publication . Article . 2001

Toward Transparency : New Approaches and Their Application to Financial Markets

Vishwanath, Tara; Kaufmann, Daniel;
Open Access English
  • Published: 01 Apr 2001
  • Publisher: Washington, DC: World Bank
  • Country: United States
Abstract
The 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 i...
Subjects
free text keywords: ACCESS TO INFORMATION, ACCOUNTABILITY, ACCOUNTING, ACCOUNTING PRACTICES, ACCOUNTING STANDARDS, ACCOUNTING SYSTEMS, ADVERSE SELECTION, ARBITRAGE, AUDITING, AUDITORS, AUDITS, BAILOUT, BAILOUTS, BALANCE SHEET, BANK ACTIVITIES, BANK FAILURE, BANK FAILURES, BANK FOR INTERNATIONAL SETTLEMENTS, BANK LOAN, BANK LOAN GUARANTEES, BANK OF ENGLAND, BANK OFFICERS, BANK PANICS, BANK POLICIES, BANK RATINGS, BANK RUNS, BANK SOLVENCY, BANK TRANSPARENCY, BANKING CRISES, BANKING CRISIS, BANKING PRACTICES, BANKING SUPERVISION, BANKING SYSTEMS, BANKRUPTCY, BASLE ACCORD, BENEFICIARIES, BONDS, BORROWING, CAPITAL ADEQUACY, CAPITAL CONTROLS, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL BANKING, CENTRAL BANKS, CONFIDENTIALITY, CONNECTED LENDING, CONTAGION, CONTINGENT LIABILITIES, CORPORATE DISCLOSURE, CREDIBILITY, CREDIT AGENCIES, CREDIT APPROVAL, CREDIT EXPANSION, CREDIT RATIONING, CREDIT-RATING AGENCIES, CREDITORS, CREDITWORTHINESS, DATA QUALITY, DEGREE OF RISK, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT RATES, DEPOSITORS, DEPOSITS, DERIVATIVE, DERIVATIVE INSTRUMENTS, DERIVATIVES, DEVALUATION, DEVELOPING COUNTRIES, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENTS, DISCLOSURE STANDARDS, DISSEMINATION OF INFORMATION, DIVIDENDS, DOMESTIC BANKS, ECONOMIC CONDITIONS, ECONOMIC COSTS, ECONOMIC CRISES, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC STABILITY, EMERGING ECONOMIES, ENFORCEMENT MECHANISMS, EXTERNALITIES, FEDERAL RESERVE, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTEGRATION, FINANCIAL LIBERALIZATION, FINANCIAL MARKET, FINANCIAL MARKET INFORMATION, FINANCIAL MARKETS, FINANCIAL REFORM, FINANCIAL RISK, FINANCIAL SAFETY NETS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL STUDIES, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FINANCIAL TRANSACTIONS, FISCAL POLICY, FLOW OF INFORMATION, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN CURRENCY DEBT, FOREIGN INVESTORS, FULL DISCLOSURE, GLOBAL FINANCIAL INTEGRATION, GLOBAL FINANCIAL SYSTEM, GLOBALIZATION, GOOD GOVERNANCE, GOVERNMENT POLICIES, GOVERNMENT POLICY, GOVERNMENT REGULATION, HEDGE FUNDS, INDUSTRIAL COUNTRIES, INFLATION, INFORMATION ASYMMETRIES, INFORMATION DISCLOSURE, INFORMATION SHARING, INFORMATION SYSTEMS, INNOVATION, INNOVATIVE FINANCING, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL INFRASTRUCTURE, INSTITUTIONAL INVESTORS, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL BANKING, INTERNATIONAL ECONOMICS, INTERNATIONAL MARKET, INTERNATIONAL MARKETS, INTERNATIONAL SETTLEMENTS, INVESTMENT ACTIVITY, LACK OF TRANSPARENCY, LAW ENFORCEMENT, LAWS, LEGAL ENVIRONMENTS, LENDERS, LEVY, LIBERALIZATION OF FINANCIAL MARKETS, LIMITED LIABILITY, LIQUIDITY, LIQUIDITY CRISES, LIQUIDITY POSITION, LOAN, LOAN CLASSIFICATION, LOAN CONTRACTS, LOAN GUARANTEES, LOCAL CURRENCY, MACROECONOMIC POLICY, MANDATES, MARGINAL COST, MARKET DISCIPLINE, MARKET ENVIRONMENT, MARKET EXPECTATIONS, MARKET INFORMATION, MARKET STABILITY, MATURITY, MONETARY FUND, MONETARY POLICY, MORAL HAZARD, NATIONAL SECURITY, NONPERFORMING LOANS, OUTPUT, PENALTIES, PORTFOLIOS, PRICE VOLATILITY, PRIVACY, PRIVATE CREDIT, PROBLEM LOANS, PROFITABILITY, PROPERTY RIGHTS, PUBLIC POLICY, PUBLIC SERVICES, REGULATORY ENVIRONMENT, REGULATORY ENVIRONMENTS, REGULATORY FORBEARANCE, REGULATORY SYSTEM, RENTS, REPUTATION, RESERVES, RESOURCE ALLOCATION, RETURNS, RISK PROFILES, RULE OF LAW, SAFETY, SAFETY NET, SAFETY NETS, SAVINGS, SCANDALS, SELF-REGULATION, SHARE PRICE, SHAREHOLDERS, SOCIAL VALUE, SOLVENCY, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET VOLATILITY, STOCK RETURN, TAX, TAX SYSTEMS, TECHNICAL ASSISTANCE, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, UNEMPLOYMENT, VALUATION, VALUE OF ASSETS, WARRANTS, WEAK ENFORCEMENT, WORLD FINANCIAL MARKETS
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