Abstract
The global financial crisis (GFC) has been defined as the worst financial crisis after the Great Depression of the 1930s. Reforms underway, as well as debates in discussion, revolve around both regulatory philosophy and approaches towards better supervisory outcomes. One of the most radical institutional reforms took place in the United Kingdom (UK), where the Twin-Peak model replaced the previous fully integrated regulator – the Financial Services Authority (FSA) under the Financial Services Act 2012. This paper argues that China should also introduce twin peaks regulation, but it is rather based on the resources of risk in its financial sector than the direct GFC challenge. In theory, the core arguments focus on the structure of agencies responsible for prudential regulation and the role played by the central bank as well. The Twin-Peak model has been further examined in terms of regulatory objectives and instruments. By method, this paper is a country-specific comparative study; Australia, the Netherlands and the UK are selected to represent different Twin-Peak models. This paper contributes to the relevant literature in two main aspects. First, it has displayed the principal pattern of the Twin-Peak model after detailing the case studies, including the relationship involving in two regulators, central bank and finance minister in particular. Based on this, second, it becomes possible to design a very specific model to reform China’s current sector-based financial monitoring regime. As far as the author knows, until end-2015, this is the first paper which has proposed such a particular model to China. It is argued that the appropriate institutional structure of market regulation should fit well in with a country’s financial market. Accordingly, the Twin-Peak model will be able to balance the regulatory tasks for the over-concentrated risk in China’s large banking sector but the underdeveloped securities market. Even though, regulatory independence will continue to be challenged.
References
Avery, Martha, Min Zhu, and Jingqing Cai. 2011. China’s Emerging Financial Markets: Challenges and Global Impact. Asia: John Wiley & Sons.Search in Google Scholar
Bakir, Caner 2009. “The Governance of Financial Regulatory Reform: the Australian Experience.” Public Administration 87 (4): 910–922.10.1111/j.1467-9299.2009.01778.xSearch in Google Scholar
Barth, James, Gerard Caprio, and Boss Levine. 2006. Rethinking Bank Regulation: Till Angels Govern., 46–63. Cambridge: CUP.10.1017/CBO9780511753817Search in Google Scholar
Barth, James, Zhongfei Zhou, Douglas Arne, Berry Hsu, and Wei Wang. 2006. Financial Restructuring and Reform in Post-WTO China. London: Kluwer Law International.Search in Google Scholar
Beardsley, Colin, and John R. O’Brien. 2005. “The Financial Services Reform Act 2001: Impact on systemic risk in Australia.”ICMA Centre Discussion Papers in Finance DP2005-12.Search in Google Scholar
Bell, John 2013. “Path Dependence and Legal Development.” Tulane Law Review 87: 787.Search in Google Scholar
Bell, Stephen, and Hui Feng. 2014. “How Proximate and “Meta-institutional” Contexts Shape Institutional Change: Explaining the Rise of the People’s Bank of China.” Political Studies 62: 197–215.10.1111/1467-9248.12005Search in Google Scholar
Bian, Jing 2014. China’s Securities Market: Towards Efficient Regulation., 143–148. London: Routledge.10.4324/9781315819075Search in Google Scholar
Black, Julia 2006. “Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority.” Law & Policy 28 (1): 30.10.1111/j.1467-9930.2005.00215.xSearch in Google Scholar
Blair, Michael Q. C 2009. Blackstone’s Guide to the Financial Services and Markets Act 2000. Oxford: OUP.Search in Google Scholar
