The Central Bank as a Financial Mega-regulator (Russian Experience)

Abstract

This contribution deals with the models of institutional regulation of financial markets. The main aim of the contribution is to confirm or disprove the hypothesis that the model of the Central Bank as a mega-regulator of financial markets is not optimal for the developing countries and particularly for Russia. The author highlights main arguments pro et contra Central Bank as a financial mega-regulator. The author supposes that before and during financial regulation reforms, it is necessary to answer the question: is the financial market in the country sufficiently developed and extensive to abandon the functional (sectoral) regulation and move to mega-regulation? For Russia the answer is negative.