The Role Of Board Oversight In Central Bank Governance Key Legal Design Issues

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The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues

Wouter Bossu,Arthur D. P. Rossi
The Role of Board Oversight in Central Bank Governance Key Legal Design Issues Book PDF

Author : Wouter Bossu,Arthur D. P. Rossi
Publisher : International Monetary Fund
Page : 71 pages
File Size : 50,7 Mb
Release : 2019-12-27
Category : Business & Economics
ISBN : 9781513525211

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The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues by Wouter Bossu,Arthur D. P. Rossi Pdf

This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.

The Impact of Fintech on Central Bank Governance

Ms. Marianne Bechara,Wouter Bossu,Ms. Yan Liu,Arthur Rossi
The Impact of Fintech on Central Bank Governance Book PDF

Author : Ms. Marianne Bechara,Wouter Bossu,Ms. Yan Liu,Arthur Rossi
Publisher : International Monetary Fund
Page : 23 pages
File Size : 45,7 Mb
Release : 2021-08-24
Category : Business & Economics
ISBN : 9781513592473

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The Impact of Fintech on Central Bank Governance by Ms. Marianne Bechara,Wouter Bossu,Ms. Yan Liu,Arthur Rossi Pdf

Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the financial system will allow central banks to enhance the execution of various of their core functions, such as currency issuance and payment systems. But some aspects of fintech pose major challenges. Central banks have always been at the cutting edge of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through debits and credits in book-entry accounts, and the successive transitions of interbank payment systems from the telegraph to internet protocols were all transformative innovations. Today, central banks are facing new and unprecedented challenges: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along with a wider spread of mobile access and increased internet speed and bandwidth. The purpose of this note is to discuss the authors’ preliminary views on how, from a legal perspective, central banks can best deal with the impact of fintech on their governance. These preliminary views are based on a review of central banks’ reaction thus far to the challenges posed by fintech to the legal foundations of their governance.

The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues

Wouter Bossu,Arthur D. P. Rossi
The Role of Board Oversight in Central Bank Governance Key Legal Design Issues Book PDF

Author : Wouter Bossu,Arthur D. P. Rossi
Publisher : International Monetary Fund
Page : 71 pages
File Size : 41,5 Mb
Release : 2019-12-27
Category : Business & Economics
ISBN : 9781513524054

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The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues by Wouter Bossu,Arthur D. P. Rossi Pdf

This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.

Central Bank Governance

Tonny Lybek,JoAnne Morris
Central Bank Governance Book PDF

Author : Tonny Lybek,JoAnne Morris
Publisher : International Monetary Fund
Page : 58 pages
File Size : 55,7 Mb
Release : 2004-12
Category : Business & Economics
ISBN : UCSD:31822032284226

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Central Bank Governance by Tonny Lybek,JoAnne Morris Pdf

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

Central Bank Governance and Oversight Reform

John Cochrane,John Taylor
Central Bank Governance and Oversight Reform Book PDF

Author : John Cochrane,John Taylor
Publisher : Hoover Press
Page : 344 pages
File Size : 45,5 Mb
Release : 2016-05-01
Category : Business & Economics
ISBN : 9780817919269

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Central Bank Governance and Oversight Reform by John Cochrane,John Taylor Pdf

A central bank needs authority and a sphere of independent action. But a central bank cannot become an unelected czar with sweeping, unaccountable discretionary power. How can we balance the central bank's authority and independence with needed accountability and constraints? Drawn from a 2015 Hoover Institution conference, this book features distinguished scholars and policy makers' discussing this and other key questions about the Fed.

Central Bank Governance and the Role of Nonfinancial Risk Management

Ashraf Khan
Central Bank Governance and the Role of Nonfinancial Risk Management Book PDF

Author : Ashraf Khan
Publisher : International Monetary Fund
Page : 51 pages
File Size : 42,5 Mb
Release : 2016-02-23
Category : Business & Economics
ISBN : 9781498376051

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Central Bank Governance and the Role of Nonfinancial Risk Management by Ashraf Khan Pdf

This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.

Issues in the Governance of Central Banks

Anonim
Issues in the Governance of Central Banks Book PDF

Author : Anonim
Publisher : Unknown
Page : 189 pages
File Size : 53,6 Mb
Release : 2009
Category : Banks and banking, Central
ISBN : 9291317918

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Issues in the Governance of Central Banks by Anonim Pdf

This report by the Central Bank Governance Group presents information intended to help decision-makers set up governance arrangements that are most suitable for their own circumstances. The report draws on a large body of information on the design and operation of central banks that the BIS has brought together since it initiated work on central bank governance in the early 1990s. The need to deal with chronic inflation in the 1970s and 1980s prompted the identification of price stability as a formal central bank objective and led to a significant reworking of governance arrangements. The current global financial crisis could have equally important implications for central banks, particularly with respect to their role in fostering financial stability. Although it is too early to know how central banking will change as a result, the report takes an important first step in identifying governance questions that the crisis poses.

Central Banking Governance

Ravi Kumar Jain,A. K. Sohani
Central Banking Governance Book PDF

Author : Ravi Kumar Jain,A. K. Sohani
Publisher : SBS Publishers
Page : 226 pages
File Size : 40,8 Mb
Release : 2012-01-01
Category : Banks and banking, Central
ISBN : 8131427099

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Central Banking Governance by Ravi Kumar Jain,A. K. Sohani Pdf

CONTENTS: Central Banking Governance -- Insights; Central Bank Independence & Governance: Definitions & Modelling; Central Bank Independence & Policy Results: Theory & Evidence; Communicating a Policy Path: The Next Frontier in Central Bank Transparency?; Governance Structures & Decision -- Making Roles in Inflation Targeting Central Banks; Central Bank Governance: Maintaining Arm's Length from those in Power; Risk Based Supervision: Legal & Supervisory Implications; Central Bank Financial Strength, Transparency, & Policy Credibility; Payment System Governance; Transparency & Communication Policy in Japan; Rising New Governance Regime in Monetary Policy: A Review of ECB & Fed.

