Publication:
Toward Transparency : New Approaches and Their Application to Financial Markets

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dc.contributor.authorKaufmann, Daniel
dc.contributor.authorVishwanath, Tara
dc.date.accessioned2014-02-20T22:49:47Z
dc.date.available2014-02-20T22:49:47Z
dc.date.issued2001-04
dc.description.abstractThe Asian financial crisis in the late 1990s not only highlighted the welfare consequences of transparency in the financial sector but also linked this relatively narrow problem to the broader context of transparency in governance. It has been observed that objections to transparency, often on flimsy pretexts, are common even in industrialized countries. This article argues that transparency is indispensable to the financial sector and describes its desirable characteristics: access, timeliness, relevance, and quality. The authors emphasize the need to weigh the costs and benefits of a more transparent regulatory policy, and they explore the connection between information imperfections, macroeconomic policy, and questions of risk. The article argues for developing institutional infrastructure, standards, and accounting practices that promote transparency, implementing incentives for disclosure and establishing regulations to minimize the perverse incentives generated by safety net arrangements, such as deposit insurance. Because institutional development is gradual, the authors contend that relatively simple regulations, such as limits on credit expansion, may be the most reasonable option for developing countries. They show that transparency has absolute limits because of the lack of adequate enforcement and argue that adequate enforcement may be predicated on broader reforms in the public sector.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/03/17580032/toward-transparency-new-approaches-application-financial-markets
dc.identifier.citationWorld Bank Research Observer
dc.identifier.doi10.1596/17128
dc.identifier.urihttps://hdl.handle.net/10986/17128
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesWorld Bank Research Observer
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectACCESS TO INFORMATION
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectACCOUNTING PRACTICES
dc.subjectACCOUNTING STANDARDS
dc.subjectACCOUNTING SYSTEMS
dc.subjectADVERSE SELECTION
dc.subjectARBITRAGE
dc.subjectAUDITING
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBAILOUT
dc.subjectBAILOUTS
dc.subjectBALANCE SHEET
dc.subjectBANK ACTIVITIES
dc.subjectBANK FAILURE
dc.subjectBANK FAILURES
dc.subjectBANK FOR INTERNATIONAL SETTLEMENTS
dc.subjectBANK LOAN
dc.subjectBANK LOAN GUARANTEES
dc.subjectBANK OF ENGLAND
dc.subjectBANK OFFICERS
dc.subjectBANK PANICS
dc.subjectBANK POLICIES
dc.subjectBANK RATINGS
dc.subjectBANK RUNS
dc.subjectBANK SOLVENCY
dc.subjectBANK TRANSPARENCY
dc.subjectBANKING CRISES
dc.subjectBANKING CRISIS
dc.subjectBANKING PRACTICES
dc.subjectBANKING SUPERVISION
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCY
dc.subjectBASLE ACCORD
dc.subjectBENEFICIARIES
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKING
dc.subjectCENTRAL BANKS
dc.subjectCONFIDENTIALITY
dc.subjectCONNECTED LENDING
dc.subjectCONTAGION
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE DISCLOSURE
dc.subjectCREDIBILITY
dc.subjectCREDIT AGENCIES
dc.subjectCREDIT APPROVAL
dc.subjectCREDIT EXPANSION
dc.subjectCREDIT RATIONING
dc.subjectCREDIT-RATING AGENCIES
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectDATA QUALITY
dc.subjectDEGREE OF RISK
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSIT RATES
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE INSTRUMENTS
dc.subjectDERIVATIVES
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISCLOSURE OF INFORMATION
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE STANDARDS
dc.subjectDISSEMINATION OF INFORMATION
dc.subjectDIVIDENDS
dc.subjectDOMESTIC BANKS
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC COSTS
dc.subjectECONOMIC CRISES
