Ombija, Sarah A. (2020) Rethinking financial regulation and supervision under ‘new governance’ : post-crisis lessons for the Kenyan financial market, and the case for regulatory nudging. PhD thesis, University of Warwick.

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Abstract

Domestic and global financial sectors are continually evolving. On the one hand, they take laudable strides, in the form of improved product and service delivery and growth opportunities for markets. On the other, this process intensifies risk and uncertainty in the financial sector. Advancements in information technology are a key contributor to this process. Financial regulation seeks to keep in step with ongoing changes by employing various risk control strategies, but can fail.

Looking back at the Global Financial Crisis of 2007–2009, post-crisis analyses identified poor regulatory design as a contributing factor to bringing about and perpetuating financial crises. Moreover, it is recognised that, although crises may be inevitable, there are ways to minimise their occurrence and impact, and thereby to reduce market and regulatory failures. Consequently, in the years following the GFC, reform efforts have been initiated globally.

This study explores regulatory reform in Kenya, using the UK as a comparator. It seeks to distil pertinent lessons for the Kenyan market from the experience of the GFC. With regard to regulatory design, it examines the limits of conventional regulatory approaches, and the shifts in post GFC approaches. It also normatively explores the increasing use of behavioural insights in regulation—a prevalent feature in post-crisis financial regulation in several developed markets. The study applies a Behavioural Economics approach and includes discussion of proposals for the use of nudge interventions to improve regulatory outcomes. These interventions are considered relatively simple, cheap and easy to implement—qualities which make them attractive for regulators who often have to contend with limited resources. We posit that they would be even more welcome in an emerging markets context.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance K Law [Moys] > KR Africa
Library of Congress Subject Headings (LCSH):	Financial institutions -- Law and legislation -- Kenya, Monetary policy -- Kenya, Finance -- Government policy -- Kenya, Global Financial Crisis, 2008-2009 -- Government policy
Official Date:	February 2020
Dates:	Date Event February 2020 UNSPECIFIED
Institution:	University of Warwick
Theses Department:	School of Law
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Singh, Dalvinder, 1970-
Sponsors:	Modern Law Review ; University of Warwick. Graduate School
Format of File:	pdf
Extent:	xvii, 359 leaves : illustrations (some colour)
Language:	eng

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