Unwinding Financial Sector Interventions

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Unwinding Financial Sector Interventions

Mr.Michael G. Papaioannou,Mr.Udaibir S Das
Unwinding Financial Sector Interventions Book PDF

Author : Mr.Michael G. Papaioannou,Mr.Udaibir S Das
Publisher : International Monetary Fund
Page : 94 pages
File Size : 48,6 Mb
Release : 2010-10-04
Category : Business & Economics
ISBN : 9781589069893

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Unwinding Financial Sector Interventions by Mr.Michael G. Papaioannou,Mr.Udaibir S Das Pdf

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
The Long Shadow of the Global Financial Crisis Public Interventions in the Financial Sector Book PDF

Author : Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
Publisher : International Monetary Fund
Page : 90 pages
File Size : 51,6 Mb
Release : 2019-07-30
Category : Business & Economics
ISBN : 9781513508337

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The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

Exiting from Crisis Intervention Policies

International Monetary Fund
Exiting from Crisis Intervention Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 43 pages
File Size : 54,6 Mb
Release : 2010-04-02
Category : Business & Economics
ISBN : 9781498337892

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Exiting from Crisis Intervention Policies by International Monetary Fund Pdf

This paper identifies broad principles for exiting from extraordinary and unprecedented crisis-related intervention policies implemented by countries across the globe following the onset of the crisis in the summer of 2007. It responds to the requests of the IMFC and the Board to make Fund advice and views on exiting from crisis-related intervention measures more concrete. Drawing on previous and ongoing work by staff, it mostly focuses on medium and large advanced and emerging market economies, in which interventions have been more substantial.

IMF Publications Catalog, Spring 2018

International Monetary Fund. Communications Department
IMF Publications Catalog Spring 2018 Book PDF

Author : International Monetary Fund. Communications Department
Publisher : International Monetary Fund
Page : 36 pages
File Size : 55,9 Mb
Release : 2018-04-16
Category : Electronic
ISBN : 9781484349816

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IMF Publications Catalog, Spring 2018 by International Monetary Fund. Communications Department Pdf

This paper explains the IMF eLibrary simplifies analysis and research with online access to the IMF’s periodicals, books, working papers and studies, and data and statistical tools. This full collection contains material dating back to 1946. It is a vital source of information for researchers, professionals, and students in economics, law, business, international affairs, environment and natural resource management, inclusion, gender and labor issues, and much more. Full access to the AREAER Online database is included with all eLibrary subscriptions. The Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) tracks the exchange and trade regimes of members of the International Monetary Fund. AREAER Online allows users to search policy components back to 1999. Users can track how policies have changed over time or compare rules and restrictions by country and region. Microsites help researchers and professionals who are less familiar with IMF content easily find the resources they need.

IMF Publications Catalog, Fall/Winter 2018

International Monetary Fund. External Relations Dept.
IMF Publications Catalog Fall Winter 2018 Book PDF

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 36 pages
File Size : 50,6 Mb
Release : 2018-09-06
Category : Electronic
ISBN : 9781484375495

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IMF Publications Catalog, Fall/Winter 2018 by International Monetary Fund. External Relations Dept. Pdf

This paper focuses on several IMF publications published in the winter of year 2018. Realizing Indonesia’s Economic Potential book uncovers some of the forces that are likely to shape Indonesia’s economy. It analyses the constraints to growth, propose options to boost economic growth, and explore key issues policymakers will need to handle in the future. The ASEAN Way: Sustaining Growth and Stability book provides a comprehensive account of how Association of Southeast Asian Nations, its individual members and as a group, rose above its worst regional financial crisis 20 years ago, to become one of the most resilient in the face of the worst global financial crisis just a decade later. The challenges faced and the policy responses taken, chronicled and analyzed in this study, can hopefully provide further lessons as we face a new global policy paradigm. It is a must-read for academics, the financial community, and policymakers alike.

Crisis-Related Measures in the Financial System and Sovereign Balance Sheet Risks

International Monetary Fund
Crisis Related Measures in the Financial System and Sovereign Balance Sheet Risks Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 51 pages
File Size : 45,6 Mb
Release : 2009-07-31
Category : Business & Economics
ISBN : 9781498335751

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Crisis-Related Measures in the Financial System and Sovereign Balance Sheet Risks by International Monetary Fund Pdf

This paper examines the fiscal and financial risk implications of support measures in a sovereign balance sheet framework, making the point that the ultimate fiscal cost will depend on how balance sheets are managed—both in the near-term and as governments develop unwinding strategies. It suggests some key principles for efficient and transparent management of new assets, liabilities, and associated risks, and for moving toward an orderly disengagement.

Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies

Mr.Christian H Ebeke,Nemanja Jovanovic,Ms.Laura Valderrama,Jing Zhou
Corporate Liquidity and Solvency in Europe during COVID 19 The Role of Policies Book PDF

Author : Mr.Christian H Ebeke,Nemanja Jovanovic,Ms.Laura Valderrama,Jing Zhou
Publisher : International Monetary Fund
Page : 48 pages
File Size : 42,6 Mb
Release : 2021-03-02
Category : Business & Economics
ISBN : 9781513570914

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Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies by Mr.Christian H Ebeke,Nemanja Jovanovic,Ms.Laura Valderrama,Jing Zhou Pdf

The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).

