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The Accountability of Financial Sector Supervisors: Principles and Practice

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Author Info
Eva H. G. Hupkes
Marc Quintyn
Michael Taylor

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Abstract

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.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/51.

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Length: 51 pages
Date of creation: 21 Mar 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/51

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Related research
Keywords: Financial sector ; Financial stability ; Central banks ; Bank Supervision ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Eijffinger, S.C.W. & Hoeberichts, M. & Schaling, E., 1998. "A theory of Central Bank accountability," Discussion Paper 103, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  2. Alesina, Alberto & Tabellini, Guido, 2004. "Bureaucrats or Politicians?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  3. Marc Quintyn & Michael Taylor, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund. [Downloadable!]
  4. Udaibir S. Das & Marc Quintyn, 2002. "Crisis Prevention and Crisis Management: The Role of Regulatory Governance," IMF Working Papers 02/163, International Monetary Fund. [Downloadable!]
  5. Kina Chenard & Udaibir S. Das & Marc Quintyn, 2004. "Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis," IMF Working Papers 04/89, International Monetary Fund. [Downloadable!]
  6. Persson, Torsten & Tabellini, Guido, 1993. "Designing institutions for monetary stability," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 53-84, December. [Downloadable!] (restricted)
  7. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kina Chenard & Udaibir S. Das & Marc Quintyn, 2004. "Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis," IMF Working Papers 04/89, International Monetary Fund. [Downloadable!]
  2. Martin Čihák & Richard Podpiera, 2006. "Is One Watchdog Better than Three? International Experience with Integrated Financial-Sector Supervision (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(3-4), pages 102-126, March. [Downloadable!]
  3. Donato Masciandaro & María J. Nieto & Henriëtte Prast, 2007. "Financial governance of banking supervision," Banco de España Working Papers 0725, Banco de España. [Downloadable!]
  4. Granlund, Peik, 2008. "Regulatory choices in global financial markets – restoring the role of aggregate utility in the shaping of market supervision," Research Discussion Papers 1/2008, Bank of Finland. [Downloadable!]
  5. Alessandro Gambini & Marco Arnone & Salim M. Darbar, 2007. "Banking Supervision: Quality and Governance," IMF Working Papers 07/82, International Monetary Fund. [Downloadable!]
  6. Delis, Manthos D & Staikouras, Panagiotis, 2009. "On-site audits, sanctions, and bank risk-taking: An empirical overture towards a novel regulatory and supervisory philosophy," MPRA Paper 16836, University Library of Munich, Germany. [Downloadable!]
  7. Daniel C. L. Hardy, 2009. "A European Mandate for Financial Sector Supervisors in the EU," IMF Working Papers 09/5, International Monetary Fund. [Downloadable!]
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