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 : 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 : 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 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.
Description : 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 several recent systemic banking crises. In this paper we argue that RSI is important for financial stability for the same reasons that central bank independence is important for monetary stability. The paper lays out four key dimensions of RSI-regulatory, supervisory, institutional and budgetary-and discusses ways to achieve them. We also discuss institutional arrangements needed to make independence work in practice. The key issue in this respect is that agency independence and accountability need to go hand in hand. The paper discusses a number of accountability arrangements.
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 practical guide for new or future practicing healthcare managers explores the customary activities of the manager—planning, organizing, decision making, staffing, motivating, and budgeting—within a variety of health care settings. Students will learn proven management concepts, techniques, models, and tools for managing individuals or teams with skill and ease.
Description : In this first comprehensive departure from the time-and-motion dictums of Frederick Taylor's Shop Management that have influenced management practices for most of this century, Kiyoshi Suzaki offers a framework for successfully conducting business at its most crucial point-the shop floor. Drawing on the principles of holistic management, where organizational boundaries are smashed and co-destiny is created, Suzaki demonstrates how modern shop floor management techniques -- focusing maximum energy on the front line -- can lead to dramatic improvements in productivity and valueadded-to-services. The role of management today, Suzaki argues, is to eliminate its own responsibilities by thinking of the organization from the genba, or shop floor, point of view. In this challenge, Suzaki claims, organizations need to collect the wisdom of people by practicing "Glass Wall Management," where organizations become transparent, enabling employees to contribute maximum creativity as opposed to blocking their potential with what he calls "Brick Wall Management." Further, to empower individuals to selfmanage their work and satisfy their customers, Suzaki asserts that they all should learn to manage their own "mini-company," where everybody is considered president of his or her area of responsibility. Front-line supervisors, Suzaki shows, must develop a mission and goals and share them both up and downstream. He cites examples of the "shop floor point of view" -- McDonald's Corporation's legal staff learning how to sell hamburgers and fix milkshake machines; Honda's human resource staff training on the assembly line -- that narrow the gap between top management and the shop floor. By upgrading people's skills, focusing on empowerment, and streamlining processes, Suzaki illustrates that an organization will realize concrete improvements in quality, cost, delivery, safety, morale, and ultimately, its competitive position.