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC STABILITY
dc.subjectEMERGING ECONOMIES
dc.subjectENFORCEMENT MECHANISMS
dc.subjectEXTERNALITIES
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKET INFORMATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REFORM
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL SAFETY NETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STUDIES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFISCAL POLICY
dc.subjectFLOW OF INFORMATION
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectFOREIGN INVESTORS
dc.subjectFULL DISCLOSURE
dc.subjectGLOBAL FINANCIAL INTEGRATION
dc.subjectGLOBAL FINANCIAL SYSTEM
dc.subjectGLOBALIZATION
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT REGULATION
dc.subjectHEDGE FUNDS
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATION
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMATION SHARING
dc.subjectINFORMATION SYSTEMS
dc.subjectINNOVATION
dc.subjectINNOVATIVE FINANCING
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL INFRASTRUCTURE
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BANKING
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL SETTLEMENTS
dc.subjectINVESTMENT ACTIVITY
dc.subjectLACK OF TRANSPARENCY
dc.subjectLAW ENFORCEMENT
dc.subjectLAWS
dc.subjectLEGAL ENVIRONMENTS
dc.subjectLENDERS
dc.subjectLEVY
dc.subjectLIBERALIZATION OF FINANCIAL MARKETS
dc.subjectLIMITED LIABILITY
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CRISES
dc.subjectLIQUIDITY POSITION
dc.subjectLOAN
dc.subjectLOAN CLASSIFICATION
dc.subjectLOAN CONTRACTS
dc.subjectLOAN GUARANTEES
dc.subjectLOCAL CURRENCY
dc.subjectMACROECONOMIC POLICY
dc.subjectMANDATES
dc.subjectMARGINAL COST
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET ENVIRONMENT
dc.subjectMARKET EXPECTATIONS
dc.subjectMARKET INFORMATION
dc.subjectMARKET STABILITY
dc.subjectMATURITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMORAL HAZARD
dc.subjectNATIONAL SECURITY
dc.subjectNONPERFORMING LOANS
dc.subjectOUTPUT
dc.subjectPENALTIES
dc.subjectPORTFOLIOS
dc.subjectPRICE VOLATILITY
dc.subjectPRIVACY
dc.subjectPRIVATE CREDIT
dc.subjectPROBLEM LOANS
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC SERVICES
dc.subjectREGULATORY ENVIRONMENT
dc.subjectREGULATORY ENVIRONMENTS
dc.subjectREGULATORY FORBEARANCE
dc.subjectREGULATORY SYSTEM
dc.subjectRENTS
dc.subjectREPUTATION
dc.subjectRESERVES
dc.subjectRESOURCE ALLOCATION
dc.subjectRETURNS
dc.subjectRISK PROFILES
dc.subjectRULE OF LAW
dc.subjectSAFETY
dc.subjectSAFETY NET
dc.subjectSAFETY NETS
dc.subjectSAVINGS
dc.subjectSCANDALS
dc.subjectSELF-REGULATION
dc.subjectSHARE PRICE
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL VALUE
dc.subjectSOLVENCY
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET VOLATILITY
dc.subjectSTOCK RETURN
dc.subjectTAX
dc.subjectTAX SYSTEMS
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSPARENCY
dc.subjectUNEMPLOYMENT
dc.subjectVALUATION
dc.subjectVALUE OF ASSETS
dc.subjectWARRANTS
dc.subjectWEAK ENFORCEMENT
dc.subjectWORLD FINANCIAL MARKETS
dc.titleToward Transparency : New Approaches and Their Application to Financial Marketsen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.disclosure2013-04-15
okr.date.doiregistration2025-05-06T11:25:33.149352Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2001/03/17580032/toward-transparency-new-approaches-application-financial-markets
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid136361468152710752
okr.identifier.externaldocumentum000442464_20130415161312
okr.identifier.internaldocumentum17580032
okr.identifier.report76657
okr.journal.nbpages41-57
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/04/15/000442464_20130415161312/Rendered/PDF/766570JRN0WBRO00Box374385B00PUBLIC0.pdfen
okr.peerreviewAcademic Peer Review
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicSocial Protections and Labor::Labor Policies
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.volume16(1)
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