BOE. 2014. “The Prudential Regulation Authority.” Quarterly Bulletin, Q4www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb1204.pdf.Search in Google Scholar
BOE. 2012. “Draft Memorandum of Understanding (MoU) between the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).” www.bankofengland.co.uk/financialstability/Documents/overseeing_fs/fca_pra_draft_mou.pdf.Search in Google Scholar
BOE. 2013. “The Financial Policy Committee’s Powers to Supplement Capital Requirements.” A Draft Policy Statement.Search in Google Scholar
Bowen, Chris 2010. Responding to the Financial Crisis – Financial Reform Impacts and Regulatory Regime Changes. Hong Kong: Asian Financial Forum www.hongkong.china.embassy.gov.au/hkng/SP_20100120.html.Search in Google Scholar
Brown, Elizabeth F 2010. “A Comparison of the Handling of the Financial Crisis in the United States, the United Kingdom, and Australia.” Villanova Law Review 55 (3): 509–575.Search in Google Scholar
Bruck, Sebastian Florian 2009. “A Comeback for the Dual-Track Reform Model? Examining the Case for a Unified Chinese Financial Services Regulator.” Journal of Banking Regulation 10: 234–248.10.1057/jbr.2009.1Search in Google Scholar
Bruilt, Clive 1999. “The Rationale for a Single National Financial Services Regulator.”Financial Services Authority Occasional Paper No. 2.Search in Google Scholar
Buckley, Lee Taylor 2012. “China’s Responses to US Pressure to Revalue the RMB.” China Research Centre 11: 1. www.chinacenter.net/chinas-response-to-u-s-pressure-to-revalue-the-rmb/.Search in Google Scholar
Calomiris, Charles 2007. China’s Financial Transition at a Crossroad. NY: Columbia University Press.10.7312/calo14192Search in Google Scholar
CBRC. 2015. “2014 Annual Report.”Accessed May 14. www.cbrc.gov.cn/chinese/home/docView/1BC57D62CAF346458A12C8563B42AF28.html.Search in Google Scholar
Chang, Kuan-Chun 2009. “From Zero to Something: The Necessity of Establishing a Regulatory System of Financial Conglomerates in China.” Asian-Pacific Law & Policy Journal 11 (1): 100.Search in Google Scholar
Chen, Zhiqiang 2011. “Houweiji Shidai de Jinrong Weizhi Jizhi.” PBC China Finance 7: 88–89.Search in Google Scholar
Chen, Yunliang, and Ting Chen. 2012. “The Legal Nature of China Banking Regulatory Commission.” Science of Law 30 (1): 74–83.Search in Google Scholar
Chen, Yibing, Yong Shi, Xianhua Wei, and Lingling Zhang. 2014. “Domestic Systemically Important Banks: A Quantitative Analysis for the Chinese Banking System.” Mathematical Problems in Engineeringwww.hindawi.com/journals/mpe/2014/819371/.10.1155/2014/819371Search in Google Scholar
Chorus, Jeroen, P. H. M. Gerver, and E. H. Hondius. 2006. Introduction to Dutch Law., 476–478. London: Kluwer Law International.Search in Google Scholar
Cihak, Martin, and Richard Podpiera. 2006. “Is One Watchdog Better than Three? International Experience with Integrated Financial Sector Supervision.” IMF Working Paper WP/06/57.10.5089/9781451863178.001Search in Google Scholar
Cihak, Martin, and Richard Podpiera. 2008. “Integrated Financial Supervision: Which Model.” The North American Journal of Economics and Finance 19 (2): 135–152.10.1016/j.najef.2008.03.003Search in Google Scholar
Cooper, Jeremy (2005). The Integration of Financial Regulatory Authorities – The Australian Experience. 30th Anniversary Conference “Assessing the Present, Conceiving the Future” September 4–5, Brazil https://dv8nx270cl59a.cloudfront.net/media/1339352/integration-financial-regulatory-authorities.pdf.Search in Google Scholar
Dale, Richard 1996. “Regulating the New Financial Markets.” In The Future of the Financial System., edited by Malcolm Edey, 215–245. RBA: Proceedings of a Conference.Search in Google Scholar
Davies, Howard, and David Green. 2013. Global Financial Regulation: The Essential Guide. Cambridge: John Wiley & Sons.Search in Google Scholar
