Cover IMF Working Papers
Buy Book in Print
Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors
Author:
Mr. Ashraf Khan
Search for other papers by Mr. Ashraf Khan in
Current site
Google Scholar Close
https://orcid.org/0000-0002-0084-0240
Series:
IMF Working Papers
Volume/Issue:
Volume 2018: Issue 176
Language:
English
Publication Date:
02 Aug 2018
DOI:
https://doi.org/10.5089/9781484372272.001
ISBN:
9781484372272
ISSN:
1018-5941
Pages:
42
Keywords:
WP; central bank; government; country; monetary policy; staff; central banking; financial supervision; financial regulation; law; liability; immunity; technical assistance; central bank law; civil servant statute; State agency; central bank staff; liability standard; central bank liability; central bank governor; indemnification arrangement; liability regime; central bank website; State liability; central bank liability standard; Central bank legislation; Legal support in revenue administration; Central bank autonomy; Central bank governance; Global; Asia and Pacific; financial supervisor
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.
Download PDF (1.3 MB) Download Epub
This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor’s independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF’s Central Bank Legislation Database. The paper also uses data from the IMF’s Article IV and FSAP Database, and the IMF MCM’s Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of “appropriate legal protection” and “function-specific legal protection” as topics for further research.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund