Financial stability reviews: A first empirical analysis

Between 1996 and 2005 the number of central banks that publish a financial stability review (FSR) increased from 1 to 40. A FSR may contribute to financial stability, increase accountability of authorities responsible for financial stability, and strengthen co-operation between the various authorities. The occurrence of a banking crisis in the past, income per capita, and European Union membership increase the likelihood that a FSR is published. The content of FSRs differs widely; on average only 33% of the indicators as suggested by the IMF is actually published. The amount of information provided seems unrelated to the health of the banking system.