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United Kingdom
			: Financial Sector Assessment Program-Insurance Sector-Technical Note

United Kingdom : Financial Sector Assessment Program-Insurance Sector-Technical Note »

Volume/Issue: 2016/158

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2016

DOI: http://dx.doi.org/10.5089/9781484393789.002

ISBN: 9781484393789

Keywords: insurance, risk, insurers, solvency, life insurance

This paper provides an assessment of the insurance sector in the United Kingdom. The United Kingdom has one of the deepest, most developed insurance markets in the world. Insurance penetration is 50 percent higher...

Norway
			: Financial Sector Assessment Program-Technical Note-Insurance Sector Stress Tests

Norway : Financial Sector Assessment Program-Technical Note-Insurance Sector Stress Tests »

Volume/Issue: 2015/255

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2015

DOI: http://dx.doi.org/10.5089/9781513576497.002

ISBN: 9781513576497

Keywords: life insurance, solvency, liability, monetary fund

This Technical Note presents key findings of insurance sector stress tests on Norway. Although the financial condition of insurance companies under Solvency I has generally been sound, insurers face major challenge...

Ireland
			: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles

Ireland : Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles »

Volume/Issue: 2015/118

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2015

DOI: http://dx.doi.org/10.5089/9781475586398.002

ISBN: 9781475586398

Keywords: insurance, insurers, reinsurance, central bank, governance

This paper discusses findings of the Detailed Assessment of Observance on the Insurance Core Principles on Ireland. It highlights that the Central Bank of Ireland (CBI) has made significant progress in updating the...

Ireland
			: Report on Observance of Standards and codes (ROSC)

Ireland : Report on Observance of Standards and codes (ROSC) »

Volume/Issue: 2015/117

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2015

DOI: http://dx.doi.org/10.5089/9781475554519.002

ISBN: 9781475554519

Keywords: insurers, risk, reinsurers, life insurers

This paper discusses findings and recommendations of the Report on Observance of Standards and codes for Ireland. The Central Bank of Ireland (CBI) is the integrated financial supervisor in Ireland. As the primary...

Denmark
			: Detailed Assessment of Observance of the Insurance Core Principles

Denmark : Detailed Assessment of Observance of the Insurance Core Principles »

Volume/Issue: 2014/350

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2014

DOI: http://dx.doi.org/10.5089/9781498356466.002

ISBN: 9781498356466

Keywords: insurance, solvency, market, monetary fund, pension

This paper discusses findings of the Detailed Assessment of Observance of the Insurance Core Principles on Denmark. Insurance regulation in Denmark has a good level of compliance with the Insurance Core Principles....

Denmark
			: Report on Observance of Standards and Codes (ROSC)

Denmark : Report on Observance of Standards and Codes (ROSC) »

Volume/Issue: 2014/335

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2014

DOI: http://dx.doi.org/10.5089/9781498376266.002

ISBN: 9781498376266

Keywords: banks, risk, banking, capital, bank

This paper discusses findings of the Report on Observance of Standards and codes for Denmark. Denmark has a high level of compliance with the Basel Core Principles for Effective Banking Supervision. The Danish Fina...

Switzerland
			: Detailed Assessment of Observance-Insurance Core Principles

Switzerland : Detailed Assessment of Observance-Insurance Core Principles »

Volume/Issue: 2014/265

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2014

DOI: http://dx.doi.org/10.5089/9781498332750.002

ISBN: 9781498332750

Keywords: reinsurance, risk management, life insurers, policyholders, life insurance

...

Switzerland
			: Technical Note-Stress Testing the Banking System

Switzerland : Technical Note-Stress Testing the Banking System »

Volume/Issue: 2014/267

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2014

DOI: http://dx.doi.org/10.5089/9781498329576.002

ISBN: 9781498329576

Keywords: banking, credit risk, banking system, banking sector

...