Davies, Richard, Peter Richardson, Vaiva Katinaite, and Mark Manning. 2010. “Evolution of the UK Banking System.” BOE Quarterly Bulletin, Q 4www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb100407.pdf.Search in Google Scholar
Deakin, Simon, and Jacqueline Cook. 1999. Regulation and the Boundaries of the Law. ESRC Centre of Business Research, University of Cambridge http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/cld/may2000/esrc9.pdf.Search in Google Scholar
DNB. (2007). Annual Report 2006. Presented to the General Meeting of Shareholders held on April 4 www.dnb.nl/en/binaries/ar2006_tcm47-158833.pdf.Search in Google Scholar
ECB. 2001. “The Role of Central Banks in Prudential Supervision.” www.ecb.int/pub/pdf/other/prudentialsupcbrole_en.pdf.Search in Google Scholar
Edey, Malcolm, and Brian Gray. 1996. “The Evolving Structure of the Australian Financial System.” In The Future of the Financial System., edited by Malcolm Edey, 6–44. RBA: Proceedings of a Conference.10.1080/09585209600000052Search in Google Scholar
Edey, Malcolm 1996. The Future of the Financial System. RBA: Proceedings of a Conference.Search in Google Scholar
Eijffinger, S, and Donato Masciandaro. 2011. Handbook of Central Banking, Financial Regulating and Supervision: After the Financial Crisis. Cheltenham: Edward Elgar Publishing.10.4337/9781849805766Search in Google Scholar
Fan, Joseph, and Randall Morck. 2012. Capitalizing China. Chicago: University of Chicago Press.10.7208/chicago/9780226237268.001.0001Search in Google Scholar
Farrel, Diana, Susan Lund, and Fabrice Morin. 2006. “How Financial-System Reform could Benefit China?” McKinsey Quarterly special edition. http://salsa.babson.edu/Pages/Articles/0605FinReformChinaMck.pdf.Search in Google Scholar
Ferran, Eilis 2011. “The Break-up of the Financial Services Authority.” Oxford Journal of Legal Studies 31 (3): 455–480.10.1093/ojls/gqr006Search in Google Scholar
FSA. 1997. Rulebook Amendments and Additions: The Financial Services Authority Rules and Regulations Volume 1. Miscellaneous, Release 177 – The Financial Services/Change of Name of Designated Agency Rules 1997. www.betterregulation.com/external/SIB%20%7C%20Volume%201.pdf.Search in Google Scholar
FSA. 2009. The Turner Review: A Regulatory Response to the Global Banking Crisis.Search in Google Scholar
FSA. 2010. “Business Plan 2010/11.” www.fsa.gov.uk/pubs/plan/pb2010_11.pdf.Search in Google Scholar
FSA. 2000/2001/2004. “Annual Reports.” www.fsa.gov.uk/pubs/annual/.Search in Google Scholar
FSB. 2014. “2014 update of list of global systemically important banks (G-SIBs).”accessed November 6. www.financialstabilityboard.org/wp-content/uploads/r_141106b.pdf.Search in Google Scholar
Fu, Junwen, and Hong Zhao. 2008. “Study on the Theory and Practice of China’s Window Guidance – One of the Monetary Policy Instruments.” Journal of Central University of Finance & Economicshttp://caod.oriprobe.com/articles/14911257/Study_on_the_Theory_and_Practice_of_China_s_Window.htm.Search in Google Scholar
G30. 2008. The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace Washington, DC: Financial Regulatory Systems Working Group.Search in Google Scholar
Gao, Jian 2015. “China’s Financial Restructuring.” In Expert Perspectives on China’s Capital Markets., 12–15. Policy Practitioner Paper, City of London Corporation www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Documents/Research-2015/Chinas_capital_markets.pdf.Search in Google Scholar
Geiger, Michael 2008. “Instruments of Monetary Policy in China and Their Effectiveness: 1994–2006.”UN Conference on Trade and Development, Discussion Papers No 187 http://unctad.org/en/Docs/osgdp20082_en.pdf.10.2139/ssrn.1148292Search in Google Scholar
Georgosouli, Andromachi 2013. “The FCA-PRA Coordination Scheme and the Challenge of Policy Coherence.” Capital Market Law Journal 8: 1.10.1093/cmlj/kms044Search in Google Scholar
