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Should Financial Sector Regulators Be Independent?

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  • Marc G Quintyn
  • Michael W Taylor

Abstract

In nearly every major financial crisis of the past decade-from East Asia to Russia, Turkey, and Latin America-political interference in financial sector regulation helped make a bad situation worse. Political pressures not only weakened financial regulation, but also hindered regulators and supervisors from taking action against troubled banks. This paper investigates why, to fulfill their mandate to preserve financial sector stability, financial sector regulators and supervisors need to be independent-from the financial services industry as well as from the government-as well as accountable.

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  • Marc G Quintyn & Michael W Taylor, 2004. "Should Financial Sector Regulators Be Independent?," IMF Economic Issues 32, International Monetary Fund.
  • Handle: RePEc:imf:imfeci:32
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    Cited by:

    1. Prast, H.M., 2007. "Who pays for Banking Supervision?," Other publications TiSEM 2ef7a617-610e-4d00-a072-f, Tilburg University, School of Economics and Management.
    2. Kenneth Kaoma Mwenda, 2006. "Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator," World Bank Publications, The World Bank, number 6952, June.
    3. Albulescu, Claudiu Tiberiu, 2008. "Central Bank or Single Financial Supervision Authority: The Romanian Case," MPRA Paper 17225, University Library of Munich, Germany, revised 10 Jan 2009.
    4. International Monetary Fund, 2006. "Regulatory Capture in Banking," IMF Working Papers 06/34, International Monetary Fund.
    5. Chris Hunt, 2017. "Independence with accountability: financial system regulation and the Reserve Bank," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, December.

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