Macroprudential Solvency Stress Testing of the Insurance Sector

Macroprudential Solvency Stress Testing of the Insurance Sector »

Volume/Issue: 2014/133

Series: IMF Working Papers

Author(s): Andreas A. Jobst , Nobuyasu Sugimoto , and Timo Broszeit

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2014

DOI: http://dx.doi.org/10.5089/9781484346365.001

ISBN: 9781484346365

Keywords: macroprudential surveillance, financial stability analysis, underwriting, life insurance, life insurers, insurance activities, General,

Over the last decade, stress testing has become a central aspect of the Fund's bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stabi...

People's Republic of China-Hong Kong Special Administrative Region
			: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance

People's Republic of China-Hong Kong Special Administrative Region : Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance »

Volume/Issue: 2014/206

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2014

DOI: http://dx.doi.org/10.5089/9781498358125.002

ISBN: 9781498358125

Keywords: reinsurance, insurance industry, risk management, policyholders, general insurance

...

Switzerland
			: Financial Sector Stability Assessment

Switzerland : Financial Sector Stability Assessment »

Volume/Issue: 2014/143

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

DOI: http://dx.doi.org/10.5089/9781498340809.002

ISBN: 9781498340809

Keywords: banking, banking sector, private banking, bankers, banking system

This paper discusses key findings of the Financial System Stability Assessment on Switzerland. Stress tests indicate that the Swiss banks are robust against even severe shocks. Banks have increased their capital, a...

Switzerland
			: Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation

Switzerland : Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation »

Volume/Issue: 2014/144

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

DOI: http://dx.doi.org/10.5089/9781498334969.002

ISBN: 9781498334969

Keywords: Financial system stability assessment, Bank supervision, Banking sector, Securities regulations, Securities markets, Reports on the Observance of Standards and Codes, Insurance supervision, Switzerland, risk management, banking supervision

Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation...

People's Republic of China--Hong Kong Special Administrative Region
			: Report on the Observance of Standards and Codes

People's Republic of China--Hong Kong Special Administrative Region : Report on the Observance of Standards and Codes »

Volume/Issue: 2014/131

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2014

DOI: http://dx.doi.org/10.5089/9781498388474.002

ISBN: 9781498388474

Keywords: risk management, banking supervision, supervisory approach, insurance intermediaries, foreign branches

This paper discusses key findings of the Report on the Observance of Standards and Codes for Hong Kong Special Administrative Region (HKSAR). HKSAR has a very high level of compliance with the Basel Core Principles...

Republic of Korea
			: Report on the Observance of Standards and Codes

Republic of Korea : Report on the Observance of Standards and Codes »

Volume/Issue: 2014/127

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2014

DOI: http://dx.doi.org/10.5089/9781484399583.002

ISBN: 9781484399583

Keywords: risk management, iosco principles, banking supervision, risk profile, settlement systems

This paper discusses key findings of the Report on the Observance of Standards and Codes for the Republic of Korea. Responsibilities, objectives, and powers related to banking supervision are clearly defined in the...

With Great Power Comes Great Responsibility
			: Macroprudential Tools at Work in Canada

With Great Power Comes Great Responsibility : Macroprudential Tools at Work in Canada »

Volume/Issue: 2014/83

Series: IMF Working Papers

Author(s): Ivo Krznar , and James Morsink

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2014

DOI: http://dx.doi.org/10.5089/9781484383445.001

ISBN: 9781484383445

Keywords: housing market, mortgage insurance, macroprudential regulation, mortgage, mortgages, mortgage credit, mortgage loans, Government Policy and Regulation, General,

The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented...

Albania
			: Financial System Stability Assessment

Albania : Financial System Stability Assessment »

Volume/Issue: 2014/79

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2014

DOI: http://dx.doi.org/10.5089/9781484338797.002

ISBN: 9781484338797

Keywords: risk management, credit risk, underwriting, legal framework

This paper discusses the Financial System Stability Assessment report on Albania. The IMF report states that the Albanian economy is weak, macroeconomic imbalances are large, and the financial sector faces several...

