Cambridge Handbook of Twin Peaks Financial Regulation
Godwin, Andrew & Andrew Schmulow, eds., The Cambridge Handbook of Twin Peaks Financial Regulation, published by Cambridge University Press, Cambridge, UK, 2021, 978-1-107-18642-2.
1 Pages Posted: 16 Mar 2021
Date Written: March 1, 2021
First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.
1. Introduction: the genealogy and topography of Twin Peaks; 2. The three episodes of Twin Peaks; 3. Reflections on twenty years of regulation under Twin Peaks; 4. Twin Peaks and central banks: economics, political economy and comparative analysis; 5. Twin Peaks in Australia – the never-ending trek?; 6. Twin Peaks financial regulation in New Zealand; 7. Identifying lessons and best practices for the Twin Peaks model; 8. Twin Peaks in South Africa; 9. The role of the SARB as central bank in the South African Twin Peaks model; 10. Can the Twin Peaks model of financial regulation serve as a model for Israel?; 11. Towards a Twin Peak regulatory architecture for Hong Kong?; 12. Regulatory structure and the revolving door phenomenon in South Korea: evidence from the 2011 Savings bank crisis; 13. China: considering elements of Twin Peaks to upgrade its financial regulation; 14. Financial regulatory structure in China: challenges and transitioning to Twin Peaks; 15. US financial regulatory structure: beneath the surface of Twin Peaks; 16. A ‘Twin Peaks' vision for Europe; 17. A complex European financial architecture – ten years on; 18. Twin Peaks and boiling frogs: consumer protection in one or two ponds?; 19. Twin Peaks – how should Macro-cultures be regulated?; 20. Resilience as the organising framework for reform: the dangers of metaphors in financial regulation; 21. Twin Peaks, macroprudential regulation and systemic financial stability.
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