Front Matter

Front Matter

Author(s):
Paul Hilbers, Alfredo Leone, Mahinder Gill, and Owen Evens
Published Date:
April 2000
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    © 2000 International Monetary Fund

    Production: IMF Graphics Section

    Typesetting: Alicia Etchebarne-Bourdin

    Library of Congress Cataloging-in-Publication Data

    Macroprudential indicators of financial system soundness/by a staff team led

    by Owen Evans…[et al.].

    p. cm.—(Occasional paper; no. 192)

    • Includes bibliographical references.

    • ISBN 1-55775-891-3

    1. Financial institutions—Auditing. 2. Bank examination. I. Evans, Owen, date. II. International Monetary Fund. III. Occasional paper (International Monetary Fund); no. 192.

    HF5686.F46 M333 2000

    657’.8333045—dc21

    00-037013

    CIP

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    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (for example, 1998–99 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (for example, 1998/99) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    The international financial turmoil of the second half of the 1990s has provoked much reflection and analysis within the international community on ways to strengthen the international financial system. Together with other international organizations, national authorities, and the private sector, the IMF has been working on a series of initiatives intended to contribute to a more stable and efficient financial system, and toward better preparedness to address future systemic problems. Among these initiatives are the ongoing efforts to develop and use macroprudential indicators—defined broadly as indicators of the health and stability of financial systems. This paper aims to lake stock of current knowledge in the area of macroprudential indicators—notably, analytical, identification, and measurement issues—with a view to providing reference material for national authorities, the private sector, and other users of macroprudential indicators. The paper also looks at issues related to the use of macroprudential indicators in IMF surveillance, and possible ways to encourage their dissemination through the IMF Special Data Dissemination Standard or in other ways.

    The material in this paper was originally prepared for discussion at a September 1999 consultative meeting at the IMF with high-level experts from central banks, supervisory agencies, international financial institutions, academia, and the private sector. A revised paper reflecting the results of the consultative meeting was used in discussions in the IMF’s Executive Board in January 2000. The final paper has further benefited from comments by Executive Directors and colleagues in the IMF.

    The paper was prepared under our direction by a joint staff team led by Owen Evans, Alfredo M. Leone, Mahinder Gill, and Paul Hilbers, and consisting of Winfrid Blaschke, Russell Krueger, Marina Moretti, Jun Nagayasu, Mark O’Brien, Joy ten Berge, and DeLisle Worrell. We would like to pay a special tribute to the late Owen Evans, who together with V. Sundararajan, was a major initiator of this project. We would like to thank Helen Chin of the External Relations Department for editing and coordinating production of this Occasional Paper. The views expressed in this paper are those of IMF staff and do not necessarily reflect the views of national authorities or of IMF Executive Directors.

    Carol S. Carson

    Director

    Statistics Department

    Stefan Ingves

    Director

    Monetary and Exchange Affairs

    Department

    List of Abbreviations

    BCBS

    Basel Committee on Banking Supervision, BIS

    BIS

    Bank for International Settlements

    BSC

    Banking Supervision Committee, ECB

    CGFS

    Committee on the Global Financial System, BIS

    CPSS

    Committee on Payment and Settlement Systems, BIS

    DSBB

    Dissemination Standards Bulletin Board

    ECB

    European Central Bank

    EMU

    Economic and Monetary Union, EU

    ESA95

    European System of Accounts, 1995

    ESCB

    European System of Central Banks

    EU

    European Union

    FDIC

    Federal Deposit Insurance Corporation

    FIMS

    Financial Institutions Monitoring System

    FSA

    Financial Sector Assessment

    FSAP

    Financial Sector Assessment Program

    FSF

    Financial Stability Forum

    FSSA

    Financial System Stability Assessment

    G-7

    Group of Seven

    G-10

    Group of Ten

    GDDS

    General Data Dissemination System

    GMS

    Growth Management System

    IAIS

    International Association of Insurance Supervisors

    IOSCO

    International Organization of Securities Commissions

    MAE

    Monetary and Exchange Affairs Department, IMF

    MPI

    Macroprudential Indicator

    MUFA

    Monetary Union Financial Accounts

    OCC

    Office of the Comptroller of the Currency

    OECD

    Organization for Economic Cooperation and Development

    SDDS

    Special Data Dissemination Standard

    SNA

    System of National Accounts

    SNA93

    System of National Accounts, 1993

    STA

    Statistics Department, IMF

    UBSS

    Uniform Bank Surveillance System

    VaR

    Value at Risk

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