Golembe, A. H., and J. J. Ming. (1985). Can Supervision and Regulation Ensure Financial Stability?. FRB San Francisco Conference “The Search for Financial Stability: The Past Fifty Years”, California.Search in Google Scholar
Goldstein, Morris, and Nicholas R. Lardy. 2008. Debating China’s Exchange Rate Policy., 1–60. Washington, DC: Peterson Institute.Search in Google Scholar
Goodhart, C. A. E 2008. “Financial Supervision from a Historical Perspective: Was the Development of Such Supervision Designed, or Largely Accidental?.” In The Structure of Financial Regulation., edited by David G. Mayes, and Geoffrey Edward Wood, 43–64. Warwick: Taylor & Francis.10.4324/9780203962312.ch2Search in Google Scholar
Hall, Maximilian J. B 1996. “The Collapse of Barings: The Lessons to be Learnt.” Journal of Financial Regulation and Compliance 4 (3): 255–277.10.1108/eb024888Search in Google Scholar
Hall, Maximilian J. B 2001. “The Evolution of Financial Regulation and Supervision in the UK: Why We Ended up with the Financial Services Authority.” Banca Impresa Societa 12 (3): 377–412.Search in Google Scholar
Han, Miao 2015. Central Bank Regulation and the Financial Crisis: A Comparative Analysis., 183–213. London: Palgrave Macmillan.10.1007/978-1-137-56308-8_8Search in Google Scholar
Hanratty, Phil 1997. “The Wallis Report on the Australian Financial System: Summary and Critique.”Research Paper 16accessed June 23. www.aph.gov.au/About_Parliament/Parliamentary_Departments/ Parliamentary_Library/pus/rp/RP9697/97rp16#MAJJOR.Search in Google Scholar
Harper, Ian R 1997. “The Wallis Report: An Overview.” The Australian Economic Review 30 (3): 288–300.10.1111/1467-8462.00027Search in Google Scholar
He, Weiping 2010. “The Powers of the China Banking Regulatory Commission.” Journal of International Banking Law and Regulation 27 (2): 103–108.Search in Google Scholar
Hellmann, Thomas, Kevin Murdock, and Joseph Stiglitz. 2000. “Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough.” The American Economic Review 90 (1): 147–165.10.1257/aer.90.1.147Search in Google Scholar
Herd, R., S. Hill, and C. Pigott. 2010. “China’s Financial Sector Reforms.”OECD Economics Department Working Papers, No 747 http://dx.doi.org/10.1787/5kmlh5n23mzs-en.10.1787/5kmlh5n23mzs-enSearch in Google Scholar
Herd, R., S. Hill, and C. Pigott. 2011. “FSA Financial Sector Assessment: China.” SecM2011-0492www.worldbank.org/content/dam/Worldbank/document/WB-Chinas-Financial-Sector-Assessment-Report.pdf.Search in Google Scholar
Herring, Richard, and Robert Litan. 2003. Brookings-Wharton Papers on Financial Services. Baltimore: Brookings Institution Press.Search in Google Scholar
Herring, Richard, and Jacopo Carmassi. 2008. “Structure of Cross-Sector Financial Supervision.” Financial Markets, Institutions & Instruments 17 (1): 51–76.10.1111/j.1468-0416.2007.00132.xSearch in Google Scholar
HM Treasury. 2007. “The Run on the Rock.” Volume I. www.publications.parliament.uk/pa/com200708/cmselect/cmtreasy/56/56i.pdf; Volume II. www.parliament.the-stationery-office.co.uk/pa/cm200708/cmselect/cmtreasy/56/56ii.pdf.Search in Google Scholar
HM Treasury. 2009. “Reforming Financial Markets.” CM 7667.Search in Google Scholar
HM Treasury. 2010. “A New Approach to Financial Regulation: Judgement, Focus and Stability.” Cm 7874.Search in Google Scholar
HM Treasury. 2011. “A New Approach to Financial Regulation: Building a Stronger System.” Cm 8012.Search in Google Scholar
HM Treasury. 2012. “A New Approach to Financial Regulation: Draft Secondary Legislation.Search in Google Scholar
Hopper, Martyn, and Jenny Stainsby. 2006. “Principle-Based Regulation – Better Regulation.” Journal of International Banking Law and Regulation 7: 387–391.Search in Google Scholar
