Interconnectedness Of Global Systemically Important Banks And Insurers

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Interconnectedness of Global Systemically-Important Banks and Insurers

Sheheryar Malik,TengTeng Xu
Interconnectedness of Global Systemically Important Banks and Insurers Book PDF

Author : Sheheryar Malik,TengTeng Xu
Publisher : International Monetary Fund
Page : 57 pages
File Size : 48,5 Mb
Release : 2017-09-29
Category : Business & Economics
ISBN : 9781484320716

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Interconnectedness of Global Systemically-Important Banks and Insurers by Sheheryar Malik,TengTeng Xu Pdf

Interconnectedness among global systemically important banks (GSIBs) and global systemically important insurers (GSIIs) has important financial stability implications. This paper examines connectedness among United States, European and Asian GSIBs and GSIIs, using publicly-available daily equity returns and intra-day volatility data from October 2007 to August 2016. Results reveal strong regional clusters of return and volatility connectedness amongst GSIBs and GSIIs. Compared to Asia, selected GSIBs and GSIIs headquartered in the United States and Europe appear to be main sources of market-based connectedness. Total system connectedness—i.e., among all GSIBs and GSIIs—tends to rise during financial stress, which is corroborated by a balance sheet oriented systemic risk measure. Lastly, the paper demonstrates significant influence of economic policy uncertainty and U.S. long-term interest rates on total connectedness among systemically important institutions, and the important role of bank profitability and asset quality in driving bank-specific return connectedness.

Understanding Financial Interconnectedness

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Statistics Dept.
Understanding Financial Interconnectedness Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
Page : 45 pages
File Size : 54,9 Mb
Release : 2010-04-10
Category : Business & Economics
ISBN : 9781498336758

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Understanding Financial Interconnectedness by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Statistics Dept. Pdf

This paper seeks to advance our understanding of global financial interconnectedness by (i) mapping aspects of the architecture of global finance and (ii) investigating critical fault lines related to interconnectedness along which systemic risks were built up and shocks transmitted in the crisis. It thus takes initial steps toward operationalizing enhanced financial sector and macro-financial surveillance called for by the IMF’s Executive Board and by experts such as de Larosiere et al. (2009). Getting a better handle on interconnectedness would strengthen the Fund‘s ability, together with the Financial Stability Board, to track systemic risk concentrations. It would also inform spillover and vulnerability analyses, and sharpen bilateral and multilateral surveillance.

Systemic Risk and the Future of Insurance Regulation

Andromachi Georgosouli,Miriam Goldby
Systemic Risk and the Future of Insurance Regulation Book PDF

Author : Andromachi Georgosouli,Miriam Goldby
Publisher : Taylor & Francis
Page : 237 pages
File Size : 50,8 Mb
Release : 2017-09-19
Category : Law
ISBN : 9781317799962

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Systemic Risk and the Future of Insurance Regulation by Andromachi Georgosouli,Miriam Goldby Pdf

This book examines policy developments that have been occurring in the field of financial regulation and their implications for the insurance industry and markets. With UK and US contributors from academia and legal practice, this book will be essential reading for policy-makers, insurance regulators, insurance and legal professionals as well as students and academics researching and studying insurance law.

Macroprudential Supervision in Insurance

J. Monkiewicz,M. Malecki,Marian Ma?ecki
Macroprudential Supervision in Insurance Book PDF

Author : J. Monkiewicz,M. Malecki,Marian Ma?ecki
Publisher : Springer
Page : 472 pages
File Size : 43,8 Mb
Release : 2014-11-04
Category : Business & Economics
ISBN : 9781137439109

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Macroprudential Supervision in Insurance by J. Monkiewicz,M. Malecki,Marian Ma?ecki Pdf

Macroprudential policies, tools and supervision have become important since the last financial crisis. This book addresses general and methodological issues and provides a framework for the analysis of macroprudential policies and supervision in insurance. It focuses on policy related issues and global level aspects of macroprudential in insurance.

Canada

International Monetary Fund. Monetary and Capital Markets Department
Canada Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 85 pages
File Size : 46,5 Mb
Release : 2019-06-24
Category : Business & Economics
ISBN : 9781498321112

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Canada by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.

