Singapore Financial System Stability Assessment

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Singapore

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 65 pages
File Size : 49,5 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498326124

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

Singapore is a small and very open economy and a major financial center. The financial system is highly integrated into international financial markets and serves as an important regional financial hub. After a period of subdued economic activity, growth accelerated in 2017–18, but is expected to moderate in 2019. To strengthen long-term growth prospects, amid population aging, the government is pursuing a strategy to transform the economy by harnessing emerging digital technologies. In the financial services area, this strategy has put Singapore at the forefront in fintech.

Singapore

Anonim
Singapore Book PDF

Author : Anonim
Publisher : Unknown
Page : 69 pages
File Size : 54,6 Mb
Release : 2013
Category : Banks and banking
ISBN : OCLC:863167679

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Singapore by Anonim Pdf

"The Singapore financial system is highly developed, and well regulated and supervised. Singapore is one of the world's largest financial centers, built around a core of domestic and international banks, and also offers a wide range of non-bank services. The authorities have given strong emphasis to integrity and stability in finance and to compliance with international standards, and have addressed most recommendations made by the 2004 FSAP. Singapore's current regulation and supervision are among the best globally. The Monetary Authority of Singapore (MAS) oversees the entire financial system, and has the analytical and operational capabilities to do so effectively. Singapore is exposed to a broad array of domestic and global risks, especially in light of its interconnectedness with other financial centers. The most pressing vulnerability appears to stem from the rapid growth of credit and real estate prices in recent years, but the financial system is also exposed to possible spillovers from a future tightening of U.S. monetary policy, an economic slowdown in China, or a deterioration of economic conditions in Europe. The team's stress tests suggest that these risks are manageable. This reflects banks' large capital and other cushions, and the decisive macroprudential actions taken by MAS to address the threat of a bubble in the housing sector. Moreover, MAS has sought to address potential spillovers from other major financial centers by converting large retail branches operating in the domestic market into domestically incorporated subsidiaries, and by pressing in international fora for greater sharing of supervisory information on global systemically important financial institutions (G-SIFIs). Looking forward, the analysis suggests the importance of continuing to monitor closely cross-border interbank liabilities, and also of continuing to adjust macroprudential measures in response to domestic housing market conditions"--Abstract.

Singapore

International Monetary Fund
Singapore Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 88 pages
File Size : 47,7 Mb
Release : 2004-04-26
Category : Business & Economics
ISBN : 9781451834222

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Singapore by International Monetary Fund Pdf

Singapore’s financial sector, which is dominated by the banking sector, remains robust despite a series of economic downturns and substantial asset price declines. Economic developments in the past few years have highlighted Singapore’s vulnerability to exogenous shocks, including the outbreak of Severe Acute Respiratory Syndrome (SARS). Systemic liquidity is well managed. Singapore has proactively implemented significant financial sector reforms since 1998. Although it has undergone major structural changes in recent years, Singapore’s financial sector is still dominated by the banking industry.

Singapore

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 103 pages
File Size : 42,5 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498325868

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

This technical note Financial Stability Analysis and Stress Testing on Singapore contributes to the assessment of the stability and soundness of the financial sector with a comprehensive set of risk analyses. The work combines an examination of key risk indicators with detailed stress tests, which simulate the health of banks, insurers, nonfinancial corporates and households under severe yet plausible (counterfactual) adverse scenarios. Scenarios include global financial market turmoil, a major slowdown of economic activity in China, cyber-attacks and extreme flooding. The analyses include simulations of contagion within the international banking network, within the domestic banking system and between different types of financial institutions in the financial system. The stress tests reveal that the financial system is broadly resilient to severe adverse shocks; however, foreign exchange liquidity is a key vulnerability. The analyses suggest that Monetary Authority of Singapore should continue strengthening its surveillance by closing data gaps and developing its analytical tools. Further data collection on domestic interlinkages, household mortgage debt at the borrower level, insurers’ balance sheets would enhance surveillance.

Singapore

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 42 pages
File Size : 42,7 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498326025

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

Macroprudential policy in Singapore has centered on the property market, given the importance of this market for households’ balance sheets, banks’ loan portfolios, and the potential systemic risks. In the last decade, the authorities have been proactive in using property-related macroprudential tools to promote a stable and sustainable property market and to encourage financial prudence among borrowers. The Monetary Authority of Singapore (MAS) is the authority with a macroprudential policy mandate.

Ireland

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 48 pages
File Size : 52,7 Mb
Release : 2016-07-28
Category : Business & Economics
ISBN : 9781475517965

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

This paper discusses key findings of the Financial System Stability Assessment for Ireland. The Irish financial system has strengthened significantly since the crisis and undergone major structural changes. Important vulnerabilities in the banking system relate to the real-estate sector, some parts of the corporate sector, the sovereign, and funding in pound sterling. Pockets of weakness remain, notably among highly leveraged households and smaller domestic firms. Over the medium term, technological innovations and shifts in competitive pressures will throw up challenges to the profitability of both banks and nonbank financial institutions. The U.K. vote to leave the EU is also very likely to have negative effects on the Irish financial system.

People's Republic of China

International Monetary Fund
People s Republic of China Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 126 pages
File Size : 50,8 Mb
Release : 2011-11-14
Category : Business & Economics
ISBN : 9781463924546

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People's Republic of China by International Monetary Fund Pdf

This report discusses the IMF/World Bank Financial Sector Assessment Program (FSAP) exercise for China undertaken during June–December 2010. The assessment concluded that reforms in China have progressed well in moving toward a more commercially oriented financial system. Despite success and rapid growth, China’s financial sector is confronting several near-term risks, structural challenges, and policy-induced distortions. A properly composed and timely implemented set of reforms would help address these challenges. A framework to resolve weak financial institutions on a timely basis is also needed.

Thailand

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 136 pages
File Size : 44,5 Mb
Release : 2019-10-07
Category : Business & Economics
ISBN : 9781513516509

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

This Financial System Stability Assessment paper on Thailand highlights that assets of the insurance and mutual fund sectors have doubled as a share of gross domestic product over the last decade, and capital markets are largely on par with regional peers. The report discusses significant slowdown in China and advanced economies, a sharp rise in risk premia, and entrenched low inflation would adversely impact the financial system. Stress tests results suggest that the banking sector is resilient to severe shocks and that systemic and contagion risks stemming from interlinkages are limited. Financial system oversight is generally strong, but the operational independence of supervisory agencies can be strengthened further. The operational independence of supervisory agencies can be strengthened further by reducing the involvement of the Ministry of Finance in prudential issues and ensuring that each agency has full control over decisions that lie within its areas of responsibility.

People’s Republic of China––Hong Kong Special Administrative Region: Financial System Stability Assessment

International Monetary Fund. Monetary and Capital Markets Department
People s Republic of China Hong Kong Special Administrative Region Financial System Stability Assessment Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 44 pages
File Size : 53,5 Mb
Release : 2014-05-22
Category : Business & Economics
ISBN : 9781498306706

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People’s Republic of China––Hong Kong Special Administrative Region: Financial System Stability Assessment by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Financial System Stability Assessment report on Hong Kong Special Administrative Region (HKSAR) highlights that HKSAR’s financial sector is very well regulated, with the capacity to withstand a diversity of shocks. The sector, however, faces major risks, which puts a significant premium on effective liquidity management, macroprudential oversight, and microprudential supervision. The regulation and supervision framework of the financial sector is of a high caliber, and displays a high level of compliance with international standards, but there remains scope for further strengthening. Financial market infrastructures are highly sophisticated, but further enhancements are needed to fully comply with new international standards.

