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Pelin Berkmen, Ms. Kimberly Beaton, Mr. Dmitry Gershenson, Mr. Javier Arze del Granado, Kotaro Ishi, Marie Kim, Emanuel Kopp, and Mrs. Marina V Rousset
In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.
International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Statistics Dept.
This note provides guidance on use of third-party indicators (TPIs) in Fund reports, in line with the policy endorsed by the Board in November 2017.
Cheng Hoon Lim, Mr. Alexander D Klemm, Ms. Sumiko Ogawa, Mr. Marco Pani, and Claudio Visconti
Many countries in Latin America and the Caribbean now publish financial stability reports. This study reviews their latest issues to assess their content, quality, and transparency. While some reports provide a strong analysis of risks and vulnerabilities, there are significant cross-country differences, and many reports could be improved by adopting a more comprehensive, forward-looking, and thematic assessment of financial stability. A well thought out communication strategy, including a regular and predictable publication schedule and an easily accessible website, is also important to enhance the impact of the reports. Data gaps, particularly at the disaggregated level, are material and need to be urgently addressed.
International Monetary Fund
The Seventh PMR includes: (i) a discussion of progress made over the last year on the actions corresponding to four Management Implementation Plans (MIPs) that were classified as still “in progress” in the previous PMR; and (ii) an assessment of the progress made in achieving the high-level objectives in three areas directly related to those MIPs. In addition, an update on substantive issues related to five older MIPs agreed since 2007 is provided at the end of the report. Three new evaluations have been completed by the IEO since March 2014. In July and August 2015, Management issued the MIPs in response to these evaluations. Given that only a short time has passed since their completion, progress in addressing the actions contemplated in those MIPs will be discussed in the next PMR.
International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

Ms. Izabela Karpowicz
Financial inclusion has been one of the key pillars of Colombia’s development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that lower the financial participation cost.
International Monetary Fund. Independent Evaluation Office

Abstract

La Oficina de Evaluación Independiente (OEI) fue creada por el Directorio Ejecutivo del FMI en 2001. Proporciona evaluaciones objetivas e independientes sobre asuntos relacionados con el FMI. La OEI opera con independencia de la Gerencia y sin interferencias del Directorio Ejecutivo del FMI. Véase más información sobre las actividades de la OEl en su sitio web: www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

Le Bureau indépendant d’évaluation (BIE) a été créé en 2001 par le conseil d'administration du FMI. Il évalue de manière objective et indépendante des questions liées au FMI. Le BIE fonctionne en toute indépendance de la direction et du Conseil d’administration du FMI. Pour en savoir plus sur les activités du BIE, visitez son site web : www.ieo-imf.org.

International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation examines factors influencing the effectiveness of the IMF structural conditionality in bringing about structural reform. It assesses the impact of the streamlining initiative launched in 2000 and of the 2002 Conditionality Guidelines. These guidelines aimed at reducing the volume and scope of structural conditionality by requiring “parsimony” in the use of conditions and stipulated that conditions must be “critical” to the achievement of the program goals. The evaluation finds that during the period 1995–2004, there was extensive use of structural conditionality in IMF-supported programs, with an average of 17 conditions per program/year.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

A distinguishing feature of emerging market crises in recent years has been the sudden disruption in the capital accounts of the economy. These crises have highlighted the need for closer attention to macroeconomic vulnerabilities in sectoral balance sheets. This book enhances application of the balance sheet approach to surveillance by taking advantage of new data sets that provide detailed, frequent, and timely financial statistics.