Better banking regulation for Brazil: regulatory impact analysis in the financial sector
Autor(a) principal: | |
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Data de Publicação: | 2024 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/35493 |
Resumo: | Central banks, including the Brazilian Central Bank (BCB), are pivotal in mitigating economic crises and adapting to digital transformations. The dynamic nature of global financial systems requires robust regulatory frameworks within these institutions to ensure effective governance and accountability. This thesis provides a comprehensive analysis of the integration of Regulatory Impact Analysis (RIA) into Brazil's National Financial System, focusing specifically on its implementation within the Brazilian Central Bank (BCB) and the National Monetary Council (CMN). Regulatory Impact Analysis (RIA) has been gaining increasing importance for Brazilian Administrative Law, especially after the enactment of two laws and a presidential decree that made its use mandatory in regulatory policy formulation. Since October 14, 2021, the BCB and the CMN, the banking regulatory authorities in Brazil, have been legally compelled to use RIA as a requirement for policymaking. The study adopts a mixed-methods approach, utilizing empirical evidence, comparative insights, and case studies to evaluate the impact of RIA on financial regulation. It focuses on the Brazilian context, comparing it with established U.S. and EU practices. The findings suggest that while RIA has been formally adopted in Brazil, its practical application remains limited and varies significantly in depth and rigor. The research identifies challenges such as the lack of comprehensive training for stakeholders involved in conducting RIAs, as well as the need for greater transparency and stakeholder engagement in the RIA process. Despite these challenges, the evidence points to a gradual improvement in regulatory quality and decision-making processes due to the implementation of RIA. This thesis contributes to the literature on financial regulation by providing an examination of the role of RIA in enhancing regulatory frameworks within central banks. It offers insights into the conditions under which RIA can improve decision-making and underscores the importance of adaptability and continuous learning in regulatory practices. By highlighting the potential of RIA to bridge existing gaps in systematic evaluation, the study advocates for a reflexive approach to RIA, one that accommodates the dynamic and complex nature of financial markets. |
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Silva, Gabriela BorgesEscolas::DIREITO RIOGuerra, Sérgio Antônio SilvaSaddi, JairoSeixas, Luiz Felipe MonteiroPeci, AlketaPorto, Antônio José Maristrello2024-07-01T12:24:19Z2024-07-01T12:24:19Z2024https://hdl.handle.net/10438/35493Central banks, including the Brazilian Central Bank (BCB), are pivotal in mitigating economic crises and adapting to digital transformations. The dynamic nature of global financial systems requires robust regulatory frameworks within these institutions to ensure effective governance and accountability. This thesis provides a comprehensive analysis of the integration of Regulatory Impact Analysis (RIA) into Brazil's National Financial System, focusing specifically on its implementation within the Brazilian Central Bank (BCB) and the National Monetary Council (CMN). Regulatory Impact Analysis (RIA) has been gaining increasing importance for Brazilian Administrative Law, especially after the enactment of two laws and a presidential decree that made its use mandatory in regulatory policy formulation. Since October 14, 2021, the BCB and the CMN, the banking regulatory authorities in Brazil, have been legally compelled to use RIA as a requirement for policymaking. The study adopts a mixed-methods approach, utilizing empirical evidence, comparative insights, and case studies to evaluate the impact of RIA on financial regulation. It focuses on the Brazilian context, comparing it with established U.S. and EU practices. The findings suggest that while RIA has been formally adopted in Brazil, its practical application remains limited and varies significantly in depth and rigor. The research identifies challenges such as the lack of comprehensive training for stakeholders involved in conducting RIAs, as well as the need for greater transparency and stakeholder engagement in the RIA process. Despite these challenges, the evidence points to a gradual improvement in regulatory quality and decision-making processes due to the implementation of RIA. This thesis contributes to the literature on financial regulation by providing an examination of the role of RIA in enhancing regulatory frameworks within central banks. It offers insights into the conditions under which RIA can improve decision-making and underscores the importance of adaptability and continuous learning in regulatory practices. By highlighting the potential of RIA to bridge existing gaps in systematic evaluation, the study advocates for a reflexive approach to RIA, one that accommodates the dynamic and complex nature of financial markets.Os bancos centrais, incluindo o Banco Central do Brasil (BCB), desempenham um papel crucial na mitigação de crises econômicas e na adaptação às transformações digitais. A natureza dinâmica dos sistemas financeiros globais exige que essas instituições mantenham estruturas regulatórias robustas para assegurar uma governança efetiva. Pretende-se investigar a implementação da Análise de Impacto Regulatório (AIR) no Sistema Financeiro Nacional do Brasil, com foco especial na sua implementação no Banco Central do Brasil e no Conselho Monetário Nacional (CMN). A Análise de Impacto Regulatório tem adquirido uma importância crescente no Direito Administrativo Brasileiro, especialmente após a promulgação de duas leis e um decreto presidencial que tornaram obrigatória a sua utilização na formulação de políticas regulatórias. Desde 14 de outubro de 2021, o BCB e o CMN, as autoridades reguladoras bancárias no Brasil, são legalmente obrigadas a empregar a AIR na produção normativa regulatória. Este estudo adota uma metodologia híbrida de pesquisa, conciliando pesquisa empírica, perspectivas comparativas e estudos de caso para avaliar o impacto da AIR na regulação financeira. A pesquisa se concentra no contexto brasileiro, realizando comparações com as práticas estabelecidas nos Estados Unidos e na União Europeia. Os resultados indicam que, embora a AIR tenha sido formalmente adotada no Brasil, sua aplicação prática ainda é limitada e varia