Assessing the FSAP: Quality, Relevance, and Value Added

This paper examines the technical quality, relevance and usefulness of the Financial Sector Assessment Program (FSAP). The FSAP has become an increasingly sophisticated tool for evaluating the stability of financial systems and, for low- and middle-income countries (with the World Bank), a tool to assess their financial development needs. It is regarded by country authorities as a high quality and rigorous exercise, although the quality does vary. Given that the regulatory pendulum fluctuates between more and less rigorous enforcement, the FSAP can serve to keep national authorities "on their toes," to disseminate cutting-edge techniques for assessing and modelling risk, and to examine cross-border threats to financial stability.

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