Hossain, Akhand Akhtar 2009. Central Banking and Monetary Policy in the Asia-Pacific., 28–30. Cheltenham: Edward Elgar Publishing.10.4337/9781849802093Search in Google Scholar
Huang, Hui (2005). Securitisation: International Experience and Chinese Practice. International Conference on “New Developments of Commercial Law”, Beijing May 13–14http://ssrn.com/abstract=1173782.Search in Google Scholar
Huang, Hui 2009. “Financial Regulatory Modernization: Experiences and Lessons from Common Law Jurisdictions.” Guangdong Social Sciences 1: 181–187.Search in Google Scholar
Huang, Hui 2010. “Institutional Structure of Financial Regulation in China: Lessons from the Global Financial Crisis.” Journal of Corporate Law Studies 10: 219–254.10.1080/14735970.2010.11419825Search in Google Scholar
Huang, Qiubin, Jakob de Haan, and Bert Scholtens. 2015. “Analyzing Systemic Risk in the Chinese Banking System.”CESifo working Paper No. 5513.10.2139/ssrn.2674504Search in Google Scholar
IIC. 2009. 60-year Feature of China’s Insurance Industry: 1949–2009 Beijing: The Insurance Institute of China www.iic.org.cn/D_newsZT/19/bxy60nianzhuantibd.html.Search in Google Scholar
IMF. 2004. “Kingdom of the Netherlands – Netherlands: Technical Note: The Netherlands Model of Financial Sector Supervision.”IMF Country Report No. 04/311 www.imf.org/external/pubs/ft/scr/2004/cr04311.pdf.10.5089/9781451829495.002Search in Google Scholar
IMF. 2008. “Kingdom of the Netherlands – Netherlands: Publication of Financial Sector Assessment Program Documentation – Technical Note on Financial Sector Supervision: The Twin Peaks Model.”IMF Country Report No. 11/2008 www.imf.org/external/pubs/ft/scr/2011/cr11208.pdf.10.5089/9781462321391.002Search in Google Scholar
IMF. 2011. “Kingdom of the Netherlands – Netherlands: Publication of Financial Sector Assessment Programme Documentation – Technical Note on Financial Sector Supervision: The Twin Peaks Model.”IMF Country Report No. 11/2008.10.5089/9781462321391.002Search in Google Scholar
IMF. 2011. “Kingdom of the Netherlands – Netherlands: Publication of Financial Sector Assessment Program Documentation – Technical Note on Crisis Management and Bank Resolution Frameworks.”IMF Country Report No. 11/207 www.imf.org/external/pubs/ft/scr/2011/cr11207.pdf.10.5089/9781462322404.002Search in Google Scholar
Reserve Bank of Australia. 1995. “Implications of the Barings Collapse for Bank Supervisors.” Reserve Bank of Australia Bulletin November. www.rba.gov.au/publications/bulletin/1995/nov/pdf/bu-1195-1.pdf.Search in Google Scholar
Jackson, Howell, and Cameron Half. 2002. “Background Paper on Evolving Trends in the Supervision of Financial Conglomerates.”Harvard Law School working paper www.law.harvard.edu/faculty/hjackson/pdfs/2002.Jackson.Half.Evolving.Trends.pdf.Search in Google Scholar
Jennen, Bas, and Niels R. van de Vijver. 2010. Banking and Securities Regulation in the Netherlands. London: Kluwer Law International.Search in Google Scholar
Kehl, David 2001. “HIH Insurance Group Collapse.”Parliament of Australiaaccessed November 29. www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/Publications_Archive/archive/hihinsurance.Search in Google Scholar
Kremers, Jeroen, and Dirk Schoenmaker. 2010. “Twin Peaks: Experiences in the Netherlands.”LSE Financial Market Group Paper Series, Special Paper 196 www.lse.ac.uk/fmg/workingPapers/specialPapers/PDF/SP196.pdf.Search in Google Scholar
LaBrosse, John Raymond, et al. 2013. Financial Crisis Containment and Government Guarantees. Cheltenham: Edward Elgar Publishing.10.4337/9781781005002Search in Google Scholar
Lee, Weil 2003. “China and the WTO: Moving toward Liberalisation in China’s Banking Sector.” DePaul Bus. & Comm. L.J 1: 481–508.Search in Google Scholar