Canada
			: Financial Sector Assessment Program-Impact on the Insurance Sector of a Low Interest Rate Environment-Technical Note

Canada : Financial Sector Assessment Program-Impact on the Insurance Sector of a Low Interest Rate Environment-Technical Note »

Volume/Issue: 2014/68

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2014

DOI: http://dx.doi.org/10.5089/9781484330272.002

ISBN: 9781484330272

Keywords: life insurance, insurance companies, policyholders, insurance products, accounting standards

This paper discusses Canada's Financial Sector Assessment Program (FSAP) impact on the insurance sector of a low interest rate environment. It highlights that actuarial standards on valuation of liabilities require...

Canada
			: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance

Canada : Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance »

Volume/Issue: 2014/72

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2014

DOI: http://dx.doi.org/10.5089/9781475523652.002

ISBN: 9781475523652

Keywords: policyholders, reinsurance, risk management, supervisory framework

This Detailed Assessment report, a part of the 2013 Financial Sector Assessment Program (FSAP) of Canada, assesses Canada's regulatory regime and supervisory practices against the international standards. The IMF r...

Canada
			: Financial Sector Assessment Program-Stress Testing-Technical Note

Canada : Financial Sector Assessment Program-Stress Testing-Technical Note »

Volume/Issue: 2014/69

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2014

DOI: http://dx.doi.org/10.5089/9781475523096.002

ISBN: 9781475523096

Keywords: banking, income statement, interest expense, dividend payout

This paper examines the stress testing module of the 2013 Financial Sector Assessment Program (FSAP) update for Canada. The IMF report highlights the three major segments of the domestic financial covered during th...

Barbados
			: Financial System Stability Assessment

Barbados : Financial System Stability Assessment »

Volume/Issue: 2014/53

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2014

DOI: http://dx.doi.org/10.5089/9781484300404.002

ISBN: 9781484300404

Keywords: Barbados, banking, capital adequacy, credit union, sovereign risk, deposit insurance

This report evaluates the stability of the financial system in Barbados. The findings reveal that Barbados has a relatively well developed financial system, including a large offshore sector. The onshore system is...

Canada
			: Financial Sector Stability Assessment

Canada : Financial Sector Stability Assessment »

Volume/Issue: 2014/29

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 February 2014

DOI: http://dx.doi.org/10.5089/9781616358006.002

ISBN: 9781616358006

Keywords: mortgage insurance, credit risk, market risk, life insurance, life insurers

This report discusses key findings of the Financial Sector Stability Assessment on Canada. Canada's financial system successfully navigated the global financial crisis, and stress tests suggest that major financial...

Canada
			: Report on the Observance of Standards and Codes

Canada : Report on the Observance of Standards and Codes »

Volume/Issue: 2014/30

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 February 2014

DOI: http://dx.doi.org/10.5089/9781616359492.002

ISBN: 9781616359492

Keywords: risk management, banking supervision, supervisory approach, supervisory framework, legal entity

This paper discusses key findings of the Report on the Observance of Standards and Codes for Canada. Canada has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision. In r...

Sub-National Credit Risk and Sovereign Bailouts
			: Who Pays the Premium?

Sub-National Credit Risk and Sovereign Bailouts : Who Pays the Premium? »

Volume/Issue: 2014/20

Series: IMF Working Papers

Author(s): Eva Jenkner , and Zhongjin Lu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2014

DOI: http://dx.doi.org/10.5089/9781484398876.001

ISBN: 9781484398876

Keywords: sub-national public finances, sovereign risk premium, bailout, bond, bond yields, bonds, financial sector, bond market, State and Local Borrowing,

Studies have shown that markets may underprice sub-national governments' risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. Howeve...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector »

Volume/Issue: 2014/14

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2014

DOI: http://dx.doi.org/10.5089/9781484375730.002

ISBN: 9781484375730

Keywords: life insurance, insurance industry, insurance companies, risk management

This Technical Note provides an update on the Austrian insurance industry and an analysis of its regulatory and supervisory regime. The structure of the domestic insurance sector has remained largely stable since t...

Development of the Renminbi Market in Hong Kong SAR
			: Assessing Onshore-Offshore Market Integration

Development of the Renminbi Market in Hong Kong SAR : Assessing Onshore-Offshore Market Integration »

Volume/Issue: 2013/268

Series: IMF Working Papers

Author(s): R. Craig , Changchun Hua , Philip Ng , and Raymond Yuen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2013

DOI: http://dx.doi.org/10.5089/9781484332948.001

ISBN: 9781484332948

Keywords: offshore financial markets, arbitrage, capital inflows, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration, Macroeconomic Analyses of Economic Development,

Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this pape...

