EFFECTIVENESS OF CENTRAL BANKS AND THEIR ROLE IN THE GLOBAL FINANCIAL CRISIS CASE OF SELECTED ECONOMIES

The Asian Development Bank (ADB) Management requested for a study of central banks in selected developing economies to assess the effectiveness of these institutions in performing their standard roles and functions. This study has been prepared by Shamshad Akhtar, special senior advisor, Office of the President (task manager), and staff consultants Henri Lorie and Arne Petersen, former staff members of the International Monetary Fund, who led the country case work on monetary and financial policies in two South Asia and five Caucasus and Central Asian economies. Financing for the staff consultants was provided by ADB's South Asia Department and Central and West Asia Department (CWRD). I would like to acknowledge the support of regional departments and resident missions that provided logistical support to the missions and who helped in data gathering. ADB headquarters staff members Syed Ali-Mumtaz H. Shah (Sri Lanka), Vivek Rao (Nepal), Jose Antonio Tan III (Afghanistan), and Sona Shrestha (Tajikistan) helped compile evidence of laws and regulations of central banks, and coordinated the data compilation on the banking sector. Sibt-Ul Hasnain Kazmi provided excellent research assistance with the data management and the text's figures. Lyle Raquipiso, CWRD analyst, provided logistics support, both in compiling the region's data and material, and in making travel arrangements to CWRD countries. The report has been edited by East Asia Regional Department consultant, Benedicto Titus Rayco.download