By Frederic S. Mishkin
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Additional info for Prudential Supervision: What Works and What Doesn't
These alternative measures produced similar results, however. Securities Development Total value traded equals the value of domestic equities traded on domestic exchanges divided by GDP, averaged over the 1980–95 period (Beck, Demirgu¨ c¸ -Kunt, and Levine 2001). Levine and Zervos (1998) show that stock market liquidity is important for economic growth. They further note that it is liquidity per se, not equity market capitalization, that is crucial. We also used measures of primary market activity and bond market activity.
The supervisory authority adopted a version of the CAMELS system used in the United States and used CAMELS ratings to set capital requirements. Calomiris and Powell find that although the BASIC system has worked reasonably well, some elements are problematic. The subordinated debt requirement, which was to be in place by January 1998, has not worked as well as some of its advocates had hoped. The Asian crisis in mid-1997 and the Russian crisis in the fall of 1998 made debt issues very diﬃcult for the banks.
We also compute a summary index of the first four indicators of the regulatory restrictions imposed on banks. Specifically, Restrict equals the average of Securities, Insurance, Real Estate, and Banks Owning Nonfinancial Firms. 2 presents summary statistics indicating the extensive cross-country variation in the data. For example, there were nine countries with very restrictive regulatory systems (Restrict Ͼ 3): Japan, Mexico, Rwanda, Ecuador, Barbados, Botswana, Indonesia, Zimbabwe, and Guatemala.