Republic of Poland
			: Technical Note on Impaired Loans

Republic of Poland : Technical Note on Impaired Loans »

Volume/Issue: 2013/373

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2013

DOI: http://dx.doi.org/10.5089/9781484324486.002

ISBN: 9781484324486

Keywords: mortgage, underwriting, mortgages, mortgage loans

This Technical Note analyzes impaired loans in Poland. Asset quality has moved up the Polish supervisor's agenda to address persistent impaired loans and cyclical deterioration in credit quality. Although the deter...

Italy
			: Detailed Assessment of IAIS Insurance core Principles

Italy : Detailed Assessment of IAIS Insurance core Principles »

Volume/Issue: 2013/352

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2013

DOI: http://dx.doi.org/10.5089/9781475529579.002

ISBN: 9781475529579

Keywords: reinsurance, risk management, policyholders, life insurance, insurance products

This paper discusses the findings of Detailed Assessment of International Association of Insurance Supervisors (IAIS) insurance core principles on Italy. Regulation and supervision of the insurance industry in Ital...

Italy
			: Technical Note on Insurance Sector

Italy : Technical Note on Insurance Sector »

Volume/Issue: 2013/346

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2013

DOI: http://dx.doi.org/10.5089/9781475565799.002

ISBN: 9781475565799

Keywords: reinsurance, life insurance, risk management, insurance products, life insurers

This Technical Note covers the insurance sector of Italy supervised by the Institution for the Supervision of Insurance in Italy. Notwithstanding the high level of compliance with the International Association of I...

Singapore
			: Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision

Singapore : Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2013/342

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2013

DOI: http://dx.doi.org/10.5089/9781475530957.002

ISBN: 9781475530957

Keywords: banking supervision, financial supervision, foreign branches, risk management, prudential supervision

This paper discusses key findings of the Detailed Assessment of Compliance on the Basel Core Principles for Effective Banking Supervision on Singapore. The assessment of the Monetary Authority of Singapore (MAS) re...

Singapore
			: Detailed Assessment of Observance-Insurance Core Principles

Singapore : Detailed Assessment of Observance-Insurance Core Principles »

Volume/Issue: 2013/343

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2013

DOI: http://dx.doi.org/10.5089/9781475563979.002

ISBN: 9781475563979

Keywords: reinsurance, life insurance, risk management, life insurers

This paper discusses findings of the Detailed Assessment of Observance on Insurance Core Principles on Singapore. The insurance industry in Singapore is growing, in particular the offshore nonlife sector. Gross pre...

Singapore
			: Report on the Observance of Standards and Codes

Singapore : Report on the Observance of Standards and Codes »

Volume/Issue: 2013/326

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2013

DOI: http://dx.doi.org/10.5089/9781475520309.002

ISBN: 9781475520309

Keywords: risk management, foreign branches, banking supervision, iosco principles, prudential supervision

This paper discusses findings of the Report on Observance of Standards and Codes on Singapore. The Monetary Authority of Singapore (MAS) shows a very high level of compliance with the Basel Core Principles and demo...

Sovereign Wealth Funds
			: Aspects of Governance Structures and Investment Management

Sovereign Wealth Funds : Aspects of Governance Structures and Investment Management »

Volume/Issue: 2013/231

Series: IMF Working Papers

Author(s): Abdullah Al-Hassan , Michael Papaioannou , Martin Skancke , and Cheng Chih Sung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2013

DOI: http://dx.doi.org/10.5089/9781475518610.001

ISBN: 9781475518610

Keywords: governance structure, investment management, macroeconomic coordination, investment strategy, investment strategies, Portfolio Choice,

This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and investment management that can ensure its efficient operation an...

