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Abstract
The global financial integration (GFI) has augmented the international financial flow movement without restructuring global financial regulatory system (GFRS). The goal of the global financial regulatory system is to maintain global level stability. In GFRS, the financial stability board (FSB) is responsible for the macro-prudential regulation and the micro-prudential regulation is monitored by international standard setting bodies (SSBs), international financial institutions (IMF and World Bank) and national financial regulators. These micro-prudential regulation and macro-prudential regulation are non-binding in the legal sense. However, these regulations examine as a standard of efficiency. The member nations are strictly implementing the standards because it provides stringent firewall during the unwanted financial turmoil. It also reflects the strength of the member nation. So, the evolution of micro-prudential regulation and macro-prudential regulation is a continuous process; it has to be evolved and developed as per the dynamic changes in the global financial system.
Published Version
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