During and after the 2007-2009 global financial crisis, emerging
market economies displayed remarkable resilience and maintained
robust rates of economic growth. Learning from the lessons of the
crises of the past 15 years, developing countries have adopted
measures to become less vulnerable to the external shocks that are
likely to emerge from more developed countries. Academics and
policymakers have focused on the construction of an appropriate
regulatory and supervisory framework for the banking sector. During
the 2007-2009 global crisis, banks were engaging in excessive risk
taking. Prudential banking regulation and supervision aim to curb
excessive risk taking by banks because engaging in excessive risky
transactions is the ultimate source of instability. Hence, banking
regulation is needed to deal with the failure of markets to police
banks' risky behaviours.This book discusses the impact of
regulations and supervision on banks' performance, focusing on two
emerging market economies, Turkey and Russia. It examines the way
in which regulations matter for financial stability and banking
performance from a law and economics perspective. Some of the
regulations contribute to banks' performance by reducing the
incentive for banks to take risks, hence supporting financial
stability; others however may have a detrimental effect on
financial stability. Moreover, banks react differently to
regulation under different institutional settings. Therefore, this
book takes up the debate on the efficiency of certain solutions and
approaches to banking regulation in the context of emerging
countries.
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