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR »

Volume/Issue: 2013/218

Series: IMF Working Papers

Author(s): Dale Gray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2013

DOI: http://dx.doi.org/10.5089/9781484322185.001

ISBN: 9781484322185

Keywords: contingent claims analysis (CCA), global vector autoregression (GVAR), banking, banking systems, banking system, sovereign risk, Model Construction and Estimation,

The purpose of this paper is to develop a model framework for the analysis of interactions between banking sector risk, sovereign risk, corporate sector risk, real economic activity, and credit growth for 15 Europe...

Italy
			: Report on the Observance of Standards and Codes

Italy : Report on the Observance of Standards and Codes »

Volume/Issue: 2013/301

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2013

DOI: http://dx.doi.org/10.5089/9781484346754.002

ISBN: 9781484346754

Keywords: risk management, banking supervision, market participants, supervisory authority, internal controls

This Report on Observance of Standards and Codes (ROSC) for Italy summarizes the findings and recommendations of the fiscal assessment of Italy's economic policies. It highlights that while raising the bar for bank...

Toward A Fiscal Union for the Euro Area

Toward A Fiscal Union for the Euro Area »

Volume/Issue: 2013/9

Series: Staff Discussion Notes

Author(s): Céline Allard , Petya Koeva Brooks , John Bluedorn , Fabian Bornhorst , Franziska Ohnsorge , and Katharine Christopherson Puh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2013

DOI: http://dx.doi.org/10.5089/9781484307373.006

ISBN: 9781484307373

Keywords: Euro Area, Fiscal Union, Fiscal Integration, Fiscal Federalism, Fiscal Governance, Risk Sharing, fiscal risk, fiscal rules, fiscal discipline, fiscal policies,

This is on a highly topical issue and addresses a key policy issue for Europe—namely, reinforcing EMU institutional architecture along with the Banking Union. Some proposals have emerged in Europe, and it wi...

The Euro Area Crisis
			: Need for a Supranational Fiscal Risk Sharing Mechanism?

The Euro Area Crisis : Need for a Supranational Fiscal Risk Sharing Mechanism? »

Volume/Issue: 2013/198

Series: IMF Working Papers

Author(s): Davide Furceri , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2013

DOI: http://dx.doi.org/10.5089/9781484334201.001

ISBN: 9781484334201

Keywords: risk sharing, consumption smoothing, fiscal union, moral hazard, banking crises, moral hazard problems, private consumption, Financial Aspects of Economic Integration, Open Economy Macroeconomics,

The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using...

Procyclical Behavior of Institutional Investors During the Recent Financial Crisis
			: Causes, Impacts, and Challenges

Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges »

Volume/Issue: 2013/193

Series: IMF Working Papers

Author(s): Michael Papaioannou , Joonkyu Park , Jukka Pihlman , and Han Hoorn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2013

DOI: http://dx.doi.org/10.5089/9781484336083.001

ISBN: 9781484336083

Keywords: long-term investments, institutional investors, procyclicality, financial stability, financial system, financial markets, bonds, bond, Portfolio Choice,

This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (i...

India
			: Financial Sector Assessment Program-Detailed Assessments Report on IAIS Insurance Core Principles

India : Financial Sector Assessment Program-Detailed Assessments Report on IAIS Insurance Core Principles »

Volume/Issue: 2013/265

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2013

DOI: http://dx.doi.org/10.5089/9781484363188.002

ISBN: 9781484363188

Keywords: insurance companies, life insurance, life insurers, reinsurance, policyholders

This paper discusses key findings of the assessment of India's compliance with the International Association of Insurance Supervisors Insurance Core Principles (ICP). Indian Regulatory and Development Authority (IR...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of Insurance Core Principles

France : Financial Sector Assessment Program-Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/181

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484370575.002

ISBN: 9781484370575

Keywords: life insurance, insurance companies, policyholders, reinsurance

This paper discusses key findings of the Detailed Assessment of Observance of Insurance Core Principles for France. The assessment reveals that insurance regulation and supervision are still predominantly carried o...

Uruguay
			: Financial System Stability Assessment

Uruguay : Financial System Stability Assessment »

Volume/Issue: 2013/152

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2013

DOI: http://dx.doi.org/10.5089/9781484399255.002

ISBN: 9781484399255

Keywords: banking, deposit insurance, capital adequacy, banking system, banking sector

The buffers built in the aftermath of Uruguay's 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favora...

