Macroprudential Policy In The Gcc Countries

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Macroprudential Policy in the GCC Countries

Ms.Zsofia Arvai,Ananthakrishnan Prasad,Mr.Kentaro Katayama
Macroprudential Policy in the GCC Countries Book PDF

Author : Ms.Zsofia Arvai,Ananthakrishnan Prasad,Mr.Kentaro Katayama
Publisher : International Monetary Fund
Page : 47 pages
File Size : 43,5 Mb
Release : 2014-02-01
Category : Business & Economics
ISBN : 9781484334430

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Macroprudential Policy in the GCC Countries by Ms.Zsofia Arvai,Ananthakrishnan Prasad,Mr.Kentaro Katayama Pdf

As undiversified commodity exporters, GCC economies are prone to pro-cyclical systemic risk in the financial system. During periods of high hydrocarbon prices, favorable economic prospects make the financial sector keen to lend, leading to higher domestic credit growth and easier access to external financing. Fiscal policy is a very important tool for macroeconomic management, but due to the significant time lags and expenditure rigidities, it has not been a flexible enough tool to prevent credit booms and the build-up of systemic risk in the GCC. This, together with limited monetary policy independence because of the pegged exchange rate, means that macro-prudential policy has a particularly important role in limiting systemic risk in the financial system. This importance is reinforced by the underdeveloped financial markets in the region that provide limited risk management tools and shortcomings in crisis resolution frameworks. This paper will discuss the importance of macro-prudential policy in the GCC countries, look at the experience with macro-prudential policies in the boom/bust cycle in the second half of the 2000s, and use the broad frameworks being developed in the Fund and elsewhere to discuss ways existing frameworks and policy toolkits in the region can be strengthened given the characteristics of the GCC economies.

Gulf Cooperation Council (GCC)—Oil Prices, Financial Stability, and the Use of Countercyclical Macroprudential Policies in the GCC

International Monetary Fund
Gulf Cooperation Council GCC Oil Prices Financial Stability and the Use of Countercyclical Macroprudential Policies in the GCC Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 31 pages
File Size : 46,8 Mb
Release : 2015-10-12
Category : Business & Economics
ISBN : 9781498343909

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Gulf Cooperation Council (GCC)—Oil Prices, Financial Stability, and the Use of Countercyclical Macroprudential Policies in the GCC by International Monetary Fund Pdf

Economic and financial developments in the GCC economies are interwoven with oil price movements. GCC economies are highly dependent on oil and gas exports. Oil price upturns lead to higher oil revenues, stronger fiscal and external positions, and higher government spending. This boosts corporate profitability and equity prices and strengthens bank balance sheets, but can also lead to the buildup of systemic vulnerabilities in the financial sector. Banks in the GCC are well-capitalized, liquid, and profitable at present, and well-positioned to manage structural systemic risks. However, oil-macro-financial linkages mean that asset quality and liquidity in the financial system may deteriorate in a low oil price environment and financial sector stress may emerge. The scope for amplification of oil price shocks through the financial sector suggests a role for a countercyclical approach to macroprudential policies. Countercyclical macroprudential policy can prove useful to reduce the buildup of systemic risks in the financial sector during upswings, and to cushion against disruption to financial services during periods of financial sector stress. The GCC countries have considerable experience with implementing a wide range of macroprudential policies, but these policies have not generally been adjusted through the cycle. GCC central banks implemented several macroprudential measures before the global financial crisis and have continued to enhance their macroprudential frameworks and toolkits to limit systemic financial sector risks. Although there is some evidence of macroprudential tools being adjusted in a countercyclical way, most of the tools have not been adjusted over the financial cycle. Further enhancements to the GCC macroprudential framework are needed to support the countercyclical use of these policies. A comprehensive and established framework, supported by strong institutional capacity, is essential for countercyclical macroprudential policies. This framework should provide clear assignment of responsibilities and guidance on how policies will be implemented to maintain financial stability and manage systemic risks over the financial cycle. Addressing data gaps and the further development of reliable early warning indicators in signaling potential systemic stress are needed to help guide the countercyclical use of a broad set of macroprudential policies. Expanding the countercyclical policy toolkit and its coverage can help address emerging financial sector risks. The implementation of countercyclical capital buffers and dynamic loan loss provisions could boost resilience in line with systemic risks faced in GCC economies. At the same time, using existing macroprudential policies countercyclically would prove useful to address emerging financial sector risks in a more targeted way. Expanding the coverage of macroprudential tools to nonbanks can help boost effectiveness by reducing leakages.

