IMF Working Papers

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

By Ashraf Khan

August 2, 2018

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Ashraf Khan. Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors, (USA: International Monetary Fund, 2018) accessed October 8, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor’s independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF’s Central Bank Legislation Database. The paper also uses data from the IMF’s Article IV and FSAP Database, and the IMF MCM’s Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of “appropriate legal protection” and “function-specific legal protection” as topics for further research.

Subject: Banking, Central bank autonomy, Central bank governance, Central bank legislation, Central banks, Financial regulation and supervision, Legal support in revenue administration, Revenue administration

Keywords: Asia and Pacific, Central bank, Central bank autonomy, Central bank governance, Central bank governor, Central bank law, Central bank legislation, Central bank liability, Central bank liability standard, Central bank staff, Central bank website, Central banking, Civil servant statute, Country, Financial regulation, Financial supervision, Financial supervisor, Global, Government, Immunity, Indemnification arrangement, Law, Legal support in revenue administration, Liability, Liability regime, Liability standard, Monetary policy, Staff, State agency, State liability, Technical assistance, WP

Publication Details

  • Pages:

    42

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

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  • Series:

    Working Paper No. 2018/176

  • Stock No:

    WPIEA2018176

  • ISBN:

    9781484372272

  • ISSN:

    1018-5941