Germany

International Monetary Fund. Monetary and Capital Markets Department
Germany Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 118 pages
File Size : 52,5 Mb
Release : 2016-06-29
Category : Business & Economics
ISBN : 9781475577730

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Germany by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools.

Creating a Safer Financial System

José Vinãls,Ceyla Pazarbasioglu,Jay Surti,Aditya Narain,Mrs.Michaela Erbenova,Mr.Julian T. S. Chow
Creating a Safer Financial System Book PDF

Author : José Vinãls,Ceyla Pazarbasioglu,Jay Surti,Aditya Narain,Mrs.Michaela Erbenova,Mr.Julian T. S. Chow
Publisher : International Monetary Fund
Page : 27 pages
File Size : 47,5 Mb
Release : 2013-05-14
Category : Business & Economics
ISBN : 9781484340943

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Creating a Safer Financial System by José Vinãls,Ceyla Pazarbasioglu,Jay Surti,Aditya Narain,Mrs.Michaela Erbenova,Mr.Julian T. S. Chow Pdf

The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

Interconnectedness and Contagion Analysis: A Practical Framework

Mrs.Jana Bricco,Ms.TengTeng Xu
Interconnectedness and Contagion Analysis A Practical Framework Book PDF

Author : Mrs.Jana Bricco,Ms.TengTeng Xu
Publisher : International Monetary Fund
Page : 49 pages
File Size : 55,9 Mb
Release : 2019-10-11
Category : Business & Economics
ISBN : 9781513517858

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Interconnectedness and Contagion Analysis: A Practical Framework by Mrs.Jana Bricco,Ms.TengTeng Xu Pdf

The analysis of interconnectedness and contagion is an important part of the financial stability and risk assessment of a country’s financial system. This paper offers detailed and practical guidance on how to conduct a comprehensive analysis of interconnectedness and contagion for a country’s financial system under various circumstances. We survey current approaches at the IMF for analyzing interconnectedness within the interbank, cross-sector and cross-border dimensions through an overview and examples of the data and methodologies used in the Financial Sector Assessment Program. Finally, this paper offers practical advice on how to interpret results and discusses potential financial stability policy recommendations that can be drawn from this type of in-depth analysis.

Key Aspects of Macroprudential Policy - Background Paper

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Key Aspects of Macroprudential Policy Background Paper Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 64 pages
File Size : 50,7 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341714

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Key Aspects of Macroprudential Policy - Background Paper by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.

Insurance and Issues in Financial Soundness

Nigel Davies,Richard Podpiera,Mr.Udaibir S. Das
Insurance and Issues in Financial Soundness Book PDF

Author : Nigel Davies,Richard Podpiera,Mr.Udaibir S. Das
Publisher : International Monetary Fund
Page : 45 pages
File Size : 40,8 Mb
Release : 2003-07-01
Category : Business & Economics
ISBN : 9781451856002

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Insurance and Issues in Financial Soundness by Nigel Davies,Richard Podpiera,Mr.Udaibir S. Das Pdf

This paper explores insurance as a source of financial system vulnerability. It provides a brief overview of the insurance industry and reviews the risks it faces, as well as several recent failures of insurance companies that had systemic implications. Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. Building on this experience and the experience gained under the FSAP, the paper proposes key indicators that should be compiled and used for surveillance of financial soundness of insurance companies and the insurance sector as a whole.

Stress Testing at the IMF

Mr.Tobias Adrian,Mr.James Morsink,MissLiliana B Schumacher
Stress Testing at the IMF Book PDF

Author : Mr.Tobias Adrian,Mr.James Morsink,MissLiliana B Schumacher
Publisher : International Monetary Fund
Page : 73 pages
File Size : 53,7 Mb
Release : 2020-02-05
Category : Business & Economics
ISBN : 9781513520742

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Stress Testing at the IMF by Mr.Tobias Adrian,Mr.James Morsink,MissLiliana B Schumacher Pdf

