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Should Financial Sector Regulators Be Independent? Marc Quintyn

Should Financial Sector Regulators Be Independent?

Marc Quintyn

Published
ISBN : 9781589063129
Paperback
16 pages
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 About the Book 

In nearly every major financial crisis of the past decade--from East Asia to Russia, Turkey, and Latin America--political interference in financial sector regulation helped make a bad situation worse. Political pressures not only weakened financialMoreIn nearly every major financial crisis of the past decade--from East Asia to Russia, Turkey, and Latin America--political interference in financial sector regulation helped make a bad situation worse. Political pressures not only weakened financial regulation, but also hindered regulators and supervisors from taking action against troubled banks. This paper investigates why, to fulfill their mandate to preserve financial sector stability, financial sector regulators and supervisors need to be independent--from the financial services industry as well as from the government--as well as accountable.