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Donato Masciandaro, Mr. Marc G Quintyn, and Mr. Michael W Taylor

Front Matter Page IMF Institute Contents I. Introduction II. Background III. Analysis of Independence and Accountability Indices A. Sample and Methodology B. Main Findings C. A Look into the Individual Criteria D. Location Has an Impact IV. The determinants of supervisory governance A. The Econometric Approach B. Model to be Tested C. The Results V. Conclusions Tables 1. Ratings on Supervisory Independence and Accountability, and on Independence in Monetary Policy 2. Governance Ratings by Location of Supervisor

Donato Masciandaro, Mr. Marc G Quintyn, and Mr. Michael W Taylor
We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence arrangements. It also shows that decisions regarding levels of independence and accountability are not well-connected. The results also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located outside the central bank.
Donato Masciandaro, Mr. Marc G Quintyn, and Mr. Michael W Taylor

independence, with more developed accountability arrangements. Moreover, unified supervisors located outside the central bank are the lowest in independence and the highest in accountability. As discussed in QRT (2007) , accountability arrangements in central banks are typically geared toward the monetary policy function, and miss several of the “360 degree”-features (i.e. accountability towards all stakeholders) that accountability in supervisory matters should possess. Table 2. Governance Ratings by Location of Supervisor and Standard Deviation of Ratings in Italics

Mr. Daouda Sembene

that rate below these countries, so higher values indicate better governance ratings. The black line illustrates the statistically likely range of the governance indicator. 3 Figure 14.1 . Worldwide Governance Indicators for Sub-Saharan Africa and Low-Income Countries, 2004, 2009, and 2014 Source: World Bank, Worldwide Governance Indicators, 2015 update. Note: Percentile rank indicates the percentage of countries worldwide that rate below the selected country or region. Higher values indicate better governance ratings. Figure 14.2 . Worldwide

Mr. Marc G Quintyn, Ms. Rosaria Vega Pansini, and Donato Masciandaro

– Proposals addressing supervisory failure Figures 1. Financial Supervision Unification 2. Central Bank Involvement in Supervision 3. Supervisory Governance Ratings Appendix Tables Appendix 1 – Data Description Appendix 2 – Data Statistics References References