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The Transition of Financial Regulation Framework of “BRICs” and Relevant Enlightenments(No.16, 2016)


By Wang Gang, Financial Research Institute, Research Team on “The Restructuring of China’s Financial Regulation Framework” of DRC

Research Report No.16, 2016 (Total 4899) 2016-3-8

Abstract: Since the end of 2014, in order to gather information about how BRIC countries improved their regulatory framework, enhanced financial supervision, prevented and neutralized systematic risk after the 2008 financial crisis, researchers from the Financial Research Institute of DRC made study toursrespectively to Brazil, India and Russia and conducted surveys there. They visited central banks, financial supervisory and management departments and major financial institutions in the three countries. Based on the first-hand information collected, this report systematically summarizes major transitions of the BRICs’ financial regulation framework and their practical experience on improving macro regulation framework, enriching and innovating supervisory tools since the financial crisis. According to this report, China should draw experience from BRIC countries in three aspects: first, China should proceed from national conditions and improve macro prudential policy framework; second, China should enhance cooperation and coordination between macro prudential policy and monetary policy as well as between macro prudential policy and fiscal policy; third, China should reinforce market behavior supervision and protect financial consumers on the administrative law enforcement level.

Key words: BRICs, financial regulation, reform, enlightenments