Beyond Legal Origin and Checks and Balances

Beyond Legal Origin and Checks and Balances
Author: Philip Keefer
Publisher: World Bank Publications
Total Pages: 39
Release: 2007
Genre: Bank Balance Sheets
ISBN: 7022714045

The existing literature emphasizes and contrasts the role of political checks and balances and legal origin in determining the pace of financial sector development. This paper expands substantially on one aspect of this debate: the fact that government actions that promote financial sector development, whether prudent financial regulation or secure property and contract rights, are public goods and sensitive to political incentives to provide public goods. Tests of hypotheses emanating from this argument yield four new conclusions. First, two key determinants of those incentives-the credibility of pre-electoral political promises and citizen information about politician decisions-systematically promote financial sector development. Second, these political factors, along with political checks and balances, operate in part through their influence on the security of property rights, an argument asserted but not previously tested. Third, contrary to findings elsewhere in the literature, the political determinants of financial sector development are significant even in the presence of controls for legal origin. Finally, and again in contrast to the literature, the evidence here suggests that legal origin primarily proxies for political phenomena. Legal origin is a largely insignificant determinant of financial sector development when those phenomena are fully taken into account.

Financial Regulation

Financial Regulation
Author: Charles Goodhart
Publisher: Routledge
Total Pages: 274
Release: 2013-04-15
Genre: Business & Economics
ISBN: 1135116393

Financial Regulation presents an important restatement of the purposes and objectives of financial regulation. The authors provide details and data on the scale, nature and costs of regulatory problems around the world, and look at what sort of countries and sectors require special attention and policies. Key topics covered include: * the need to recast the form of regulation * incentive structures for financial regulation * proportionality * new techniques for risk management * regulation in emerging countries * crisis management * prospects for financial regulation in the future.

Standards for Internal Control in the Federal Government

Standards for Internal Control in the Federal Government
Author: United States Government Accountability Office
Publisher: Lulu.com
Total Pages: 88
Release: 2019-03-24
Genre: Reference
ISBN: 0359541828

Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.

Power Without Responsibility

Power Without Responsibility
Author: David Schoenbrod
Publisher: Yale University Press
Total Pages: 374
Release: 2008-10-01
Genre: Political Science
ISBN: 0300159595

This book argues that Congress's process for making law is as corrosive to the nation as unchecked deficit spending. David Schoenbrod shows that Congress and the president, instead of making the laws that govern us, generally give bureaucrats the power to make laws through agency regulations. Our elected "lawmakers" then take credit for proclaiming popular but inconsistent statutory goals and later blame the inevitable burdens and disappointments on the unelected bureaucrats. The 1970 Clean Air Act, for example, gave the Environmental Protection Agency the impossible task of making law that would satisfy both industry and environmentalists. Delegation allows Congress and the president to wield power by pressuring agency lawmakers in private, but shed responsibility by avoiding the need to personally support or oppose the laws, as they must in enacting laws themselves. Schoenbrod draws on his experience as an attorney with the Natural Resources Defense Council and on studies of how delegation actually works to show that this practice produces a regulatory system so cumbersome that it cannot provide the protection that people need, so large that it needlessly stifles the economy, and so complex that it keeps the voters from knowing whom to hold accountable for the consequences. Contending that delegation is unnecessary and unconstitutional, Schoenbrod has written the first book that shows how, as a practical matter, delegation can be stopped.

Unelected Power

Unelected Power
Author: Paul Tucker
Publisher: Princeton University Press
Total Pages: 662
Release: 2019-09-10
Genre: Business & Economics
ISBN: 0691196303

Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Regulatory Delegation in the European Union

Regulatory Delegation in the European Union
Author: Emmanuelle Mathieu
Publisher: Springer
Total Pages: 206
Release: 2016-09-08
Genre: Political Science
ISBN: 1137578351

This book addresses the regulatory capacity of the EU as it responds to the huge challenge of realizing the single market. It explores its weaknesses, the EU regulatory networks, expert committees and EU agencies formed in response, and the exceptionally large and complex transnational regulatory system which has resulted. It defines the EU regulatory space as a multi-faceted phenomenon of institutional expansion whose shape varies across sectors and changes over time. Empirically based on the exploration of how regulatory delegation has emerged and evolved in three key EU policies (food safety, electricity, and telecommunications), the book disentangles and links together the functional, institutional and power-distributional factors and their interplay over time into a unified explanation of the many faces of the EU regulatory space.

Administrative Regulation Beyond the Non-Delegation Doctrine

Administrative Regulation Beyond the Non-Delegation Doctrine
Author: Marta Simoncini
Publisher: Bloomsbury Publishing
Total Pages: 229
Release: 2018-06-28
Genre: Law
ISBN: 1509911715

The importance of administration in the EU has been growing progressively together with the development of EU competences and tasks in the internal market. From the original model of a Community leaving enforcement with the Member States, the EU has become a complex legal order where administrative tasks are spread among different actors, including EU institutions, EU agencies and national administrations. Within this complex administrative law landscape, agencies and their powers have been essentially 'upgraded'. This volume asks whether any such 'upgrade' is compatible with EU law and its principles. Exploring both the case law of the CJEU and the regulation relating to EU agencies, the volume asks a crucial question about the legitimacy of the ever-increasing role of agencies in the enforcement of EU law.