Regulatory And Supervisory Independence And Financial Stability
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Regulatory And Supervisory Independence And Financial Stability
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Author : Marc Quintyn
language : en
Publisher: International Monetary Fund
Release Date : 2002-03
Regulatory And Supervisory Independence And Financial Stability written by Marc Quintyn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03 with Business & Economics categories.
Despite its importance, the issue of financial sector regulatory and supervisory independence (RSI) has received only marginal attention in literature and practice. However, experience has demonstrated that improper supervisory arrangements have contributed significantly to the deepening of several recent systemic banking crises. In this paper we argue that RSI is important for financial stability for the same reasons that central bank independence is important for monetary stability. The paper lays out four key dimensions of RSI-regulatory, supervisory, institutional and budgetary-and discusses ways to achieve them. We also discuss institutional arrangements needed to make independence work in practice. The key issue in this respect is that agency independence and accountability need to go hand in hand. The paper discusses a number of accountability arrangements.
Should Financial Sector Regulators Be Independent
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Author : Mr.Marc Quintyn
language : en
Publisher: International Monetary Fund
Release Date : 2004-03-08
Should Financial Sector Regulators Be Independent written by Mr.Marc Quintyn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-08 with Business & Economics categories.
In nearly every major financial crisis of the past decade-from East Asia to Russia, Turkey, and Latin America-political interference in financial sector regulation helped make a bad situation worse. Political pressures not only weakened financial regulation, but also hindered regulators and supervisors from taking action against troubled banks. This paper investigates why, to fulfill their mandate to preserve financial sector stability, financial sector regulators and supervisors need to be independent-from the financial services industry as well as from the government-as well as accountable.
The Fear Of Freedom
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Author : Marc Quintyn
language : en
Publisher: International Monetary Fund
Release Date : 2007-02
The Fear Of Freedom written by Marc Quintyn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02 with Business & Economics categories.
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.
Designing Financial Supervision Institutions
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Author : Donato Masciandaro
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007
Designing Financial Supervision Institutions written by Donato Masciandaro and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Banks and banking categories.
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.
Aligning Financial Supervisory Structures With Country Needs
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Author : Jeffrey Carmichael
language : en
Publisher: World Bank Publications
Release Date : 2004
Aligning Financial Supervisory Structures With Country Needs written by Jeffrey Carmichael and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
This publication contains the proceedings of an international conference on the regulation of financial institutions and supervisory structural reforms, held in Washington D.C., United States in December 2003 and involving participants from 52 countries. It considers case studies of experiences of regulatory reform approaches adopted in a number of countries including Australia, South Africa, Ireland, Sweden, Hungary and Estonia.
Handbook Of Central Banking Financial Regulation And Supervision
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Author : S. Eijffinger
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Handbook Of Central Banking Financial Regulation And Supervision written by S. Eijffinger and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.
Does Regulatory Governance Matter For Financial System Stability An Empirical Analysis
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Author : Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2004-05
Does Regulatory Governance Matter For Financial System Stability An Empirical Analysis written by Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05 with Business & Economics categories.
This paper provides empirical evidence that the quality of regulatory governance-governance practices adopted by financial system regulators and supervisors-matters for financial system soundness. The paper constructs indices of financial system soundness and regulatory governance, based on country data collected from the Financial Sector Assessment Program (FSAP). Regression results indicate that regulatory governance has a significant influence on financial system soundness, along with variables reflecting macroeconomic conditions, the structure of the banking system, and the quality of political institutions and public sector governance. The results also indicate that good public sector governance amplifies the impact of regulatory governance on financial system soundness.
Institutional Structure Of Financial Regulation
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Author : Robin Hui Huang
language : en
Publisher: Routledge
Release Date : 2014-06-20
Institutional Structure Of Financial Regulation written by Robin Hui Huang and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-20 with Business & Economics categories.
In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.
Will They Sing The Same Tune Measuring Convergence In The New European System Of Financial Supervisors
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Author : Donato Masciandaro
language : en
Publisher: International Monetary Fund
Release Date : 2009-07
Will They Sing The Same Tune Measuring Convergence In The New European System Of Financial Supervisors written by Donato Masciandaro and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07 with Business & Economics categories.
In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
Financial Supervisory Independence And Accountability Exploring The Determinants
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Author : Donato Masciandaro
language : en
Publisher: International Monetary Fund
Release Date : 2008-06
Financial Supervisory Independence And Accountability Exploring The Determinants written by Donato Masciandaro and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06 with Business & Economics categories.
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.