Cover IMF Working Papers
The Accountability of Financial Sector Supervisors: Principles and Practice
Author: Mr. Michael W Taylor, Mr. Marc G Quintyn, and Ms. Eva H. G. Hüpkes
Series:
IMF Working Papers
Volume/Issue:
Volume 2005: Issue 051
Language:
English
Publication Date:
01 Mar 2005
DOI:
https://doi.org/10.5089/9781451860702.001
ISBN:
9781451860702
ISSN:
1018-5941
Pages:
51
Keywords:
WP; agency independence; enforcement power; judicial review; chief executive; minister of finance; regulatory agency; RSAS concrete
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund