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By Frederic S. Mishkin


Ruth de Krivoy’s paper is a valuable contribution to the literature on bank supervision. It provides a unique insight on this topic from an insider who witnessed the problems that bank supervisors can encounter in emerging market countries. During her tenure at the central bank in Venezuela, Krivoy saw firsthand what happens when bank supervision is inadequate. In 1994–95, Venezuela experienced a major banking crisis, which the World Bank estimated cost close to 20 percent of GDP to clean up (Caprio and Klingbiel 1996). To put this number into perspective, the estimated cost of the savings and loan crisis in the United States was on the order of 3 percent of GDP. Krivoy has seen what can go terribly wrong with bank supervision in an emerging market country, and we have much to learn from her experience. I very much agree with the thrust of the recommendations in Krivoy’s paper. Indeed, I was struck by how many of her recommendations paralleled ones I outlined in a recent paper (Mishkin 2000). In m

Year: 2011
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