The Accountability of Financial Sector Supervisors: Principles and Practice

By Michael W Taylor, Marc G Quintyn, Eva H. G. Hüpkes

March 1, 2005

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Michael W Taylor, Marc G Quintyn, and Eva H. G. Hüpkes The Accountability of Financial Sector Supervisors: Principles and Practice, (USA: International Monetary Fund, 2005) 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

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.

Subject: Banking, Financial regulation and supervision, Financial sector stability, Financial stability assessment, Legal support in revenue administration

Keywords: Agency independence, Chief executive, Enforcement power, Judicial review, Minister of finance, Regulatory agency, RSAS concrete, WP

Publication Details

Pages:

51
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2005/051
Stock No:

WPIEA2005051
ISBN:

9781451860702
ISSN:

1018-5941

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