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Crisis Prevention and Crisis Management; The Role of Regulatory Governance

Udaibir S Das and Marc Quintyn

No 02/163, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Financial crisis; Crisis prevention; Transparency; Regulatory governance, financial sector supervision, agency independence, accountability, integrity, financial sector crisis management, banking, payment systems, banking supervision, banking supervisors, financial sector standards, General Financial Markets: Government Policy and Regulation, Financial Institutions and Services: Government Policy and Regulation, Regulated Industries and Administrative Law, Regulation and Industrial Policy: General, (search for similar items in EconPapers)
Pages: 68
Date: 2002-09-01
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Handle: RePEc:imf:imfwpa:02/163