Leung, Erika, Lily Liu, Lu Shen, Kevin Taback, and Leo Wang. (2002)."Financial Reform and Corporate Governance in China," MIT Sloan School of Management 50th Anniversary Proceedings http://bbs.cenet.org.cn/uploadImages/200331716444818588.pdf.Search in Google Scholar
Leung, Priscilla Mei-fun, et al. 2004. Banking Law in the People’s Republic of China, 22. Leeds: XPL PublishingSearch in Google Scholar
Li, Cindy 2013. “Shadow Banking In China: Expanding Scale, Evolving Structure.” In Asia Focus. Federal Reserve Bank of San Francisco April.Search in Google Scholar
Li, Jun, and Liming Wang. 2013. China’s Economic Dynamics: A Beijing Consensus in the Making?. London: Routledge.10.4324/9781315855998Search in Google Scholar
Liao, Fan 2008. “Regulatory Competition, Conflicts and Resolution: the Re-choice of Financial Regulation in China.” Journal of Beijing University 3. www.iolaw.org.cn/showArticle.aspx?id=2300.Search in Google Scholar
Liebman, Benjamin, and Curtis Milhaupt. 2015. Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism., 73–80. New York: Oxford University Press.10.1093/acprof:oso/9780190250256.001.0001Search in Google Scholar
Linton, Katherine 2008. “Access to Capital in China: Competitive Conditions for Foreign and Domestic Firms.” Journal of International Commerce and Economics 1: 27–50.10.2139/ssrn.1031223Search in Google Scholar
Liu, Mingkang 2009. “Zhongguo Yinhangye Jianguan de Xuanze.” 10th Summit, Asian Bankers. www.hq.xinhuanet.com/focus/boao2009/.Search in Google Scholar
Llewellyn, David (2006). Institutional Structure of Financial Regulation and Supervision: The Basic Issues. World Bank Seminar “Aligning Supervisory Structures with Country Needs” June 6–7, Washington, DC http://siteresources.worldbank.org/INTTOPCONF6/Resources/2057292-1162909660809/F2FlemmingLlewellyn.pdf.Search in Google Scholar
Lu, Lei 2011. “Market Structure and Pricing Control: Analysis of Interest Rate Liberalization in China.” Journal of Financial Research 4: 46–57.Search in Google Scholar
Ma, Jing, and Lihui Tian. 2012. “Global Financial Crisis and China’s Transition: Balancing Market Power with Active Role of the Government.” International Economic Journal 26 (3): 379–389.10.1080/10168737.2012.707877Search in Google Scholar
Masciandaro, Donato 2007. “Divide et Impera: Financial Supervision Unification and Central Bank Fragment Effect.” European Journal of Political Economic 23 (2): 285–315.10.1016/j.ejpoleco.2006.02.001Search in Google Scholar
Masciandaro, Donato, Rosaria Vega Pansini, and Marc Quintyn. 2011. “The Economic Crisis: Did Financial Supervision Matter?.”IMF Working Paper WP/11/261 www.imf.org/external/pubs/ft/wp/2011/wp11261.pdf.10.5089/9781463924560.001Search in Google Scholar
McGreal, Stanley, Greg Lloyd, Martin Haran, Jim Berry, and Alastair Adair. 2009. “The Global Financial Crisis: Impact on Property Markets in the UK and Ireland.” Report by the University of Ulster Real Estate Initiative Research Team. http://news.ulster.ac.uk/podcasts/ReiGlobalCrisis.pdf.Search in Google Scholar
Melecky, Martin, and Anca Podpiera. 2012. “Institutional Structures of Financial Sector Supervision, Their Drivers and Emerging Benchmark Models.”Munich Personal RePEc Archive, No 37059 http://mpra.ub.uni-muenchen.de/37059/1/MPRA_paper_37059.pdf.Search in Google Scholar
Michael, Bryane 2015. “Does Objectives-Based Financial Regulation Imply A Rethink of Legislatively Mandated Economic Regulation? The Case of Hong Kong and Twin Peaks Financial Sector Regulation.” www.econstor.eu/dspace/bitstream/10419/107579/1/Rethinking%20Economic%20and%20Financial%20Regulation%20-%20Hong%20Kong%20and%20Twin%20Peaks.pdf.Search in Google Scholar
Mooij, J., and H. H. Prast. 2002. “A Brief History of the Institutional Design of Banking Supervision in the Netherlands.”DNB Working Paper 48 www.dnb.nl/en/binaries/ot048_tcm47-146058.pdf.10.4337/9781781950531.00009Search in Google Scholar
