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Andrew Sheng

Asia Rising -- explores Asia's role in the world economy, the challenges faced from globalization, the quest for greater regional financial integration, the problem of lagging investment, and why East Asia performed so much better than Latin America. It also looks at the recovery of Japan and the rise of India and China. The economies of the ASEAN-4 come under the microscope in Country Focus. Other articles examine financial sector reform in Africa and the remaining hurdles to financial integration in the European Union. People in Economics profiles Paul Krugman, Back to Basics focuses on hedge funds, and the Straight Talk column looks at the problem of underdevelopment.

International Monetary Fund. External Relations Dept.

Following are edited excerpts from the closing press conference by Ahmed Macki, Chair of the Annual Meetings; Horst Köhler, IMF Managing Director; and James Wolfensohn, World Bank President, held on September 29. The full text of the press conference is available on the IMF’s website (www.imf.org).

MASAHIKO AOKI and HYUNG-KI KIM

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Ashoka Mody and Shoko Negishi

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

During the second quarter of 2002 and into August, a sharp erosion of investor confidence, increasing risk aversion, and growing concerns about the strength and durability of the economic recovery and the pace and quality of corporate earnings had repercussions in all the major equity, credit, and foreign exchange markets. Still, the global financial system displayed resilience, according to the IMF’s latest Global Financial Stability Report, which concludes that “the most likely outcome is that financial resilience and stability will be maintained.”

International Monetary Fund. Monetary and Capital Markets Department

Abstract

The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build. Financial institutions in advanced economies face a number of cyclical and structural challenges and need to adapt to low growth and low interest rates, as well as to an evolving market and regulatory environment. Weak profitability could erode banks’ buffers over time and undermine their ability to support growth. A cyclical recovery will not resolve the problem of low profitability. More deep-rooted reforms and systemic management are needed, especially for European banks. The solvency of many life insurance companies and pension funds is threatened by a prolonged period of low interest rates. Corporate leverage in emerging market economies remains elevated in some countries, but the current favorable external environment presents an opportunity for overly indebted firms to restructure their balance sheets. The political climate is unsettled in many countries. A lack of income growth and a rise in inequality have opened the door for populist, inward-looking policies. These factors make it even harder to tackle legacy problems and further expose economies and markets to shocks. A potent and more balanced policy mix is needed to deliver a stronger path for growth and financial stability, and avoid slipping into a state of financial and economic stagnation. The report also examines how the rise of nonbank financing has altered the impact of monetary policy and finds that fears of a decline in the effectiveness of monetary policy are unfounded. It appears that the transmission of monetary policy is, if anything, stronger in economies with larger nonbank financial sectors. Finally, the report examines the link between corporate governance, investor protection, and financial stability in emerging market economies. It finds that the improvements over the past two decades have helped bolster the resilience of their financial systems. These benefits strengthen the case for further reform.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

International Monetary Fund
This study reviews selected issues on investor protection and corporate governance in Australia, and concludes that the corporate governance framework for Australian-listed companies is largely healthy and dynamic. Shareholder activism is an important element of corporate governance because it promotes compliance and implementation of disclosure and corporate governance obligations. The legislative and regulatory framework in Australia includes disclosure requirements that meet or exceed the requirements that exist in many other countries. Disclosure and transparency are key components of the OECD Principles of Corporate Governance.
International Monetary Fund
This technical note on Investor Protection, Disclosure, and Financial Literacy for Portugal explains investor protection and corporate governance. Comissão do Mercado de Valores Mobiliários (CMVM) is the regulator in charge on ensuring compliance with disclosure issues as well as the corporate governance framework. It has also participated in the creation of a specialized program in securities at the university level. Portugal has implemented an investor compensation scheme, which covers securities and money in relation to client investment operations with a limit of Euro 25.00 per investor.
International Monetary Fund
This 2004 Article IV Consultation highlights that in recent years, Singapore’s economy has been hit hard by a series of external shocks. These shocks—the Asian crisis, the bursting of the technology bubble, and the SARS outbreak in 2003—disrupted an economic expansion largely uninterrupted since the 1970s. The shocks have come at a time when Singapore is also facing increasing competition from regional low-cost economies. Looking ahead, economic activity is expected to moderate to more sustainable levels in the near term.