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Financial Markets Regulation: Models, Evolution, Efficiency

Alexander Abramov^*, Alexander Radygin1'2, Maria Chernova^

Authors affiliation: ' Russian Presidential Academy of National Economy and Public Administration; 2 Gaidar Institute for Economic Policy (Moscow, Russia). * Corresponding author, email: ae_abramov@mail.ru.

Accumulated experience in^the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved "depth of financial structure", as well as national institutional characteristics. Effective regulation model which takes into account these features became an indispensable condition for economic growth. The authors analyze patterns of development of regulation and supervision systems in the financial markets on a sample of 50 countries focusing on trends in integration of regulation and supervision. The calculations show that a new model of rigid integrated system of prudential supervision and regulation formed in RF on the basis of the Bank of Russia does not fully take into account the level of development of institutional investors and creates risks of excessive administrative pressure on non-bank financial institutions and competitive environment weakening. Solving these problems requires active effort on the part of government agencies and financial market participants.

Keywords: regulation, prudential supervision, Twin Peaks, financial market, economic growth, institutional investors.

JEL: G18, G23, G28, K22, O43.