The Accountability Of Financial Sector Supervisors
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The Accountability of Financial Sector Supervisors
Author | : Eva H. G. Hüpkes,Marc Quintyn,Michael Taylor |
Publsiher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 2005-03 |
Genre | : Business & Economics |
ISBN | : UCSD:31822030947691 |
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Policymakers' uneasiness about granting independence to financial sector regulators stems to a large extent from the lack of familiarity with, and elusiveness of, the concept of accountability. This paper gives operational content to accountability and argues that it is possible to do so in a way that encourages and supports agency independence. The paper first elaborates on the role and purposes of accountability. Second, it shows that the unique features of financial sector supervision point to a more complex system of accountability arrangements than, for instance, the conduct of monetary policy. Finally, the paper discusses specific arrangements that can best secure the objectives of accountability and, thus, independence. Our findings have a wider application than financial sector supervision.
The Accountability of Financial Sector Supervisors
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Author | : Anonim |
Publsiher | : Unknown |
Total Pages | : 0 |
Release | : 2005 |
Genre | : Electronic Book |
ISBN | : OCLC:848726516 |
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Accountability Arrangements for Financial Sector Regulators
Author | : Eva H. G. Hüpkes,Marc Quintyn,Michael Taylor |
Publsiher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2006-03-14 |
Genre | : Business & Economics |
ISBN | : STANFORD:36105121918986 |
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Policymakers are often reluctant to grant independence to the agencies that regulate and supervise the financial sector because of the fear that these agencies, with their wide-ranging responsibilities and powers, could become a law unto themselves. This pamphlet describes mechanisms for making regulatory agencies accountable not only to the government but also to the industry they supervise and the public at large, with examples from a range of countries.
The Fear of Freedom
Author | : Marc Quintyn,Silvia Ramirez,Michael Taylor |
Publsiher | : International Monetary Fund |
Total Pages | : 56 |
Release | : 2007-02 |
Genre | : Business & Economics |
ISBN | : UCSD:31822036088078 |
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Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for supervision in recent years. Despite improvements, there is strong evidence that the endorsement of independence remains half-hearted, which shows itself through either overcompensation on the accountability side, or resort to political control mechanisms. The latter could potentially undermine the agency's credibility. The results indicate that policymakers still need to be persuaded of the long-term benefits of independence for financial sector soundness, and of the potential for a virtuous interaction between independence and accountability, if the arrangements are well-designed.
Financial Supervisory Independence and Accountability Exploring the Determinants
Author | : Donato Masciandaro,Marc Quintyn,Michael Taylor |
Publsiher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2008-06 |
Genre | : Business & Economics |
ISBN | : IND:30000124717913 |
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We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence arrangements. It also shows that decisions regarding levels of independence and accountability are not well-connected. The results also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located outside the central bank.
The Fear of Freedom
Author | : Ms.Silvia Ramirez,Mr.Marc Quintyn,Mr.Michael Taylor |
Publsiher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 2007-02-01 |
Genre | : Business & Economics |
ISBN | : 1451865899 |
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Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for supervision in recent years. Despite improvements, there is strong evidence that the endorsement of independence remains half-hearted, which shows itself through either overcompensation on the accountability side, or resort to political control mechanisms. The latter could potentially undermine the agency's credibility. The results indicate that policymakers still need to be persuaded of the long-term benefits of independence for financial sector soundness, and of the potential for a virtuous interaction between independence and accountability, if the arrangements are well-designed.
European Union
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publsiher | : International Monetary Fund |
Total Pages | : 13 |
Release | : 2013-03-15 |
Genre | : Business & Economics |
ISBN | : 9781475518825 |
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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Designing Financial Supervision Institutions
Author | : Donato Masciandaro,Marc Quintyn |
Publsiher | : Edward Elgar Publishing |
Total Pages | : 536 |
Release | : 2007 |
Genre | : Banks and banking |
ISBN | : UCSD:31822034742411 |
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This book offers the first systematic discussion of a new and promising field: the economics of independence, accountability and governance of financial supervision institutions. For a long time the design of supervision had been an irrelevant issue, both in theory and practice. This perception changed dramatically in the mid-1990s, and over the past decade many countries have witnessed changes in the architecture of financial supervision. This book presents frameworks for analyzing the emerging supervisory architectures and sheds light on the different supervisory regimes, with a particular focus on the role of central banks. It takes a country-specific, comparative and empirical approach. Designing Financial Supervision Institutions will be an accessible reference tool for multidisciplinary scholars and academics (principally economics, but also politics and law), policymakers, regulators and supervisory institutions. All royalties from this book to go to the UK charity, NSPCC.