The Accountability Of Financial Sector Supervisors
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The Accountability Of Financial Sector Supervisors
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Author : Eva H. G. Hüpkes
language : en
Publisher: International Monetary Fund
Release Date : 2005-03
The Accountability Of Financial Sector Supervisors written by Eva H. G. Hüpkes 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 2005-03 with Business & Economics categories.
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 :
language : en
Publisher:
Release Date : 2005
The Accountability Of Financial Sector Supervisors written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
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.
Accountability Arrangements For Financial Sector Regulators
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Author : Eva H. G. Hüpkes
language : en
Publisher: International Monetary Fund
Release Date : 2006-03-14
Accountability Arrangements For Financial Sector Regulators written by Eva H. G. Hüpkes 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 2006-03-14 with Business & Economics categories.
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
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Author : Ms.Silvia Ramirez
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2007-02-01
The Fear Of Freedom written by Ms.Silvia Ramirez 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 2007-02-01 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.
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.
European Union
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-15
European Union written by International Monetary Fund. Monetary and Capital Markets Department 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 2013-03-15 with Business & Economics categories.
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
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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.
Liechtenstein
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-10
Liechtenstein written by International Monetary Fund 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 2003-09-10 with Social Science categories.
This report summarizes the assessment of Liechtenstein's compliance with internationally accepted standards for the regulatory and supervisory arrangements of the financial sector. It provides detailed assessments of Liechtenstein’s implementation of international supervisory and regulatory standards relative to the Basel Core Principles (BCP) for effective banking supervision, International Association of Insurance Supervisors (IAIS) core principles for insurance Supervision, the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation, and Financial Action Task Force Recommendations for antimoney laundering and combating the financing of terrorism.
International Survey Of Integrated Financial Sector Supervision
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Author : Jose de Luna-Martinez
language : en
Publisher: World Bank Publications
Release Date : 2003
International Survey Of Integrated Financial Sector Supervision written by Jose de Luna-Martinez 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 2003 with Banks and banking categories.
Despite the intense debate on the advantages and disadvantages of adopting integrated supervision that has taken place in recent years, little is known about the experiences of countries that have adopted it and the obstacles and challenges they have faced to implement it. In an attempt to shed light on this area, the authors present the results of a survey conducted in a group of 15 countries that have adopted integrated supervision. After a brief review of the literature on integrated supervision, the authors examine four topics: 1) The reasons cited by this group of countries for establishing an integrated supervisory agency. 2) The scope of regulatory and supervisory powers of these agencies. 3) The progress of these agencies in harmonizing their regulatory and supervisory practices across the intermediaries they supervise. 4) The practical problems faced by policymakers in adopting integrated supervision. The survey revealed that the group of integrated supervisory agencies is not as homogeneous as it seems. Important differences arise with regard to the scope of regulatory and supervisory powers the agencies have been given. In fact, contrary to popular belief, less than 50 percent of the agencies can be categorized as mega-supervisors. Another finding is that in most countries progress toward the harmonization of prudential regulation and supervision across financial intermediaries remains limited. Interestingly, the survey revealed that practically all countries believe they have achieved a higher degree of harmonization in the regulation and supervision of banks and securities companies than between banks and insurance firms. The survey also identified some practical problems faced by this group of countries in establishing their unified supervisory agencies. The authors discuss these problems, along with the practical lessons and recommendations provided by the 15 agencies to other countries considering integrated supervision, in the final section of the paper.