Central Bank Governance

Tonny Lybek
Central Bank Governance Book PDF

Author : Tonny Lybek
Publisher : Unknown
Page : 53 pages
File Size : 40,7 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291217273

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Central Bank Governance by Tonny Lybek Pdf

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

Safeguards Assessments Policy—External Expert Panel's Advisory Report

International Monetary Fund. Finance Dept.
Safeguards Assessments Policy External Expert Panel s Advisory Report Book PDF

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 37 pages
File Size : 45,8 Mb
Release : 2022-12-16
Category : Business & Economics
ISBN : 9798400228544

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Safeguards Assessments Policy—External Expert Panel's Advisory Report by International Monetary Fund. Finance Dept. Pdf

This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2015. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, and Fund staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.

How Should Central Banks Explore Central Bank Digital Currency?

Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga
How Should Central Banks Explore Central Bank Digital Currency Book PDF

Author : Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga
Publisher : International Monetary Fund
Page : 43 pages
File Size : 44,9 Mb
Release : 2023-09-08
Category : Business & Economics
ISBN : 9798400253768

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How Should Central Banks Explore Central Bank Digital Currency? by Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga Pdf

Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.

Law Reforms around the World

Asif H Qureshi
Law Reforms around the World Book PDF

Author : Asif H Qureshi
Publisher : Taylor & Francis
Page : 365 pages
File Size : 42,6 Mb
Release : 2023-12-01
Category : Law
ISBN : 9781003813453

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Law Reforms around the World by Asif H Qureshi Pdf

Encapsulating Law Reform requires the creation of a discreet space occupied with normative self-generation, self-correction, and self-adaptation in the very anatomy of law and the architecture of legal systems. This ‘living dynamic trait’ should be a hallmark of the genetic material in the modern-day institution of law. This edited volume sheds light on Law Reform in its domestic, comparative, regional, and international settings. It examines the process of Law Reform and explains the need for a constant appraisal to keep its wheels optimally operational. The book takes a holistic approach to understanding Law Reform and calls for such an approach in the very process of Law Reform. It begins by looking at Law Reform processes from a theoretical perspective. Thereafter, it sheds light on domestic Law Reform processes in civil and common law legal systems. This is followed by a focus on Law Reform at the international level with a critical appraisal of the International Law Commission (ILC), drawing on its performance in international economic and environmental law. Included in this consideration is also the role played in Law Reform by the IMF, World Trade Organization/World Intellectual Property Organization, Multilateral Development Banks, and the African Union Commission on International Law. This volume should appeal to students, serious scholars, policy makers, judges, and the community of national and international lawyers interested in bringing effective reform in the national and international arenas.

Governance for Inclusive Growth

Maksym Ivanyna,Andrea Salerno
Governance for Inclusive Growth Book PDF

Author : Maksym Ivanyna,Andrea Salerno
Publisher : International Monetary Fund
Page : 44 pages
File Size : 44,6 Mb
Release : 2021-04-23
Category : Business & Economics
ISBN : 9781513582467

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Governance for Inclusive Growth by Maksym Ivanyna,Andrea Salerno Pdf

The government’s ability to deliver inclusive growth crucially depends on the quality of governance. This paper reviews the linkages between governance and inclusive growth, and key policies to improve governance. The policies include (1) structural reform, automation, improving rules and procedures (including for fiscal and monetary policies) to limit the discretion and hence the space for policy errors; (2) human resource policies, capacity building, effective anti-corruption frameworks to incentivize public officials to make decisions in the best public interest; and (3) transparency, accountability, and inclusive political institutions to inform and monitor policymaking.

Good Governance in Sub-Saharan Africa

Ms. Monique Newiak
Good Governance in Sub Saharan Africa Book PDF

Author : Ms. Monique Newiak
Publisher : International Monetary Fund
Page : 348 pages
File Size : 46,5 Mb
Release : 2022-03-18
Category : Business & Economics
ISBN : 9781513584058

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Good Governance in Sub-Saharan Africa by Ms. Monique Newiak Pdf

Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswana, Rwanda, and Seychelles. In addition, Liberia, Sierra Leone, and Angola demonstrate that important reforms are possible, including in fragile environments. The importance of good governance has acquired even more importance as countries try to introduce policies to fight the ongoing COVID-19 pandemic. Special attention to governance in an emergency context, including situations associated with conflict, other health crises and natural disasters, is therefore essential. Innovation and new technologies are critical instruments that policymakers can use in their efforts to improve governance and transparency.

How to Achieve Inclusive Growth

Valerie Cerra,Barry Eichengreen,Asmaa El-Ganainy,Martin Schindler
How to Achieve Inclusive Growth Book PDF

Author : Valerie Cerra,Barry Eichengreen,Asmaa El-Ganainy,Martin Schindler
Publisher : Oxford University Press
Page : 901 pages
File Size : 45,7 Mb
Release : 2022-01-22
Category : Business & Economics
ISBN : 9780192846938

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How to Achieve Inclusive Growth by Valerie Cerra,Barry Eichengreen,Asmaa El-Ganainy,Martin Schindler Pdf

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. Leading academic economists have partnered with experts from several international institutions to explain the sources and scale of these challenges. They gather a wide array of empirical evidence and country experiences to lay out practical policy solutions and to devise a comprehensive and unified plan of action for combatting these economic and social disparities. This authoritative book is accessible to policy makers, students, and the general public interested in how to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.