When the guns fall silent, the rebuilding begins. From the Great Lakes of Africa to the mountains of Afghanistan and the coffee plantations of Timor-Leste, the IMF is helping revive economies devastated by bloodshed. As part of international efforts to restore stable political and economic structures, the IMF moves in swiftly to help set up the foundations for a functioning economy. Countries emerging from conflict need the capacity to provide essential public services and implement sound economic policies so that people regain confidence that recovery is within reach.
International Monetary Fund. External Relations Dept.
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Good regulatory governance in the financial system is a critical component of financial stability. Research on the topic has not been very systematic and deep. This paper first defines four key components of regulatory governance-independence, accountability, transparency, and integrity. It explores the quality of regulatory governance based on the financial system evaluations under the Financial Sector Assessment Programs (FSAPs), which are the first and most comprehensive effort to analyze regulatory governance issues. In terms of independence, banking supervisors are ahead of the others, while securities regulators perform better on transparency. Insurance regulators are weak in all the regulatory governance components. On the whole, regulators still have a long way to go in terms of practicing good governance. The paper also discusses governance issues specific to crisis management and concludes with an agenda for further research.