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Regulation and Governance in the Emerging World

This research topic combines two key areas of the ICFR’s interests: first, financial development, structure and regulation in the emerging world and secondly, while the regulatory response around the world involves some combination of rules on capital, liquidity and leverage and other quantitative measures, it is becoming increasingly obvious that part of the regulatory response must include broader concepts in regards to the way that businesses, particularly financial businesses, are run. These factors include the competencies of boards, compensation methods, risk oversight by boards, dialogue with supervisors,  best practice analysis, the role, function and position of shareholders, and the role of external auditors. In the emerging world in particular the evidence about the corporate governance practices of public companies has been relatively little examined and of course in addition, many companies in the emerging world are privately owned. How these firms will respond to increasing calls for more effective governance practices will be a key element in understanding how financial development and regulation will evolve in these economies in the years ahead.

It is interesting to note how some leading figures in the field are referring more and more to the role of ethics and culture in forming an effective framework for financial regulation. Understanding how these considerations fit into financial development in emerging economies will  significantly help policy makers frame an effective regulatory response for economies whose priorities may differ significantly from those of the more developed economies.

The ICFR welcomes research proposals from partners interested in looking into such issues and other related questions around governance in the emerging world. Any research projects initiated on this topic will be eligible for consideration as papers at a conference being organised by the ICFR in conjunction with a leading business school in Asia early in 2011.


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