Chapter

Self vs. Public Discipline<sup>1</sup>

Tommaso Padoa-Schioppa

in Regulating Finance

Published in print March 2004 | ISBN: 9780199270569
Published online July 2005 | e-ISBN: 9780191602542 | DOI: http://dx.doi.org/10.1093/0199270562.003.0004
Self vs. Public Discipline1

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This essay explores the development of financial regulation along two key dimensions: the preference for financial self-imposed standards over law-based prescriptions, and the preference for regulations based on the internal control mechanisms of financial institutions over traditional simple and easily verifiable rules. It begins by describing the conceptual road map used to examine controls in the financial industry then reviews the evolution of the methods of financial regulation. It discusses how to maintain effective control when financial institutions are given significant self-regulatory powers.

Keywords: financial regulation; supervision; financial institutions; self regulation; public policy

Chapter.  6399 words. 

Subjects: Financial Markets

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