Systemic Banking Crises Revisited

Mr.Luc Laeven,Mr.Fabian Valencia
Systemic Banking Crises Revisited Book PDF

Author : Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 48 pages
File Size : 43,8 Mb
Release : 2018-09-14
Category : Business & Economics
ISBN : 9781484376379

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Systemic Banking Crises Revisited by Mr.Luc Laeven,Mr.Fabian Valencia Pdf

This paper updates the database on systemic banking crises presented in Laeven and Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe during 1970-2017, the database includes information on crisis dates, policy responses to resolve banking crises, and the fiscal and output costs of crises. We provide new evidence that crises in high-income countries tend to last longer and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees and expansionary macro policies than crises in low- and middle-income countries. We complement the banking crises dates with sovereign debt and currency crises dates to find that sovereign debt and currency crises tend to coincide or follow banking crises.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 46,7 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

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 : 53,9 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.

Lessons and Policy Implications from the Global Financial Crisis

Mr.Luc Laeven,Ms.Deniz Igan,Mr.Stijn Claessens,Mr.Giovanni Dell'Ariccia
Lessons and Policy Implications from the Global Financial Crisis Book PDF

Author : Mr.Luc Laeven,Ms.Deniz Igan,Mr.Stijn Claessens,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 42 pages
File Size : 53,5 Mb
Release : 2010-02-01
Category : Business & Economics
ISBN : 9781451963021

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Lessons and Policy Implications from the Global Financial Crisis by Mr.Luc Laeven,Ms.Deniz Igan,Mr.Stijn Claessens,Mr.Giovanni Dell'Ariccia Pdf

The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.

South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
South Africa Financial Sector Assessment Program Technical Note on Banking Regulation and Supervision Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 49 pages
File Size : 47,9 Mb
Release : 2022-06-17
Category : Business & Economics
ISBN : 9798400214578

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South Africa: Financial Sector Assessment Program-Technical Note on Banking Regulation and Supervision by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

The implementation of a twin peaks model represents a significant change to the South African financial supervisory architecture. The Prudential Authority (PA), operating within the administration of the South African Reserve Bank (SARB), is responsible for promoting and enhancing the safety and soundness of financial institutions that provide financial products and securities services. A separate authority, the Financial Sector Conduct Authority2 (FSCA), is responsible for market conduct regulation and supervision. The introduction of the twin peaks architecture was motivated by a need to increase the robustness of the financial sector regulatory and supervisory system, reinforce financial stability, improve protection of customers, and enhance cooperation among the regulators.

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
The Long Shadow of the Global Financial Crisis Public Interventions in the Financial Sector Book PDF

Author : Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro
Publisher : International Monetary Fund
Page : 90 pages
File Size : 40,7 Mb
Release : 2019-07-30
Category : Business & Economics
ISBN : 9781513509433

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The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector by Ms.Deniz O Igan,Hala Moussawi,Alexander F. Tieman,Ms.Aleksandra Zdzienicka,Mr.Giovanni Dell'Ariccia,Mr.Paolo Mauro Pdf

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

“Lost Decade” in Translation - What Japan’s Crisis could Portend about Recovery from the Great Recession

Mr.Murtaza H. Syed,Kiichi Tokuoka,Mr.Kenneth Kang
Lost Decade in Translation What Japan s Crisis could Portend about Recovery from the Great Recession Book PDF

Author : Mr.Murtaza H. Syed,Kiichi Tokuoka,Mr.Kenneth Kang
Publisher : International Monetary Fund
Page : 42 pages
File Size : 46,8 Mb
Release : 2009-12-01
Category : Business & Economics
ISBN : 9781451874273

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“Lost Decade” in Translation - What Japan’s Crisis could Portend about Recovery from the Great Recession by Mr.Murtaza H. Syed,Kiichi Tokuoka,Mr.Kenneth Kang Pdf

Is the recovery from the global financial crisis now secured? A strikingly similar crisis that stalled Japan's growth miracle two decades ago could provide some clues. This paper explores the parallels and draws potential implications for the current global outlook and policies. Japan's experiences suggest four broad lessons. First, green shoots do not guarantee a recovery, implying a need to be cautious about the outlook. Second, financial fragilities can leave an economy vulnerable to adverse shocks and should be resolved for a durable recovery. Third, well-calibrated macroeconomic stimulus can facilitate this adjustment, but carries increasing costs. And fourth, while judging the best time to exit from policy support is difficult, clear medium-term plans may help.

El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

International Monetary,International Monetary Fund. Western Hemisphere Dept.
El Salvador 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for El Salvador Book PDF

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 114 pages
File Size : 41,5 Mb
Release : 2022-01-28
Category : Business & Economics
ISBN : 9798400200151

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El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.