General list of crisis indicators to watch:
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Type of exchange rate regime
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Regulatory and monitoring structures
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Micro-level transparency
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Country-level transparency
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Type of financial opening
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Environment in which financial opening takes place
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Independence and competency of asset rating companies
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Political situation
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Current account and fiscal deficits
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Level of inflation
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Level of public debt
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Currency and maturity mismatches in foreign borrowing
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Size of financial sector relative to real sector
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Size of banks
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Exposure to real shocks, such as commodity price spikes
United States
Securities and Exchange Commission: Protects investors and regulates financial markets.
Federal Accounting Standards Board: Establishes accounting standards.
Gramm-Leach-Bliley Act: repealed Glass Stegall Act, which had prohibited a bank holding company from owning other financial institutions.
Advisory Council to Federal Reserve: Macroeconomic surveillance and supervision structure
Europe
European Systemic Risk Council and European System of Financial Supervisors: Macroeconomic surveillance structure
Accounting Regulatory Committee: Establishes accounting standards.
Japan
Financial Services Agency: Supervises financial markets.
Accounting Standards Board of Japan: Establishes accounting standards.
Global
Financial Stability Board: global financial surveillance through creation of this successor to Financial Stability Forum
International Accounting Standards Board: Establishes international accounting standards.
