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We examine the determinants of regulatory frameworks in the banking sector using an extensive data set of regulations of more than 180 countries. In contrast with previous studies, we analyze multiple aspects of regulations independently in terms of their objects and functions, controlling for political and economic conditions that might affect regulatory structures. We find that each dimension of regulations is determined by different factors, and the incentives for the formulation of regulations differ between emerging and developed economies. Emerging economies regulate banking activities, entry, and foreign bank operations more tightly than do developed economies; however, emerging economies impose fewer restrictions on private monitoring requirements
