Strengthening Financial Systems in Developing Countries : The Case for Incentives-Based Financial Sector Reforms

Bossone, Biagio ; Promisel, Larry

World Bank, Washington, DC

关键词: ACCOUNTABILITY;    ACCOUNTING;    ACCOUNTING PRACTICES;    ACCOUNTING PRINCIPLES;    AFFILIATES;   

RP-ID  :  71849

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

An international cooperative effort hasbeen focused on the need to reduce financial fragility andsystemic risks in global financial markets. Work isproceeding in three different areas: enhancing financialmarket transparency, improving the international financialarchitecture, and strengthening financial systems.Strengthening financial systems (the focus of this paper)means cooperating to promote principles and sound practicesfor financial stability through development ofwell-functioning financial systems and market discipline.Financial sector reform and development is much more thansetting rules, articulating standards, approvinglegislation, and creating new institutions. All areimportant but ultimately behavior must be changed if thereis to be meaningful and lasting financial reform. For thatreason, this paper emphasizes the role of incentives toinduce appropriate behavior. Developing countries have madeimportant progress toward improved financial supervision inthe past few years. Reforming financial sectors is a lengthyand complex process of institution building and incentivereorientation, whose success requires full ownership of, andparticipation in, the process by society and its government.