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Financial Policy in Practice: Benchmarking Financial Sector Strategies Around the World

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  • Samuel Munzele Maimbo
  • Martin Melecky

Abstract

Policy makers use financial sector strategies to formulate a holistic policy for the national financial system. This article examines and rates financial sector strategies around the world on how well they formulate development targets, arrangements for systemic risk management, and implementing plans. The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management. The rated strategies are then benchmarked against a range of country characteristics. The analysis finds that the scope and quality of national strategies for the financial sector are systematically influenced by several country characteristics. Interestingly, policy trade-offs, particularly between financial development and systemic risk management, are not adequately considered in the strategies.

Suggested Citation

  • Samuel Munzele Maimbo & Martin Melecky, 2016. "Financial Policy in Practice: Benchmarking Financial Sector Strategies Around the World," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(1), pages 204-222, January.
    • Handle: RePEc:mes:emfitr:v:52:y:2016:i:1:p:204-222
    DOI: 10.1080/1540496X.2015.1012396
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    Cited by:

    1. Yıldırım-Karaman, Secil, 2017. "Uncertainty shocks, central bank characteristics and business cycles," Economic Systems, Elsevier, vol. 41(3), pages 379-388.

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