This paper analyzes recent trends in, and determinants of, financial supervisory governance
inside and outside central banks. We first review the case for supervisory independence and
accountability in order to frame the econometric work on their determinants. We then
calculate the levels of supervisory independence and accountability in 55 countries,
disentangling similarities and differences among central banks and pure financial
supervisors. The empirical analysis of the determinants indicates that the quality of public …