Nigeria
			: Publication of Financial Sector Assessment Program Documentation--Detailed Assessment of Observance of Insurance Core Principles

Nigeria : Publication of Financial Sector Assessment Program Documentation--Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/145

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2013

DOI: http://dx.doi.org/10.5089/9781484340882.002

ISBN: 9781484340882

Keywords: reinsurance, life insurers, life insurance, risk management, policyholders

Nigeria undertook a Financial Sector Assessment Program (FSAP), which included a review of the structure of Nigeria's insurance market and the supervisory framework. The assessment was benchmarked against the Insur...

Belgium
			: Detailed Assessment of Observance of Insurance Core Principles

Belgium : Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/134

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484384466.002

ISBN: 9781484384466

Keywords: life insurers, reinsurance, policyholders, risk management, life insurance

The Belgian insurance industry was adversely affected by the global financial crisis and continued to confront challenges related to legacy assets and economic uncertainties in Europe. The Belgian authorities have...

Belgium
			: Financial System Stability Assessment

Belgium : Financial System Stability Assessment »

Volume/Issue: 2013/124

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2013

DOI: http://dx.doi.org/10.5089/9781484362877.002

ISBN: 9781484362877

Keywords: banking, banking sector, banking system, sovereign risk, banking supervision

This financial stability assessment provides an update on the significant regulatory and supervisory developments in the banking and insurance sectors of Belgium since 2006. The Belgian financial system is relative...

International Evidence on Government Support and Risk Taking in the Banking Sector

International Evidence on Government Support and Risk Taking in the Banking Sector »

Volume/Issue: 2013/94

Series: IMF Working Papers

Author(s): Luis Brandao Marques , Ricardo Correa , and Horacio Sapriza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2013

DOI: http://dx.doi.org/10.5089/9781484309346.001

ISBN: 9781484309346

Keywords: Bank risk, Market Discipline, Government Support, Bank Regulation, bank risk taking, banking, deposit insurance, foreign currency deposit, Government Policy and Regulation, Governmental Loans and Credits

Government support to banks through the provision of explicit or implicit guarantees affects the willingness of banks to take on risk by reducing market discipline or by increasing charter value. We use an internat...

Market-Based Structural Top-Down Stress Tests of the Banking System

Market-Based Structural Top-Down Stress Tests of the Banking System »

Volume/Issue: 2013/88

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2013

DOI: http://dx.doi.org/10.5089/9781484306314.001

ISBN: 9781484306314

Keywords: default risk, structural models, market prices, probability of default, banking, applications, credit risk, Financial Forecasting and Simulation, Government Policy and Regulation,

Despite increased need for top-down stress tests of financial institutions, performing them is challenging owing to the absence of granular information on banks’ trading and loan portfolios. To deal with the...

European Union
			: Publication of Financial Sector Assessment Program Documentation --Technical Note on European Insurance and Occupational Pensions Authority Assessment

European Union : Publication of Financial Sector Assessment Program Documentation --Technical Note on European Insurance and Occupational Pensions Authority Assessment »

Volume/Issue: 2013/73

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475574852.002

ISBN: 9781475574852

Keywords: supervisory authorities, pension, pension funds, pensions, occupational pension

Slow economic growth and continuing low interest rate environment is putting pressure on the insurance sector. Delays in the implementation of Solvency II could create vulnerabilities in the insurance sector. The a...

Malaysia
			: Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of Core Principles for Effective Deposit Insurance Systems

Malaysia : Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of Core Principles for Effective Deposit Insurance Systems »

Volume/Issue: 2013/60

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

DOI: http://dx.doi.org/10.5089/9781475585353.002

ISBN: 9781475585353

Keywords: deposit insurance, insurance system, insurance coverage, insurance systems, moral hazard

This paper evaluates and addresses Malaysia's compliance with the Core Principles for Effective Deposit Insurance Systems (Core Principles), and reviews relevant laws, regulations and regulatory and supervisory pra...