This paper explains specifics of stress testing at the IMF. After a brief section on the evolution of stress tests at the IMF, the paper presents the key steps of an IMF staff stress test. They are followed by a discussion on how IMF staff uses stress tests results for policy advice. The paper concludes by identifying remaining challenges to make stress tests more useful for the monitoring of financial stability and an overview of IMF staff work program in that direction. Stress tests help assess the resilience of financial systems in IMF member countries and underpin policy advice to preserve or restore financial stability. This assessment and advice are mainly provided through the Financial Sector Assessment Program (FSAP). IMF staff also provide technical assistance in stress testing to many its member countries. An IMF macroprudential stress test is a methodology to assess financial vulnerabilities that can trigger systemic risk and the need of systemwide mitigating measures. The definition of systemic risk as used by the IMF is relevant to understanding the role of its stress tests as tools for financial surveillance and the IMF’s current work program. IMF stress tests primarily apply to depository intermediaries, and, systemically important banks.

Bank Size and Systemic Risk

Mr.Luc Laeven,Mr.Lev Ratnovski,Mr.Hui Tong
Bank Size and Systemic Risk Book PDF

Author : Mr.Luc Laeven,Mr.Lev Ratnovski,Mr.Hui Tong
Publisher : International Monetary Fund
Page : 34 pages
File Size : 52,8 Mb
Release : 2014-05-08
Category : Business & Economics
ISBN : 9781484363720

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Bank Size and Systemic Risk by Mr.Luc Laeven,Mr.Lev Ratnovski,Mr.Hui Tong Pdf

The proposed SDN documents the evolution of bank size and activities over the past 20 years. It discusses whether this evolution can be explained by economies of scale or “too big to fail” subsidies. The paper then presents evidence on the extent to which bank size and market-based activities contribute to systemic risk. The paper concludes with policy messages in the area of capital regulation and activity restrictions to reduce the systemic risk posed by large banks. The analysis of the paper complements earlier Fund work, including SDN 13/04 and the recent GFSR chapter on “too big to fail” subsidies, and its policy message is in line with this earlier work.

Sweden

International Monetary Fund. Monetary and Capital Markets Department
Sweden Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 61 pages
File Size : 49,7 Mb
Release : 2016-11-17
Category : Business & Economics
ISBN : 9781475554618

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Sweden by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper discusses the findings of the Financial System Stability Assessment for Sweden. The Swedish financial system is large and highly interconnected, putting a premium on the accompanying policy framework. Relative to the size of the domestic economy, the financial system is among Europe’s largest. It features complex domestic and international linkages, reflecting Sweden’s role as a regional financial hub. However, the macrofinancial risks have grown since 2011, for example the rising share of highly indebted households. Stress tests also suggest that banks and nonbanks are largely resilient to solvency shocks, but concerns persist about the ability of bank models to capture unexpected losses.

Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems

Mr.Jorge A. Chan-Lau
Balance Sheet Network Analysis of Too Connected to Fail Risk in Global and Domestic Banking Systems Book PDF

Author : Mr.Jorge A. Chan-Lau
Publisher : International Monetary Fund
Page : 27 pages
File Size : 46,8 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9781455200665

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Balance Sheet Network Analysis of Too-Connected-to-Fail Risk in Global and Domestic Banking Systems by Mr.Jorge A. Chan-Lau Pdf

The 2008/9 financial crisis highlighted the importance of evaluating vulnerabilities owing to interconnectedness, or Too-Connected-to-Fail risk, among financial institutions for country monitoring, financial surveillance, investment analysis and risk management purposes. This paper illustrates the use of balance sheet-based network analysis to evaluate interconnectedness risk, under extreme adverse scenarios, in banking systems in mature and emerging market countries, and between individual banks in Chile, an advanced emerging market economy.

The Handbook of Global Shadow Banking, Volume I

Luc Nijs
The Handbook of Global Shadow Banking Volume I Book PDF

Author : Luc Nijs
Publisher : Springer Nature
Page : 822 pages
File Size : 46,6 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9783030347437

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The Handbook of Global Shadow Banking, Volume I by Luc Nijs Pdf

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.