Mwenda, Kenneth Kaoma 2006. Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator. Washington DC: World Bank.10.1596/978-0-8213-6459-8Search in Google Scholar
National People’s Congress. 1997. “Policy Report.”Accessed December 27. www.npc.gov.cn/wxzl/wxzl/2000-12/07/content_3850.htm.Search in Google Scholar
Naughton, Barry 2009. “China’s Emergence from Economic Crisis.” China Leadership Monitor 29: 1–10.10.4000/chinaperspectives.4807Search in Google Scholar
OECD. 2002. Insurance Solvency Supervision: OECD Country Profiles Paris: OECD Publishing.Search in Google Scholar
Pan, Eric 2011. “Structural Reform of Financial Regulation.” Transnational Law & Contemporary Problems 19: 797–867.10.2139/ssrn.1333385Search in Google Scholar
Peng, Zhenming, Jian Chang, and Hua Jiang. 2005. Current Issues in Commercial Law/Shangfa Qianyan Wenti Yanjiu. Beijing: China Legal Publisher.Search in Google Scholar
Patrick, Hugh T, and Yung Chul Park. 1994. The Financial Development of Japan, Korea, and Taiwan: Growth, Repression, and Liberalization. Oxford: OUP.Search in Google Scholar
PBC. 2004. “Research on the Development of Financial Holding Companies in China.”Accessed July 26. www.pbc.gov.cn/publish/yanjiuju/703/1486/14867/14867_.html.Search in Google Scholar
Ping An. 2014. “Annual Report 2014.” www.irasia.com/listco/hk/pingan/annual/ar139851-e101.pdf.Search in Google Scholar
Plender, John 1987. “London’s Big Bang in International Context.” International Affairs 63 (1): 39–48.10.2307/2620231Search in Google Scholar
Polizatto, Vincent 1990. Prudential Regulation and Banking Supervision: Building an Institutional Framework for Banks. Washington DC: World Bank Publications.Search in Google Scholar
PRA. 2012. “The PRA’s Approach to Insurance Supervision.” www.fsa.gov.uk/static/pubs/other/pra-approach-insurance.pdf.Search in Google Scholar
PRA. 2014. “The Prudential Regulation Authority’s Approach to Insurance Supervision.” www.bankofengland.co.uk/publications/Documents/praapproach/insuranceappr1406.pdf.Search in Google Scholar
Prast, H. H., and Iman van Lelyveld. 2004. “New Architectures in the Regulation and Supervision of Financial Markets and Institutions: The Netherlands.”DNB Working Paper No. 21 www.dnb.nl/binaries/Working%20Paper%2021_tcm46-146678.pdf.Search in Google Scholar
Qian, Yingyi 1999. “The Institutional Foundations of China’s Market Transition.”Annual Bank Conference on Development Economics, World Bank, No 47582 docenti2.unior.it/doc_db/doc_obj_19431_01-12-2012_50b9d78510830.pdf.Search in Google Scholar
Rawski, Thomas 1999. “Reforming China’s Economy: What Have We Learned.” The China Journal 41: 139–156.10.2307/2667590Search in Google Scholar
Riedel, James, Jing Jin, and Jian Gao. 2007. How China Grows: Investment, Finance, and Reform. Oxford: Princeton University Press.10.1515/9780691220185Search in Google Scholar
Roe, Mark J 1996. “Chaos and Evolution in Law and Economics.” Harvard Law Review 109 (3): 641–668.10.2307/1342067Search in Google Scholar
Schmulow, Andrew D 2015. “Approaches to Financial System Regulation: An International Comparative Survey.”CIFR Working Paper No. 053/2015/PROJECT NO. E018 www.cifr.edu.au/assets/document/WP053-2015%20Godwin%20E018%20Approaches%20to%20Financial%20System%20Regul.pdf.Search in Google Scholar
Select Committee on Economic Affairs. 2009. “Banking Supervision and Regulation.”2nd Report of Session 2008–09, HL Paper 101-I.Search in Google Scholar
Singh, Dalvinder 2012. Banking Regulation of UK and US Financial Markets., 8. England: Ashgate Publishing Ltd.Search in Google Scholar
Sun, Mingchun 2009. “China: Unscratched Through the Global Financial Tsunami.” China & World Economy 17 (6): 24–42.10.1111/j.1749-124X.2009.01172.xSearch in Google Scholar
