Crisis Prevention and Crisis Management: The Role of Regulatory Governance

Udaibir Das and Marc Quintyn

No 2002/163, 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: WP; governance practice; regulatory governance; central bank; corporate governance; governance framework; governance issue; financial sector supervision; agency independence; accountability; transparency; integrity; financial sector crisis management; governance arrangement; governance structure; transparency practice; regulatory authority; Payment systems; Financial sector; Financial Sector Assessment Program; Legal support in revenue administration; Global; East Asia; Europe; Africa (search for similar items in EconPapers)
Pages: 68
Date: 2002-09-01
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Citations: View citations in EconPapers (30)

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