Description : 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 way that encourages and supports agency independence. The paper first elaborates on the role and purposes of accountability. Second, it shows that the unique features of financial sector supervision point to a more complex system of accountability arrangements than, for instance, the conduct of monetary policy. Finally, the paper discusses specific arrangements that can best secure the objectives of accountability and, thus, independence. Our findings have a wider application than financial sector supervision.
Description : Policymakers are often reluctant to grant independence to the agencies that regulate and supervise the financial sector because of the fear that these agencies, with their wide-ranging responsibilities and powers, could become a law unto themselves. This pamphlet describes mechanisms for making regulatory agencies accountable not only to the government but also to the industry they supervise and the public at large, with examples from a range of countries.
Description : This paper examines the relationship between the quality of banking supervision and governance of the supervisory agency, based on assessments of the Basel Core Principles and the IMF Code on Transparency in Financial Policies, covering 116 and 53 countries, respectively, with 51 common to both. We find a positive correlation between the transparency of the supervisor and the effectiveness of banking supervision; moreover, better accountability and integrity practices of the banking supervisors are associated with higher independence, which in turn is associated with better compliance with the Basel Core Principles. These results are largely robust to different stages of financial development.
Description : Over the past two decades, there has been a clear trend toward integrating the regulation and supervision of banks, nonbank financial institutions, and securities markets. This paper reviews the international experience with integrated supervision. We survey the theoretical arguments for and against the integrated supervisory model, and use data on compliance with international standards to assess the validity of some of these arguments. We find that (i) full integration is associated with higher quality of supervision in insurance and securities and greater consistency of supervision across sectors, after controlling for the level of development; and (ii) fully integrated supervision is not associated with a significant reduction in supervisory staff.
Description : The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Description : The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.
Description : The Lean concepts and principles described in this book have revolutionized manufacturing practice and business conduct in a manner similar to what Henry Ford’s system did for mass manufacturing. Lean production however, involves much more than the adoption of methods and procedures, it requires a change in management philosophy that emphasizes relationship building, trust, and responsibility being conferred to frontline workers and suppliers. Based on three decades of teaching experience, Lean Production for a Competitive Advantage: A Comprehensive Guide to Lean Methodologies and Management Practices introduces the Lean philosophy and illustrates the effective application of Lean tools with real-world case studies. From fundamental concepts to integrated planning and control in pull production and the supply chain, the text provides a complete introduction to Lean production. Coverage includes small batch production, setup reduction, pull production, preventive maintenance, standard operations, as well as synchronizing and scheduling lean operations. Detailing the key principles and practices of Lean production, the text also: Illustrates effective implementation techniques with case studies from a range of industries Includes questions and completed problems in each chapter Explains how to effectively partner with suppliers and employees to accomplish productivity goals Designed for students who have a basic foundation in production and operations management, the text provides a thorough understanding of the fundamental principles of Lean. It also offers practical know-how for implementing a culture of continuous improvement on the shop floor or in the office, creating a heightened sense of responsibility and pride in all stakeholders involved, and enhancing productivity and efficiency to improve the bottom line. Instructor’s material available – please contact: email@example.com or call 1-800-634-7064 to request these materials.
Description : This classic volume achieves a remarkable width of appeal without sacrificing scientific accuracy or depth of analysis. It is a valuable contribution to the study of business efficiency which should be read by anyone wanting information about the developments and place of management, and it is as relevant today as when it was first written. This is a practical book, written out of many years of experience in working with managements of small, medium and large corporations. It aims to be a management guide, enabling readers to examine their own work and performance, to diagnose their weaknesses and to improve their own effectiveness as well as the results of the enterprise they are responsible for.
Description : This market-leading text is ideal for both the two-year and four-year college introductory Human Resource Management course, and is a useful choice in courses with non-majors as well as HR majors. This text may be used in either quarter or semester programs. This course is typically an elective for two-year schools and business majors at four-year programs.