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A Survey of Institutional Frameworks for Financial Stability

  • Sander Oosterloo
  • Jakob de Haan

The aim of this study is to get a better understanding of which financial stability responsibilities have been delegated to central banks (CBs), how these responsibilities are executed, and whether accountability arrangements are in place. For this purpose, a questionnaire was sent to all CBs in the OECD area. We find that there is no unambiguous definition of financial stability or systemic risk, and that, generally, the responsibility for financial stability is not explicitly formulated in laws. However, there seems to be a gradual trend towards clarifying the powers and functions of the CB. Moreover, there is considerable heterogeneity in the way CBs pursue the financial stability objective. Our results suggest that the accountability of the financial stability function of central banks is often poorly arranged.

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File URL: http://www.dnb.nl/en/binaries/os_4_tcm47-146640.pdf
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Paper provided by Netherlands Central Bank, Research Department in its series DNB Occasional Studies with number 104.

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Date of creation: Nov 2003
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Handle: RePEc:dnb:dnbocs:104
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Web page: http://www.dnb.nl/en/

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  1. Charles Goodhart, 2000. "The Organisational Structure of Banking Supervision," FMG Special Papers sp127, Financial Markets Group.
  2. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October.
  3. Eijffinger, S.C.W. & de Haan, J., 2000. "European Monetary and Fiscal Policy," Other publications TiSEM a056022b-c6b1-4c89-bcd5-3, Tilburg University, School of Economics and Management.
  4. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
  5. Hoggarth, Glenn & Reis, Ricardo & Saporta, Victoria, 2002. "Costs of banking system instability: Some empirical evidence," Journal of Banking & Finance, Elsevier, vol. 26(5), pages 825-855, May.
  6. Edward J. Frydl & Marc Quintyn, 2000. "The Benefits and Costs of Intervening in Banking Crises," IMF Working Papers 00/147, International Monetary Fund.
  7. Jakob de Haan & Sylvester C.W. Eijffinger, 2000. "The Democratic Accountability of the European Central Bank: A Comment on Two Fairy-tales," Journal of Common Market Studies, Wiley Blackwell, vol. 38(3), pages 393-407, 09.
  8. Charles Goodhart, 1999. "Myths About the Lender of Last Resort," FMG Special Papers sp120, Financial Markets Group.
  9. Michael Taylor & Marc Quintyn, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund.
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