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

See all articles by Andrew Schmulow

Andrew Schmulow

University of Wollongong, School of Law; Clarity Prudential Regulatory Consulting Pty Ltd; Oliver Schreiner School of Law; Centre for International Trade

Date Written: March 1, 2021

Abstract

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.

Suggested Citation

Schmulow, Andrew, Cambridge Handbook of Twin Peaks Financial Regulation (March 1, 2021). 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., Available at SSRN: https://ssrn.com/abstract=3776311

Andrew Schmulow (Contact Author)

University of Wollongong, School of Law ( email )

Northfields Avenue
Wollongong, New South Wales 2522
Australia

Clarity Prudential Regulatory Consulting Pty Ltd ( email )

Level 5, 306 Little Collins Street
Melbourne
Victoria, Victoria 3000
Australia

HOME PAGE: http://www.clarityprc.com.au

Oliver Schreiner School of Law ( email )

PBag X3, WITS
2050 Johannesburg
South Africa

Centre for International Trade ( email )

206 International Hall
Seoul 110-745, 110-745
Korea, Republic of (South Korea)

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