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Does Macro-Prudential Regulation Leak? Evidence from a UK Policy Experiment
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of credit are unable to offset changes in credit supply by affected banks. This paper examines micro evidence—lacking to date—on both questions, using a unique data set. In the UK, regulators have imposed time-varying, bank-specific minimum capital requirements since Basel I. It is found that regulated banks (UK-owned banks and resident foreign subsidiaries) reduce lending in response to tighter capital requirements. But unregulated banks (resident foreign branches) increase lending in response to tighter capital requirements on a relevant reference group of regulated banks. This \"leakage\" is substantial, amounting to about one-third of the initial impulse from the regulatory change.
Journal Article
Tanya takes the school bus
\"Tanya gets to ride the bus to school this year! She waits with her dad at the bus stop, meets her bus driver, and learns how to be safe on and around the bus. She even gets to sit by a friend on the bus! Find out what else happens on the way to school.\"--Amazon.com.
Book
Disentangling governance: a synoptic view of regulation by government, business and civil society
Governance became a catch-all concept for various forms of steering by state and non-state actors. While it pays tribute to the complexities of steering in poly-centred, globalised societies, its fuzziness makes it difficult to oversee who actually steers whom and with what means. By focussing mainly on actor constellations, the article disentangles governance into seven basic types of regulation, four of them representing public policies with varying degrees of government involvement and three depending solely on civil society (civil regulation), on businesses (industry or business self-regulation) or on both (civil co-regulation). Although each of the seven types is well known and extensively researched, they are rarely joined in a synoptic view, making it difficult to grasp the totality of contemporary governance. After introducing the seven basic types of regulation and coregulation, the article addresses the interactions between them and it adds the widely used concepts of hybrid regulation and meta-governance in distinct ways. The synoptic view provided here helps to comprehend how governmental deregulation has been accompanied by soft governmental regulation as well as \"societal re-regulation\". The concluding discussion emphasises that this \"regulatory reconfiguration\" is the cumulative product of countless, more or less spontaneous initiatives that coincide with forceful global trends. It also stresses that the various forms of regulation by civil society and business actors are not simply alternatives or complements to but often key prerequisites for effective public policies. Although the essentials of the typology developed here can be applied universally to a variety of policy issues, I focus it on how businesses are steered towards sustainable development and Corporate Social Responsibility.
Journal Article
Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
We examine the capital-market effects of changes in securities regulation in the European Union aimed at reducing market abuse and increasing transparency. To estimate causal effects for the population of E.U. firms, we exploit that for plausibly exogenous reasons, such as national legislative procedures, E.U. countries adopted these directives at different times. We find significant increases in market liquidity, but the effects are stronger in countries with stricter implementation and traditionally more stringent securities regulation. The findings suggest that countries with initially weaker regulation do not catch up with stronger countries, and that countries diverge more upon harmonizing regulation.
Journal Article
Regulatory Arbitrage and International Bank Flows
We study whether cross-country differences in regulations have affected international bank flows. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive \"race to the bottom\" in global regulations, which restricts domestic regulators' ability to limit bank risk-taking. However, we also find that the links between regulation differences and bank flows are significantly stronger if the recipient country is a developed country with strong property rights and creditor rights. This suggests that, while differences in regulations have important influences, without a strong institutional environment, lax regulations are not enough to encourage massive capital flows.
Journal Article
Assessment of current good manufacturing practice
The distribution of low-quality medications poses a serious risk to public health, especially in underdeveloped nations like Ethiopia. Ineffective use of Current Good Manufacturing Practices (cGMP) increases these dangers, which include cross-contamination, mix-ups, and incorrect labeling. To ensure consistent product quality and adherence to set standards, a Pharmaceutical Quality System (PQS) that effectively integrate cGMP is essential. Assessing cGMP compliance is essential for the reliable production of safe pharmaceuticals. This study aims to assess cGMP compliance in Ethiopian pharmaceutical manufacturers. A cross-sectional descriptive design was employed for this study. The data collection process involved a checklist for field observations and, interview-based questions. The checklist, developed based on WHO GMP requirements, was filled through direct site observations, document reviews, and discussions with key persons in the appropriate departments. The study included six companies located in Addis Ababa and its surrounding areas. The qualitative data were transformed into quantitative data through coding and categorization for easier analysis. The data were then analyzed using descriptive statistics, cross-tabulation, and other statistical tests with SPSS software version 28. The results were displayed using data visualization tools like tables and graphs. The study revealed overall cGMP compliance rates of 62.8%, 85.84%, 84.95%, 86.72%, 84.95%, and 84.1% for companies 1-6, respectively. All companies had some degree of GMP non-conformity; however, only Company 1 had critical deviations. The GMP standards were well-maintained by the remaining five companies. Company 1 has to make improvements in several areas, most notably its QA systems. Additionally, Companies 1, 5, and 6 must improve their QRM systems. Company 5 needs to improve its production process, while Companies 1, 2, and 3 should focus on better managing their equipment and materials. This study evaluated GMP compliance levels across six pharmaceutical manufacturers in Ethiopia. Most of the assessed companies showed a satisfactory degree of GMP compliance. To improve compliance, minimize risks, and ensure product quality, safety, and operational efficiency, the study suggested strengthening risk mitigation measures such as raising employees' knowledge and training.
Journal Article