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You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Financial regulation and supervision x
  • Economic Development, Innovation, Technological Change, and Growth x
  • General Financial Markets: General (includes Measurement and Data) x
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Cover IMF Working Papers
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Jihad Dagher
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Keywords:
WP; central bank; financial market; political economy; banking sector; Financial Regulation; Financial Crises; Boom-Bust Cycles; Glass-Steagall Act; financial bubble; ruling party; share price; joint stock; crony capitalism; plain vanilla; stock index; bubble company; joint-stock bank; incumbent governments policy; government sponsorship; Housing; Global financial crisis of 2008-2009; Banking crises; Global; South America
Cover Global Financial Stability Report, April 2011
Global Financial Stability Report, April 2011
Durable Financial Stability: Getting There from Here
International Monetary Fund. Monetary and Capital Markets Department

Abstract

Despite ongoing economic recovery and improvements in global financial stability, structural weaknesses and vulnerabilities remain in some important financial systems. The April 2011 Global Financial Stability Report highlights how risks have changed over the past six months, traces the sources and channels of financial distress with an emphasis on sovereign risk, notes the pressures arising from capital inflows in emerging economies, and discusses policy proposals under consideration to mend the global financial system.

Keywords:
GFSR; bottom; economic structure; credit default swap; funding disruption; liquidity risk; emerging market bond Index; staff assessment; commercial paper; IMF country classification; Mortgages; Liquidity risk; Housing prices; Housing; Emerging and frontier financial markets; Global; Middle East; Europe; Asia and Pacific; North Africa; mortgage loan; short-term debt; mortgage market; long-term debt; credit growth; liquidity shortfall; Systemic risk; Caribbean
Cover IMF Staff Country Reports
Philippines: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation Assessment
International Monetary Fund
This report reviews the Financial Sector Assessment Program of the Philippines on International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. The report was prepared by a staff team of the International Monetary Fund and the World Bank as part of the Financial Sector Assessment Program for the Philippines. It assesses the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the IOSCO Objectives and Principles of Securities Regulation.
Keywords:
ISCR; CR; investment house; investment company; PSE rule; regulatory authority; shareholders' meeting; enforcement power; SRC rule; market structure; SEC rule; SEC sanction; SEC form; insider trading; oversight authority; Brokers and dealers; Securities; Securities regulation; Financial statements; Housing
Cover IMF Working Papers
Economic and Legal Considerations of Optimal Privatization: Case Studies of Mortgage Firms (DePfa Group and Fannie Mae)
Mr. John R. Garrett, Hans-Joachim Beyer, and Ms. Claudia H Dziobek
Successful privatization must be accompanied by the complete removal of privileges and any public policy mission. Bank behavior changes rapidly as profit maximation replaces the bureaucratic objective function. Once privileges are granted, they are difficult to remove. Therefore, privatization is a one-time (nonreversible) operation. The German mortgage bank, DePfa, went through a carefully planned and lengthy privatization process that was successful. Fannie Mae, the U.S. mortgage firm, became a privately owned institution endowed with special privileges, which led to a quasi-monopoly position. This resulted in suboptimal financial sector performance. Fannie Mae’s special privileges have proven resistant to reform efforts.
Keywords:
WP; mortgage bank; ownership structure; equity position; Fannie Mae securities; mortgage bond; policy function; privatization permit DePfa; rent-seeking strategy; Privatization; financial regulation; state banks; Fannie Mae; DePfa; Mortgage backed securities; asset growth; supervisory authority; mortgage lending; return on equity; Mortgages; Securities; Housing; Capital adequacy requirements; Europe