Abstract
Banking/financial crises have occurred in countries at all levels of income and in all parts of the world. These crises not only occur too frequently, but also are too costly. Countries everywhere therefore have enacted laws that established regulatory authorities with responsibility to implement appropriate regulations and supervisory practices to promote healthy and stable banking systems. However, relatively recent information has become available that indicates that countries do not choose to regulate and supervise their banks in exactly the same way. Such information helps enable researchers to examine what regulations and supervisory practices work best. The results of these examinations can be extremely important to policy makers when considering changes to make in regulatory regimes in response to the most recent banking crisis.
Highlights
Banking/financial crises have occurred in countries at all levels of income and in all parts of the world
In 1863, the Office of the Comptroller of the Currency was established to charter and regulate national banks, in 1913, the Federal Reserve was established to serve as a lender of last resort, and, in 1933, the Federal Deposit Insurance Corporation was established to provide insurance on deposits to prevent runs on banks
Some might say, the process of banking crises followed by laws and regulations is a never-ending process
Summary
Banking/financial crises have occurred in countries at all levels of income and in all parts of the world. The U.S is not the only country in the world that has suffered from financial crises. Countries everywhere have attempted to put in place appropriate financial regulations and supervisory practices to prevent such crises. At the time of enactment of laws, the figure provides information about some of the institutions established and regulations implemented.
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