Taylor, Michael 1995. “Twin Peaks: A Regulatory Structure for the New Century 10–11.” Ctr. for the Study of Financial Innovation.Search in Google Scholar
Van den Berghe, L., K. Verweire, and S. W. M. Carchon. (1999). Convergence in the Financial Services Industry. Tokyo Executive Seminar on Insurance Regulation and Supervision www.oecd.org/finance/insurance/1915267.pdf.Search in Google Scholar
Taylor, Charles 2009. “Choosing Financial Regulatory Agency Mandates.”PEW Financial Reform Project Note 1 http://fic.wharton.upenn.edu/fic/Policy%20page/Choosing-Agency-Mandates.pdf.Search in Google Scholar
Taylor, Michael W 2009. “’Twin Peaks’ Revisited: A Second Chance for Regulatory Reform.” London: CSFI Publications.Search in Google Scholar
Taylor, Michael 2010. “The Road from “Twin Peaks” – And the Way Back.” Conn. Ins. L.J 16 (1): 61–96.Search in Google Scholar
The Committee of Parliamentary Inquiry into the Financial System. Credit Lost II – Taking Stock. 2012 www.tweedekamer.nl/sites/default/files/field_uploads/Summary%20Chapter%20One%201%20Conclusions%20%20recommendations_tcm181-227946.pdf.Search in Google Scholar
Thomson, D., and M. Abbott. 2000. “Australian Financial Prudential Regulation: A History View.” Australian Journal of Public Administration 59: 75–88.10.1111/1467-8500.00153Search in Google Scholar
Treasury. 2007. “Treasury Committee Inquiry into the Monetary Policy Committee of the Bank of England: Ten Years on – The Bank of England’s Submission regarding the Economic Context.”Submitted to the House of Commons Treasury Committee www.bankofengland.co.uk/monetarypolicy/overview.htm.Search in Google Scholar
Tsai, Kellee S 2015. “The Political Economy of State Capitalism and Shadow Banking in China.”HKUST IEMS Working Paper No. 2015-25.10.2139/ssrn.2607793Search in Google Scholar
Walker, George Alexander 2001. International Banking Regulation Law, Policy and Practice., Vol. 19, 243. London: Kluwer Law International.Search in Google Scholar
Walter, Carl 2013. “China and Its Financial System: What Could Go Wrong.” CFA Institute Conference Proceedings Quarterly 30 (3): 18–28.10.2469/cp.v30.n3.4Search in Google Scholar
Walter, Andrew, and Xiaoke Zhang. 2012. East Asian Capitalism: Diversity, Continuity, and Change. Oxford: OUP.10.1093/acprof:oso/9780199643097.001.0001Search in Google Scholar
World Bank and the IMF. 2011. “Financial Sector Assessment Programme: China.” SecM2011-0492. www.worldbank.org/content/dam/Worldbank/document/WB-Chinas-Financial-Sector-Assessment-Report.pdf.Search in Google Scholar
Wong, Christine 2007. “Budget Reform in China.” OECD Journal on Budgeting 1: 7. www.oecd.org/china/43412239.pdf.10.1787/budget-v7-art2-enSearch in Google Scholar
Wymeersch, Eddy 2007. “The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors.” European Business Organization Law Review 8 (2): 237–306.10.1017/S1566752907002376Search in Google Scholar
Xia, Bing Xia 2000. “Interview with Sina (China).”Accessed April 4. http://finance.sina.com.cn/view/market/2000-04-04/26650.html.Search in Google Scholar
Yao, Xianguo, and Xin Wu. 2011. “Transition of China’s Financial System after the Global Financial Crisis.” The World Economy 34 (5): 792–804.10.1111/j.1467-9701.2011.01353.xSearch in Google Scholar
Zeng, Liyu 2009. Chinese Bond Markets–An Introduction. NY: Standard & Poor’s.Search in Google Scholar
Zhu, Yaoyao, and Chen Li. 2009. “Study on the Tend of Regulation and Supervision Reform in America: ‘The Umbrella and Twin Peaks’ Pattern.” Hainan Finance 12: 253.Search in Google Scholar
Zwet, Annemarie van der 2003. “The Blurring of Distinctions between Financial Sectors: Fact or Fiction?.”De Netherlandsche Bank, Occasional Studies 1 www.dnb.nl/binaries/os2_tcm46-146638.pdf.Search in Google Scholar
©2017 Walter de Gruyter GmbH, Berlin/Boston
