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Mr. Peter Stella

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
The design of the German banking supervision framework is structurally sound, with a robust legislative and operational framework that largely complies with the Basel Core Principles for effective banking supervision (BCP). Various improvements to the German supervisory framework have been implemented, acting on multiple recommendations and initiating improvements in supervisory practices on the basis of lessons from the global financial crisis. Further efforts are needed to make fully operational the improvements initiated in light of the lessons from the global financial crisis.
International Monetary Fund
This paper presents a factual update of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for Switzerland. Overall, there has been substantial progress in implementing Financial Sector Assessment Program recommendations in various areas of securities regulation. In part, changes have been motivated by the need to adapt securities regulations in Switzerland to international developments. The project to unify financial supervision under the Federal Authority for Market Oversight is expected to strengthen the budgetary independence, staffing, and enforcement powers of the supervisor.
Mr. Iryna V. Ivaschenko and Ms. Petya Koeva Brooks
This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time.
Michael Koetter, Mr. Tigran Poghosyan, and Thomas Kick
Based on detailed regulatory intervention data among German banks during 1994-2008, we test if supervisory measures affect the likelihood and the timing of bank recovery. Severe regulatory measures increase both the likelihood of recovery and its duration while weak measures are insignificant. With the benefit of hindsight, we exclude banks that eventually exit the market due to restructuring mergers. Our results remain intact, thus providing no evidence of "bad" bank selection for intervention purposes on the side of regulators. More transparent publication requirements of public incorporation that indicate more exposure to market discipline are barely or not at all significant. Increasing earnings and cleaning credit portfolios are consistently of importance to increase recovery likelihood, whereas earnings growth accelerates the timing of recovery. Macroeconomic conditions also matter for bank recovery. Hence, concerted micro- and macro-prudential policies are key to facilitate distressed bank recovery.
International Monetary Fund


This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1977. The report highlights that after a cessation of economic growth in 1974 and an unusual decline in 1975, real gross national product in the industrial countries expanded by almost 5½ percent in 1976. Increases in the range of 5–6½ percent occurred in all of the larger industrial countries except the United Kingdom. The deep and prolonged international recession that started late in 1973 reached its low point in the first half of 1975.

International Monetary Fund. External Relations Dept.

In a news brief dated March 14, the IMF noted that various allegations have been made about the use of Ukraine’s foreign exchange reserves held by the National Bank of Ukraine (NBU) in 1996-98, before the approval of the current arrangement under the Extended Fund Facility (EFF) on September 4, 1998. Excerpts from News Brief No. 00/15 follow. The full text is available on the IMF’s website (

Mr. Alan A. Tait


This book, by Alan A. Tait, is an examination of VAT. It looks at problems and theoretical options and potential impacts, as well as detailing the practical aspects of implementing new tax structures. The author advances arguments for and against alternative policies and illustrates his study with international examples from Europe, Latin America, Asia, and the Pacific. He suggests that countries can learn from each other's experiencees with VAT.