Austria

International Monetary Fund. European Dept.
Austria Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 71 pages
File Size : 43,8 Mb
Release : 2013-09-10
Category : Business & Economics
ISBN : 9781484356302

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Austria by International Monetary Fund. European Dept. Pdf

This Financial Sector Stability Assessment report reviews economic development and different fiscal policies in Austria. The global crisis has revealed weaknesses in Austria’s financial stability policy framework, and recent changes at the European levels provide an opportunity to address these. Stress test results indicate that under adverse medium-term scenarios, virtually all Austrian banks, including all internationally active institutions, would meet regulatory capital requirements, and are resilient to funding and contagion risks. The Austrian Financial Market Authority (FMA) and the central bank (OeNB) collaborate effectively in performing banking supervision, including on a cross-border basis.

Jamaica

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 87 pages
File Size : 48,7 Mb
Release : 2018-12-03
Category : Business & Economics
ISBN : 9781484387825

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

The macroeconomic environment has improved, reflecting the authorities’ efforts, supported by an IMF arrangement. Previously, years of high fiscal deficits, public enterprise borrowing, and financial sector bailouts led to rapid government debt accumulation, crowded out private credit, increased financial dollarization, and stifled economic growth. Fiscal discipline has been essential to reduce public debt (to about 100 percent of GDP). With government debt accounting for a sizable share of financial institutions’ assets, falling interest rates on government debt are leading to a search for yield. Also, entrenched structural obstacles, including high crime, bureaucratic processes, insufficient labor force skills, and poor access to finance still constrain economic growth. The authorities have made good progress in implementing the 2006 FSAP recommendations. Work on the regulatory framework has significantly advanced in several areas such as securities dealers’ activities, powers to the Bank of Jamaica (BoJ), payment systems, and the introduction of the centralized securities depository. However, the crisis management framework and risk-based supervision work has been lagging.

Singapore

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 32 pages
File Size : 43,5 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498326490

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

The Monetary Authority of Singapore (MAS) is the designated resolution authority for financial institutions, including holding companies and domestic branches of foreign banks. In this role, MAS determines if the conditions for entry into resolution are met and designs and implements the resolution strategy. The Ministry of Finance (MOF) plays only a limited role in the technical decisions concerning bank resolution, intervening when the use of public resources is contemplated. In 2017, the passage of amendments to the MAS Act strengthened the resolution framework. It introduced enhanced resolution powers and strengthened the framework for recovery and resolution of domestic systemically important banks (D-SIBs). These powers are broadly consistent with international best practices as outlined in the Financial Stability Boards (FSB) Key Attributes for Effective Resolution of Financial Institutions. The powers are generally applicable to all financial institutions.

Malaysia

International Monetary Fund. Asia and Pacific Dept
Malaysia Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 51 pages
File Size : 48,7 Mb
Release : 2013-02-28
Category : Business & Economics
ISBN : 9781475588026

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Malaysia by International Monetary Fund. Asia and Pacific Dept Pdf

This assessment is a review of the financial environment of Malaysia. Like many other Asian countries, Malaysia experienced financial distress in the late 1990s, but the country’s policy reforms have moved it to a successful economy. A ten-year financial plan (2001–10) by Bank Negara Malaysia restructured the financial sector. Banks were well capitalized, household debts were strengthened, and securities and insurances were developed. Malaysia thus became the global center for Islamic finance. The authorities look on to a developed Malaysia by 2020.

People’s Republic of China

International Monetary Fund. Monetary and Capital Markets Department
People s Republic of China Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 79 pages
File Size : 48,9 Mb
Release : 2017-12-06
Category : Business & Economics
ISBN : 9781484331286

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People’s Republic of China by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper discusses the findings of the Financial System Stability Assessment (FSAP) for China. Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation. However, tensions have also emerged in various areas of the Chinese financial system. The monetary and fiscal policies aimed at supporting employment and growth have been expansionary in recent years. Pressures to keep nonviable firms open are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. The demand for high-yield investment products coupled with strengthening oversight of the banking sector has also led to regulatory arbitrage and the growth of increasingly complex investment vehicles.

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 : 44,5 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.