Malaysia
			: Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of Insurance Core Principles

Malaysia : Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/57

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

DOI: http://dx.doi.org/10.5089/9781475513806.002

ISBN: 9781475513806

Keywords: risk management, reinsurance, insurance industry, insurance supervision, applications

This report is an analysis of the insurance core principles of Malaysia. This assessment gives a clear understanding of the regulatory and supervisory framework of the insurance sector of Malaysia. Bank Negara Mala...

Rating Through-the-Cycle
			: What does the Concept Imply for Rating Stability and Accuracy?

Rating Through-the-Cycle : What does the Concept Imply for Rating Stability and Accuracy? »

Volume/Issue: 2013/64

Series: IMF Working Papers

Author(s): John Kiff , Michael Kisser , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

DOI: http://dx.doi.org/10.5089/9781475552119.001

ISBN: 9781475552119

Keywords: Credit rating migration, credit rating, credit risk, General, Government Policy and Regulation,

Credit rating agencies face a difficult trade-off between delivering both accurate and stable ratings. In particular, its users have consistently expressed a preference for rating stability, driven by the transacti...

Wholesale Bank Funding, Capital Requirements and Credit Rationing

Wholesale Bank Funding, Capital Requirements and Credit Rationing »

Volume/Issue: 2013/30

Series: IMF Working Papers

Author(s): Itai Agur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2013

DOI: http://dx.doi.org/10.5089/9781475571622.001

ISBN: 9781475571622

Keywords: Rationing, wholesale finance, unsecured, collateral, bank funding, deposit insurance, bank risk, collateralization, Government Policy and Regulation,

This paper analyzes how different types of bank funding affect the extent to which banks ration credit to borrowers, and the impact that capital requirements have on that rationing. Using an extension of the standa...

Connected to Whom? International Interbank Borrowing During the Global Crisis

Connected to Whom? International Interbank Borrowing During the Global Crisis »

Volume/Issue: 2013/14

Series: IMF Working Papers

Author(s): Kalin Tintchev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

DOI: http://dx.doi.org/10.5089/9781475542028.001

ISBN: 9781475542028

Keywords: counterparty risk, financial interconnectedness, banking, banking system, credit risk, General, International Lending and Debt Problems, Open Economy Macroeconomics, International Policy Coordination and Transmission,

The unprecedented collapse of international interbank borrowing was a prominent feature of the global financial crisis that started in August 2007. This paper focuses on the drivers of the retrenchment from 32 adva...

Liberia
			: 2012 Article IV Consultation

Liberia : 2012 Article IV Consultation »

Volume/Issue: 2012/340

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2012

DOI: http://dx.doi.org/10.5089/9781475542769.002

ISBN: 9781475542769

Keywords: monetary fund, credit facility

The 2012 Article IV Consultation with Liberia discusses the economic developments and policies of the country. Liberia recorded strong macroeconomic performance under the three-year Extended Credit Facility (ECF) A...

Brazil
			: Detailed Assessment of Observance of Insurance Core Principles of the International Association of Insurance Supervisors

Brazil : Detailed Assessment of Observance of Insurance Core Principles of the International Association of Insurance Supervisors »

Volume/Issue: 2012/334

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2012

DOI: http://dx.doi.org/10.5089/9781475591354.002

ISBN: 9781475591354

Keywords: reinsurance, risk management, internal controls, capital requirements, life insurance

This report is a full assessment of Brazil's compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) as adopted in October 2011. In the last few years,...

Australia
			: Insurance Core Principles-Detailed Assessment of Observance

Australia : Insurance Core Principles-Detailed Assessment of Observance »

Volume/Issue: 2012/312

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781589069794.002

ISBN: 9781589069794

Keywords: life insurers, life insurance, reinsurance, general insurance, insurance industry

The insurance industry in Australia has weathered the global financial crisis well and was resilient to the catastrophic events in 2010/11. The insurance industry is mature but relatively small compared to the bank...

