Development and Regulation of Non-Bank Financial Institutions

, by Carmichael, Jeffrey; Pomerleano, Michael; World Bank

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ISBN: 9780821348390 | 0821348396
Cover: Paperback
Copyright: 3/1/2002

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This book aims to create an awareness of the potential of non-bank financial institutions (NBFIs) for developing countries, and to assist policy makers in the creation of coherent policy structures and effective regulatory systems for the development of these institutions. It considers the essential functions and characteristics of non-bank financial institutions and includes chapters on insurance companies, mutual funds and pension schemes, securities markets, and leasing and real estate companies.

Foreword
Preface
Acknowledgments
The Policy Framework	p. 1
Financial Systems	p. 1
Financial Institutions	p. 3
The Role of Non-Bank Financial Institutions	p. 11
The Principles of Regulation	p. 21
Regulatory Objectives	p. 21
Regulatory Structure	p. 37
Regulatory Backing	p. 48
Regulatory Implementation	p. 56
Insurance (Risk-Pooling) Companies	p. 75
The Market for Insurance	p. 75
Factors Affecting the Growth of Insurance	p. 77
The Contribution of Insurance to Economic Growth	p. 81
Regulating Insurance Companies	p. 82
Contractual Savings Institutions	p. 93
The Market for Contractual Savings	p. 93
A Note on Pension Fund Growth	p. 97
Factors Affecting the Growth of Contractual Savings Institutions	p. 103
The Contribution of Contractual Savings Institutions to Economic Growth	p. 107
The Appropriate Form of Regulation	p. 110
Regulatory Tools and Techniques for Collective Investments	p. 117
Surveillance	p. 127
Special Issues in Pension Reform in Emerging Markets	p. 128
Securities Markets	p. 133
The Market for Securities: The Growth of Emerging Markets	p. 134
Factors Affecting the Growth of Securities Markets	p. 139
Contribution of Securities Markets to Economic Growth and Stability	p. 143
Regulating Securities Markets	p. 147
The Policy Agenda: Second-Generation Challenges for Emerging Markets	p. 148
Epilogue	p. 160
Specialized Financial Institutions	p. 163
Leasing Finance	p. 163
Real Estate Finance	p. 165
A Note on Financial Cooperatives	p. 170
Factors Affecting the Growth of Specialized Financial Institutions	p. 172
The Contribution of Specialized Financial Institutions to Economic Growth	p. 183
The Appropriate Form of Regulation	p. 184
Regulatory Tools and Techniques	p. 191
Issues for Emerging Markets	p. 197
The Importance of Legal Infrastructure	p. 198
Critical Financial Sector Skills and Professions	p. 199
Incentives for the Growth of NBFIs	p. 207
The Role of Foreign Competition	p. 213
The Role of Government Provision of Nonbank Financial Services	p. 214
The Importance of Public Sector Governance	p. 216
The Importance of Sequencing Reforms	p. 219
References	p. 225
Table of Contents provided by Blackwell. All Rights Reserved.

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Development and Regulation of Non-Bank Financial Institutions

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Table of Contents

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