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Governance of Financial Supervisors and its Effects - a Stocktaking Exercise

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  • Morten Balling
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Author Info

  • Marc Quintyn

Abstract

The attention for the governance of financial sector supervisors is of a recent date. The debate has risen to the fore as part of the wider discussion about the appropriate institutional organization of financial supervision and the drive for compliance with international best practices in the regulatory field. This paper takes stock of the regulatory governance debate. We first discuss the main premise of the paper, that regulatory governance plays a pivotal role in instilling financial sector governance, which in turn is a key source of corporate governance in the nonfinancial sector (the governance nexus). Having established this premise, we identify the main pillars for regulatory governance-independence, accountability, transparency, and integrity. The next two sections take a look at where we stand in practice. First, we review to what extent recent reforms of supervisory structures worldwide are embracing the four pillars underlying regulatory governance. We find that policy makers are gradually making efforts to improve the foundations for regulatory governance. However, further convincing, in particular of the beneficial effects of accountability, seems necessary. Secondly, we review a number of studies that assess the impact of (aspects of) regulatory governance on the soundness of the banking system (an indicator of good financial system corporate governance), or other aspects of the governance nexus. Most studies show a positive impact of stronger regulatory governance frameworks on the soundness of the financial system. However, further empirical evidence to strengthen the case for good regulatory governance seems desirable.

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Bibliographic Info

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This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2007/4 and published in 2007.

ISBN: 978-3-902109-40-8
Handle: RePEc:erf:erfstu:47

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Related research

Keywords: Financial sector supervision; financial regulation; regulatory governance; corporate governance; public sector governance.;

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References

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  1. Richard Podpiera, 2004. "Does Compliance with Basel Core Principles Bring Any Measurable Benefits?," IMF Working Papers 04/204, International Monetary Fund.
  2. Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
  3. Michael Taylor & Marc Quintyn & Silvia Ramirez, 2007. "The Fear of Freedom: Politicians and the Independence and Accountability of Financial Sector Supervisors," IMF Working Papers 07/25, International Monetary Fund.
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Citations

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Cited by:
  1. Marc Quintyn, 2009. "Independent agencies: more than a cheap copy of independent central banks?," Constitutional Political Economy, Springer, vol. 20(3), pages 267-295, September.
  2. Masciandaro, Donato & Nieto, Maria J. & Quintyn, Marc, 2011. "Exploring governance of the new European Banking Authority—A case for harmonization?," Journal of Financial Stability, Elsevier, vol. 7(4), pages 204-214, December.
  3. repec:onb:oenbwp:y:2010:i:1:b:1 is not listed on IDEAS
  4. Donato Masciandaro & Marc Quintyn, 2013. "The Evolution of Financial Supervision: the Continuing Search for the Holy Grail," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.
  5. Masciandaro, Donato & Pansini, Rosaria Vega & Quintyn, Marc, 2013. "The economic crisis: Did supervision architecture and governance matter?," Journal of Financial Stability, Elsevier, vol. 9(4), pages 578-596.
  6. Masciandaro, Donato & Quintyn, Marc, 2008. "Helping hand or grabbing hand?: Politicians, supervision regime, financial structure and market view," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 153-173, August.
  7. Marc Quintyn & Rosaria Vega Pansini & Donato Masciandaro, 2011. "The Economic Crisis: Did Financial Supervision Matter?," IMF Working Papers 11/261, International Monetary Fund.
  8. Sándor Gardó, 2010. "Bank Governance and Financial Stability in CESEE: A Review of the Literature," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.
  9. Marc Quintyn & Donato Masciandaro & María Nieto, 2009. "Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors," IMF Working Papers 09/142, International Monetary Fund.
  10. Masciandaro, Donato & Quintyn, Marc & Taylor, Michael W., 2008. "Inside and outside the central bank: Independence and accountability in financial supervision: Trends and determinants," European Journal of Political Economy, Elsevier, vol. 24(4), pages 833-848, December.

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