IMF Working Papers

Crisis Prevention and Crisis Management: The Role of Regulatory Governance

By Udaibir S Das, Marc G Quintyn

September 1, 2002

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Udaibir S Das, and Marc G Quintyn. Crisis Prevention and Crisis Management: The Role of Regulatory Governance, (USA: International Monetary Fund, 2002) accessed November 21, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Economic sectors, Financial crises, Financial markets, Financial sector, Financial Sector Assessment Program, Financial sector policy and analysis, Legal support in revenue administration, Payment systems, Revenue administration

Keywords: Accountability, Africa, Agency independence, Central bank, Corporate governance, East Asia, Europe, Financial sector, Financial Sector Assessment Program, Financial sector crisis management, Financial sector supervision, Global, Governance arrangement, Governance framework, Governance issue, Governance practice, Governance structure, Integrity, Legal support in revenue administration, Payment systems, Regulatory authority, Regulatory governance, Transparency, Transparency practice, WP

Publication Details

  • Pages:

    68

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2002/163

  • Stock No:

    WPIEA1632002

  • ISBN:

    9781451857948

  • ISSN:

    1018-5941

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