Despite its importance, the issue of financial sector regulatory and supervisory independence (RSI) has received only marginal attention in literature and practice. However, experience has demonstrated that improper supervisory arrangements have contributed significantly to the deepening of...

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...

Compared with the case of central bank independence, independence for financial sector supervisors remains more controversial. This paper analyzes changes in independence and accountability arrangements in a set of 32 countries that overhauled their legal and/or institutional frameworks for...

Intro -- Contents -- Foreword -- Acknowledgments -- 1. Introduction -- PART I: ISSUES IN SURVEILLANCE -- 2. Loan Review, Provisioning, and Macroeconomic Linkages -- 3. Domestic Lending in Foreign Currency -- 4. Toward a Framework for Systemic Liquidity Policy -- 5. Emergency Liquidity Support...