UID:
edoccha_9958123896902883
Format:
1 online resource (52 p.)
ISBN:
1-4623-2859-8
,
1-283-51799-X
,
9786613830449
,
1-4519-1042-8
Series Statement:
IMF working paper ;
Content:
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.
Note:
Description based upon print version of record.
,
Table of Contents; I. Introduction and Overview; II. Governance, Independence, and Accountability; A. The Governance Nexus; B. Four Pillars of Regulatory Governance; III. Independence and Accountability in Practice; A. The Four Dimensions of Independence; B. The Dimensions of Accountability; IV. What Are the Emerging Trends?; A. Methodology; Tables; 1. Mapping Accountability Arrangements; B. General Overview; 2. Independence and Accountability Overview; C. Unfamiliarity; 3. Overview of Changes in the Ratings; D. Fear of Freedom: What Worries Governments the Most?; Figures
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1. Ratings Results for Selected Countries4. Changes in Meeting Specific Independence and Accountability Criteria; E. A Closer Look at Individual Countries; F. Additional Perspectives; 5. Accountability and Independence: Regional Trends; 6. Accountability and Independence: Trends by Country Income Levels; 7. Accountability and Independence: Trends by Location of Institution; 8. Accountability and Independence: Trends by Type of Change; V. Conclusions; 9. Accountability and Independence: Trends by Immediate Cause of Reform; Appendixes; I. Countries Selected for the Survey
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II. Criteria for the Index on Independence and Accountability for Financial Sector SupervisorsIII. Scatter Plot of Ratings Before and After; IV. Total Rating-Before and After; V. Independence- Before and After; VI. Accountability-- Before and After; References
,
English
Additional Edition:
ISBN 1-4527-9250-X
Additional Edition:
ISBN 1-4518-6589-9
Language:
English
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