Financial Sector Governance: The Roles of the Public and Private Sectors / Edition 1

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A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides.

Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.

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Product Details

  • ISBN-13: 9780815752899
  • Publisher: Brookings Institution Press
  • Publication date: 10/15/2002
  • Series: World Bank/IMF/Brookings Emerging Markets Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 400
  • Product dimensions: 5.96 (w) x 9.46 (h) x 1.03 (d)

Meet the Author

Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank. V. Sundararajan is deputy director of the Monetary and Financial Systems Department at the International Monetary Fund.

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Table of Contents

1 Strengthening Financial Sector Governance in Emerging Markets 1
Pt. 1 Governance of the Financial Sector: A Conceptual Framework and Measurement Issues
2 Corporate Governance in Finance: Concepts and International Observations 17
3 Valuing Governance: The "Corruption Premium" in Global Capital Flows 51
4 Public and Private Misgovernance in Finance: Perverse Links, Capture, and Their Empirics 81
Pt. 2 Financial Sector Governance and the Role of the Public Sector
5 Public Sector Governance and the Finance Sector 121
6 Financial Crisis Prevention and Management: The Role of Regulatory Governance 163
Case Study The Governance of Asset Management Companies: Selected Observations 209
Case Study Public Sector Banks and the Governance Challenge: The Indian Experience 235
Pt. 3 Governance Issues and Banks
7 How Can Banks Exert Better Governance on Corporations? The Polish Experience 257
8 New Imperatives in Risk Management: A Commercial Bank's Perspective 267
Case Study How Can Banks Exert Better Governance on Corporations? The Korean Experience 277
Case Study How Can Banks Exert Better Governance on Corporations? The Zimbabwe Experience 285
Pt. 4 Governance Issues and the Capital Market
9 Governance of Investment Funds 303
10 How Effective Are Capital Markets in Exerting Governance on Corporations? 327
11 Governance Issues in Public Pension Fund Management: Preliminary Considerations 371
Case Study Malaysia's Employees Provident Fund and Its Governance: A Critical Review 401
Case Study How Capital Markets Exert Governance on Corporates: Experience in Chile 417
Pt. 5 Summaries of Breakout Sessions
12 Reports to the Plenary Session 425
Governance of Banks by Public Agencies 425
Capital Markets' Governance of Corporations 428
Effective Governance of the Accounting and Legal Professions 430
Asset Management Companies and Governance 431
Contributors 433
Index 435
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