-Sector Financial Supervision. Financial Markets, Institutions & Instruments, 17(1), 51-76. DOI: https://doi.org/10.1111/j.1468-0416.2007.00132.x

Banco Central del Uruguay (s.f.). Texto ordenado de la Carta orgánica. Recuperado de http://www.bcu.gub.uy/Acerca-de-BCU/Normativa/Paginas/Default.aspx

Chan-Lau, J. (2010). Regulatory Capital Charges for Too-Connected-to-Fail Institutions Practical Proposal. International Monetary Fund. Working Paper No. 10/98. Recuperado de http://www.imf.org/external/pubs/ft/wp/2010/wp1098.pdf DOI: https://doi.org/10.5089/9781451982756.001

Constitución de la República Oriental del Uruguay (1997). [en línea]. Recuperado de http://www.rau.edu.uy/uruguay/const97-1.6.htm

Banco Central del Uruguay (s.f.). Texto ordenado de la Carta orgánica. Recuperado de http://www.bcu.gub.uy/Acerca-de-BCU/Normativa/Paginas/Default.aspx

De Luna Martínez, J. & Rose T. (2003). International Survey of Integrated Financial Sector Supervision. Financial Sector Operations and Policy Department, World Bank, Policy Research Working Paper 3096, DOI: https://doi.org/10.1596/1813-9450-3096

Di Giorgio, G. & C. Di Noia C. (2008). Designing a Regulatory and Supervisory Framework for Integrated Financial Markets Capítulo 10. En A. Zazzaro, M. Frattiani, & P. Alessandrini (Eds.), The Changing Geography of Banking and Finance. (pp. 215-232). doi:10.1007/978-0-387-98078-2_10 DOI: https://doi.org/10.1007/978-0-387-98078-2_10

Entrevista con Julio De Drun (Presidente Asociación de Bancos, 19/12/11).

Gianelli, D. & M. Abal (2004). El diseño institucional de la regulación y supervisión financiera en el Uruguay. Revista de Economía, Segunda Época XI (1), 5-72.

Hanson, S., Kahsyap, A. & Stein, J. (2011). A Macroprudential Approach to Financial Regulation. Journal of Economic Perspectives, 25 (1), 3-28. DOI: https://doi.org/10.1257/jep.25.1.3

HM Treasury (2010). A new approach to financial regulation: judgement, focus and stability Recuperado de https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/81389/consult_financial_regulation_condoc.pdf

International Monetary Fund. (2010). IMF Country Report No. 10/48 DOI: https://doi.org/10.5089/9781455203314.002

Laeven, L. & Valencia, F. (2010). Resolution of Banking Crises: The Good, the Bad, and the Ugly. International Monetary Fund, Working Paper WP/10/146. DOI: https://doi.org/10.5089/9781455201297.001

López, N. & Ottavianelli, J. (2003). La crisis financiera del 2002 y las oportunidades para la supervisión. Revista de Economía, Segunda Época, (X), 2, 222-252.

Otavianelli, J. (2012). El gobierno corporativo en los bancos: las crisis, sus propietarios y la regulación. (Tesis Doctoral en Finanzas), Universidad del CEMA.

Seelig, S. & Novoa, A. (2009). Governance Practices at Financial Regulatory and Supervisory Agencies. Monetary and Capital Markets Department, International Monetary Fund, IMF Working Paper 09/135. DOI: https://doi.org/10.5089/9781451872828.001

Wezel, T. (2010). Dynamic Loan Loss Provisions in Uruguay: Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas. International Monetary Fund, Working Paper WP/10/125. DOI: https://doi.org/10.5089/9781455200849.001

Winkler, A. (2010). The Financial Crisis: A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies? Asian Development Bank Institute, Working Paper Series 199.