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Cover IMF Staff Country Reports
Uruguay: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.
Keywords:
IMF's Statistics Department; administration company; staff team of the International Monetary Fund; Statistics Department of the IMF; CAC assets; Nonbank financial institutions; Offshore financial centers; Financial statements; Financial soundness indicators; Collective action clauses; Global
Cover IMF Working Papers
Pledged Collateral Market's Role in Transmission to Short-Term Market Rates
Mr. Manmohan Singh and Rohit Goel
In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors—or example, in securities-lending and repo markets, and prime brokerage funding—impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse.
Keywords:
WP; rate; central bank; balance sheet; market; central banks balance sheet; monetary policy transmission; collateral velocity; excess reserves; policy rate hike; market rate; securities lender; utility value; collateral market; reverse repo; transmission mechanism; overnight market rate; securities lending; short-term market rate; Collateral; Central bank balance sheet; Financial statements; Securities; Bonds; Global