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International Monetary Fund. External Relations Dept.

The sometimes heated debate over the effectiveness of increased aid has typically centered on what recipient countries can do to make the best use of it. But donors can play a more constructive role, too. A new IMF Working Paper takes a closer look at the implications of long-term changes in the volume, form, and types of aid and argues that donor choices can make a difference.

International Monetary Fund. External Relations Dept.

On October 9, IMF Manager Director Horst Köhler nominated Takatoshi Kato, Japan’s former Vice Minister of Finance for International Affairs, to the position of Deputy Managing Director, effective February 1, 2004. Kato, currently Advisor to the President of the Bank of Tokyo-Mitsubishi and a Visiting Professor at Waseda University, will succeed Shigemitsu Sugisaki, who has served as IMF Deputy Managing Director since February 1997.

Mr. R. B. Johnston, Mr. Balázs Horváth, Mr. Luca Errico, and Ms. Jingqing Chai
This paper examines the regulatory and supervisory implications stemming from the dominance of large and complex financial institutions, drawing on the recent Financial Sector Assessment Program (FSAP) mission work on Sweden. The analysis highlights the importance of consolidated supervision, of a greater emphasis on effective management and corporate governance structures, and of measures strengthening the disciplinary role of the private sector. It calls for developing credible liquidity and crisis management arrangements through appropriate attention to the cross-product and cross-border nature of large and complex financial institution (LCFI) operations. Strengthened supervisory and regulatory responses will enable financial markets to better assess the nature and sources of residual risks they have to face and, on this basis, to develop more effective risk-mitigating measures.