Abstract

DEMAESTRI, Edgardo; OTTAVIANELLI, Jorge  and  FERRO, Gustavo. Integracion de la supervisión financiera en el Banco Central: La experiencia de Uruguay. Estud. Econ. [online]. 2015, vol.32, n.64, pp. 31-51. ISSN 2525-1295.

We analyze the Uruguayan experience of unifying financial supervision in one regulatory body into the Central Bank in Uruguay. An integrated regulator can be situated inside the Central Bank, or as a separate institution. Being established inside the Central Bank, it has the potential of achieving economies of scale and scope, improving informative flows, and yielding a prudential bias to regulation. We analyze the experience of the integration of financial regulation and supervision in Uruguay into its Central Bank, including the consideration of the pros and cons of the process. We also study the consequences of macro-prudential functions to face a financial crisis. Finally, we identify lessons arising from this experience.

Keywords : Integrated Financial Supervision; Micro-prudential Regulation.