Macroprudential Policy and Financial Stability in the Arab Region

Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez
Macroprudential Policy and Financial Stability in the Arab Region Book PDF

Author : Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez
Publisher : International Monetary Fund
Page : 57 pages
File Size : 45,7 Mb
Release : 2016-05-20
Category : Business & Economics
ISBN : 9781484361917

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Macroprudential Policy and Financial Stability in the Arab Region by Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez Pdf

Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy reliance on the extractive sector for generating fiscal revenues and export earnings translates into increased vulnerabilities to oil price shocks. In the case of oil importers, relatively small external and fiscal buffers make them highly vulnerable to shocks. This paper discusses the experience of Arab countries in implementing macroprudential policies and contains recommendations to strengthen their macroprudential framework.

Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund
Gulf Cooperation Council GCC Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 51,8 Mb
Release : 2013-11-13
Category : Business & Economics
ISBN : 9781498341134

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Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund Pdf

The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.

Key Aspects of Macroprudential Policy

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Key Aspects of Macroprudential Policy Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 62 pages
File Size : 47,6 Mb
Release : 2013-10-06
Category : Business & Economics
ISBN : 9781498341707

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Key Aspects of Macroprudential Policy by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF’s country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.

Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund. Middle East and Central Asia Dept.
Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : INTERNATIONAL MONETARY FUND
Page : 37 pages
File Size : 47,7 Mb
Release : 2020-12-10
Category : Business & Economics
ISBN : 1513563572

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Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund. Middle East and Central Asia Dept. Pdf

The COVID-19 pandemic is having far-reaching consequences for the global economy. Measures to contain the spread of the virus have led to sharp declines in economic activity across the globe, particularly in 2020Q2. The hardest hit sectors have been those requiring intensive human contact, such as tourism, transportation, services, and construction, while, in general, IT-intensive activities have fared better. The economic contraction is most significant in advanced economies. The GCC countries face a double impact from the coronavirus and lower oil prices. GCC authorities have implemented a range of appropriate measures to mitigate the economic damage, including fiscal packages, relaxation of monetary and macroprudential rules, and the injection of liquidity into the banking system, and there are recent signs of improvement. Low oil prices have caused a sharp deterioration of external and fiscal balances, and fiscal strains are evident in countries with higher debt levels.

Monetary Policy Transmission in the GCC Countries

Ananthakrishnan Prasad,Raphael A. Espinoza
Monetary Policy Transmission in the GCC Countries Book PDF

Author : Ananthakrishnan Prasad,Raphael A. Espinoza
Publisher : Unknown
Page : 128 pages
File Size : 40,8 Mb
Release : 2012-05-01
Category : Electronic
ISBN : OCLC:794372628

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Monetary Policy Transmission in the GCC Countries by Ananthakrishnan Prasad,Raphael A. Espinoza Pdf

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates to retail rates is on the low side, reflecting the shallowness of money markets and the manner in which GCC central banks operate. In addition to policy rates, the GCC monetary authorities use reserve requirements, loan-to-deposit ratios, and other macroprudential tools to affect liquidity and credit. Nonetheless, a panel vector auto regression model suggests that U.S. monetary policy has a strong and statistically significant impact on broad money, non-oil activity, and inflation in the GCC region. Unanticipated shocks to broad money also affect prices but do not stimulate growth. Continued efforts to develop the domestic financial markets will increase interest rate pass-through and strengthen monetary policy transmission.