significativamente em termos de profundidade e rigor. A pesquisa identifica desafios em sua implementação e particularidades pertinentes ao setor financeiro, incluindo a ausência de um treinamento abrangente para os envolvidos na realização das AIRs, além da necessidade de maior transparência e envolvimento dos stakeholders no processo administrativo de AIR, por meio de participação social. Apesar desses desafios, as evidências apontam para uma melhoria gradual na qualidade regulatória e nos processos decisórios devido à implementação da AIR. Espera-se que esta tese contribua para a literatura sobre governança dos bancos centrais e regulação financeira ao examinar detalhadamente o papel da AIR em aprimorar as estruturas regulatórias dentro dos bancos centrais. Pretende-se contribuir com reflexões sobre as condições nas quais a AIR pode aperfeiçoar a tomada de decisões e enfatizar a importância da adaptabilidade e do aprendizado contínuo nas práticas regulatórias. Ao destacar o potencial da AIR para preencher lacunas existentes na avaliação sistemática, o estudo propõe uma abordagem reflexiva à AIR, que se adapta à natureza dinâmica e complexa dos mercados financeiros.engCentral bank governanceRegulatory Impact Analysis (RIA)Administrative lawFinancial regulationRegulatory policiesGovernança de bancos centraisAnálise de Impacto Regulatório (RIA)Direito administrativoRegulação financeiraPolíticas regulatóriasDireitoDireito administrativoGovernança corporativaControle FinanceiroBancos - FinançasBetter banking regulation for Brazil: regulatory impact analysis in the financial sectorinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
title |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
spellingShingle |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector Silva, Gabriela Borges Central bank governance Regulatory Impact Analysis (RIA) Administrative law Financial regulation Regulatory policies Governança de bancos centrais Análise de Impacto Regulatório (RIA) Direito administrativo Regulação financeira Políticas regulatórias Direito Direito administrativo Governança corporativa Controle Financeiro Bancos - Finanças |
title_short |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
title_full |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
title_fullStr |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
title_full_unstemmed |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
title_sort |
Better banking regulation for Brazil: regulatory impact analysis in the financial sector |
author |
Silva, Gabriela Borges |
author_facet |
Silva, Gabriela Borges |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::DIREITO RIO |
dc.contributor.member.none.fl_str_mv |
Guerra, Sérgio Antônio Silva Saddi, Jairo Seixas, Luiz Felipe Monteiro Peci, Alketa |
dc.contributor.author.fl_str_mv |
Silva, Gabriela Borges |
dc.contributor.advisor1.fl_str_mv |
Porto, Antônio José Maristrello |
contributor_str_mv |
Porto, Antônio José Maristrello |
dc.subject.eng.fl_str_mv |
Central bank governance Regulatory Impact Analysis (RIA) Administrative law Financial regulation Regulatory policies |
topic |
Central bank governance Regulatory Impact Analysis (RIA) Administrative law Financial regulation Regulatory policies Governança de bancos centrais Análise de Impacto Regulatório (RIA) Direito administrativo Regulação financeira Políticas regulatórias Direito Direito administrativo Governança corporativa Controle Financeiro Bancos - Finanças |
dc.subject.por.fl_str_mv |
Governança de bancos centrais Análise de Impacto Regulatório (RIA) Direito administrativo Regulação financeira Políticas regulatórias |
dc.subject.area.por.fl_str_mv |
Direito |
dc.subject.bibliodata.por.fl_str_mv |
Direito administrativo Governança corporativa Controle Financeiro Bancos - Finanças |
description |
Central banks, including the Brazilian Central Bank (BCB), are pivotal in mitigating economic crises and adapting to digital transformations. The dynamic nature of global financial systems requires robust regulatory frameworks within these institutions to ensure effective governance and accountability. This thesis provides a comprehensive analysis of the integration of Regulatory Impact Analysis (RIA) into Brazil's National Financial System, focusing specifically on its implementation within the Brazilian Central Bank (BCB) and the National Monetary Council (CMN). Regulatory Impact Analysis (RIA) has been gaining increasing importance for Brazilian Administrative Law, especially after the enactment of two laws and a presidential decree that made its use mandatory in regulatory policy formulation. Since October 14, 2021, the BCB and the CMN, the banking regulatory authorities in Brazil, have been legally compelled to use RIA as a requirement for policymaking. The study adopts a mixed-methods approach, utilizing empirical evidence, comparative insights, and case studies to evaluate the impact of RIA on financial regulation. It focuses on the Brazilian context, comparing it with established U.S. and EU practices. The findings suggest that while RIA has been formally adopted in Brazil, its practical application remains limited and varies significantly in depth and rigor. The research identifies challenges such as the lack of comprehensive training for stakeholders involved in conducting RIAs, as well as the need for greater transparency and stakeholder engagement in the RIA process. Despite these challenges, the evidence points to a gradual improvement in regulatory quality and decision-making processes due to the implementation of RIA. This thesis contributes to the literature on financial regulation by providing an examination of the role of RIA in enhancing regulatory frameworks within central banks. It offers insights into the conditions under which RIA can improve decision-making and underscores the importance of adaptability and continuous learning in regulatory practices. By highlighting the potential of RIA to bridge existing gaps in systematic evaluation, the study advocates for a reflexive approach to RIA, one that accommodates the dynamic and complex nature of financial markets. |
publishDate |
2024 |
dc.date.accessioned.fl_str_mv |
2024-07-01T12:24:19Z |
dc.date.available.fl_str_mv |
2024-07-01T12:24:19Z |
dc.date.issued.fl_str_mv |
2024 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/35493 |
url |
https://hdl.handle.net/10438/35493 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
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MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
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1810023626988060672 |