Financial Sector Regulation for Growth, Equity and Stability (Full Publication)



The financial crisis has demonstrated the need to better understand the complex interactions between the financial system and the real economy. While stability has become the main focus of the regulatory changes, the implications for growth and equity are also important. To think through these issues and provide an emerging market perspective, CAFRAL, in collaboration with the Bank for International Settlements, organized an international conference of central banks and regulators on "Financial regulation and its implications for growth equity and stability in the post crisis world" in Mumbai on 15th and 16th November 2011. Several international experts and 26 representatives from 21 central banks/regulators joined Reserve Bank of India's Governor Duvvuri Subbarao and BIS General Manager Jaime Caruana at this conference. This volume is a collection of the speeches, papers and summaries of discussions in the conference. While the full publication can be downloaded using the above link, individual sessions are available separately: Session 1: Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World • Financial regulation for growth, equity and stability in the post-crisis world (, by Duvvuri Subbarao • Financial and real sector interactions: enter the sovereign "ex machina" (, by Jaime Caruana • Overview (, by Usha Thorat Session 2: Special address: Financial sector regulation and macroeconomic policy • Financial sector regulation and macroeconomic policy (, by YV Reddy Session 3: Financial Sector Regulation for Growth • Opening remarks (, by Andrew Sheng • Financial Sector Regulation and Implications for Growth (, by Anand Sinha Session 4: Financial Sector Regulation for Equity • Session II: Chair's initial remarks (, by Stephany Griffith-Jones • Too big to fail versus too small to be counted(, by M S Sriram and Vaibhav Chaturvedi Session 5: Financial Sector Regulation for Stability • Session III: Introductory remarks(, by John Lipsky • Macroprudential policies in EMEs: theory and practice (,by Philip Turner