Macroprudential Policy and Financial Stability in the Arab Region

Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez
Macroprudential Policy and Financial Stability in the Arab Region Book PDF

Author : Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez
Publisher : International Monetary Fund
Page : 57 pages
File Size : 42,5 Mb
Release : 2016-05-20
Category : Business & Economics
ISBN : 9781484361641

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Macroprudential Policy and Financial Stability in the Arab Region by Ananthakrishnan Prasad,Heba Abdel Monem,Pilar Garcia Martinez Pdf

Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy reliance on the extractive sector for generating fiscal revenues and export earnings translates into increased vulnerabilities to oil price shocks. In the case of oil importers, relatively small external and fiscal buffers make them highly vulnerable to shocks. This paper discusses the experience of Arab countries in implementing macroprudential policies and contains recommendations to strengthen their macroprudential framework.

Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries

International Monetary Fund. Middle East and Central Asia Dept.
Gulf Cooperation Council Economic Prospects and Policy Challenges for the GCC Countries Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 74 pages
File Size : 45,6 Mb
Release : 2023-12-14
Category : Business & Economics
ISBN : 9798400263279

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Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries by International Monetary Fund. Middle East and Central Asia Dept. Pdf

The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.

Macroprudential Regulation and Policy for the Islamic Financial Industry

Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat
Macroprudential Regulation and Policy for the Islamic Financial Industry Book PDF

Author : Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat
Publisher : Springer
Page : 272 pages
File Size : 48,5 Mb
Release : 2016-05-25
Category : Business & Economics
ISBN : 9783319304458

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Macroprudential Regulation and Policy for the Islamic Financial Industry by Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat Pdf

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

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 : 50,6 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.

Staff Guidance Note on Macroprudential Policy

International Monetary Fund
Staff Guidance Note on Macroprudential Policy Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 50,5 Mb
Release : 2014-06-11
Category : Business & Economics
ISBN : 9781498342629

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Staff Guidance Note on Macroprudential Policy by International Monetary Fund Pdf

This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Saudi Arabia

Mr.Ahmed I Al-Darwish,Naif Alghaith,Mr.Alberto Behar,Mr.Tim Callen,Mr.Pragyan Deb,Mr.Amgad Hegazy,Padamja Khandelwal,Ms.Malika Pant,Mr.Haonan Qu
Saudi Arabia Book PDF

Author : Mr.Ahmed I Al-Darwish,Naif Alghaith,Mr.Alberto Behar,Mr.Tim Callen,Mr.Pragyan Deb,Mr.Amgad Hegazy,Padamja Khandelwal,Ms.Malika Pant,Mr.Haonan Qu
Publisher : International Monetary Fund
Page : 94 pages
File Size : 55,8 Mb
Release : 2015-03-18
Category : Business & Economics
ISBN : 9781498323079

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Saudi Arabia by Mr.Ahmed I Al-Darwish,Naif Alghaith,Mr.Alberto Behar,Mr.Tim Callen,Mr.Pragyan Deb,Mr.Amgad Hegazy,Padamja Khandelwal,Ms.Malika Pant,Mr.Haonan Qu Pdf

Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth

Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead

Ms.May Y Khamis,Mr.Abdelhak S Senhadji
Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead Book PDF

Author : Ms.May Y Khamis,Mr.Abdelhak S Senhadji
Publisher : International Monetary Fund
Page : 28 pages
File Size : 51,5 Mb
Release : 2010-07-21
Category : Business & Economics
ISBN : 9781589065109

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Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead by Ms.May Y Khamis,Mr.Abdelhak S Senhadji Pdf

Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.

Morocco

International Monetary Fund. Independent Evaluation Office
Morocco Book PDF

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 28 pages
File Size : 42,5 Mb
Release : 2016-11-07
Category : Business & Economics
ISBN : 9781475545999

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Morocco by International Monetary Fund. Independent Evaluation Office Pdf

This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Morocco in the area of macroprudential policy, which can play an important role in mitigating financial stability risks in Morocco. The institutional framework is sound, but could be further strengthened. The current institutional setup comprising the Systemic Risk Surveillance and Coordination Committee provides a good framework, but remaining gaps could undermine its ability and willingness to act. Bank Al-Maghrib has recently taken important steps to advance financial stability analysis and develop a macroprudential policy framework. A risk mapping framework is now in place, a Financial Stability Report is now produced, and stress testing has been fine-tuned.