Argentina
			: Detailed Assessment of Observance of Principles for Insurance Supervision

Argentina : Detailed Assessment of Observance of Principles for Insurance Supervision »

Volume/Issue: 2012/270

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2012

DOI: http://dx.doi.org/10.5089/9781475510584.002

ISBN: 9781475510584

Keywords: insurance companies, risk management, reinsurance, internal controls

Argentina's insurance market is fragmented, and competition has increased in recent years. Currently, excessive premium discounting by insurance companies is creating risks that insurance companies may be under-res...

Japan
			: Insurance Core Principles-Detailed Assessment of Observance

Japan : Insurance Core Principles-Detailed Assessment of Observance »

Volume/Issue: 2012/228

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2012

DOI: http://dx.doi.org/10.5089/9781475506365.002

ISBN: 9781475506365

Keywords: reinsurance, risk management, life insurance, policyholders, insurance activities

This Working Paper is a detailed assessment of Japan's compliance with the Insurance Core Principles of the International Association of Insurance Supervisors. The paper identifies a reduction in interest rates an...

Brazil
			: Financial System Stability Assessment

Brazil : Financial System Stability Assessment »

Volume/Issue: 2012/206

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2012

DOI: http://dx.doi.org/10.5089/9781475506723.002

ISBN: 9781475506723

Keywords: internal controls, capital requirements, legal framework, credit risk

The paper discusses the stability of Brazil's financial system, which is diversified and shows sustained economic progress. Fiscal and monetary policies have been aimed to improve bank reserves, and foreign exchang...

Barriers to Household Risk Management
			: Evidence from India

Barriers to Household Risk Management : Evidence from India »

Volume/Issue: 2012/195

Series: IMF Working Papers

Author(s): Robert Townsend , Shawn Cole , Jeremy Tobacman , Xavier Gine , James Vickery , and Petia Topalova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505443.001

ISBN: 9781475505443

Keywords: Household Finance, Trust, Liquidity Constraints, insurance contracts, insurance policies, risk aversion, basis risk, Field Experiments, Household Production and Intrahousehold Allocation, Financial Institutions and Services: General,

Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and non-price factors i...

Spain
			: IAIS Insurance Core Principles:  Detailed Assessment of Observance

Spain : IAIS Insurance Core Principles: Detailed Assessment of Observance »

Volume/Issue: 2012/139

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 June 2012

DOI: http://dx.doi.org/10.5089/9781475504262.002

ISBN: 9781475504262

Keywords: risk management, reinsurance, internal controls, life insurance, policyholders

This paper provides an update on the significant regulatory and supervisory development in the Spanish insurance sector since 2006. The Spanish authorities have taken steps to address a number of shortcomings ident...

Spain
			: Report on the Observance of Standards and Codes:  Summary Assessments

Spain : Report on the Observance of Standards and Codes: Summary Assessments »

Volume/Issue: 2012/138

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 June 2012

DOI: http://dx.doi.org/10.5089/9781475504248.002

ISBN: 9781475504248

Keywords: risk management, internal controls, securities markets, reinsurance, life insurance

This paper presents assessment results for the current state of the implementation of the Basel Core Principles for Effective Banking Supervision (BCP) in Spain. It found that significant changes have occurred in S...

Appraising Credit Ratings
			: Does the CAP Fit Better than the ROC?

Appraising Credit Ratings : Does the CAP Fit Better than the ROC? »

Volume/Issue: 2012/122

Series: IMF Working Papers

Author(s): R. John Irwin , and Timothy Irwin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503517.001

ISBN: 9781475503517

Keywords: Receiver Operating Characteristic (ROC), Cumulative Accuracy Profile (CAP)., probability, equation, probabilities, Cumulative Accuracy Profile (cap),

ROC and CAP analysis are alternative methods for evaluating a wide range of diagnostic systems, including assessments of credit risk. ROC analysis is widely used in many fields, but in finance CAP analysis is more...

Israel
			: Detailed Assessment of Observance of International Association of Insurance Supervisors Insurance Core Principles

Israel : Detailed Assessment of Observance of International Association of Insurance Supervisors Insurance Core Principles »

Volume/Issue: 2012/84

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 April 2012

DOI: http://dx.doi.org/10.5089/9781475503159.002

ISBN: 9781475503159

Keywords: life insurance, insurance companies, risk management, pension, pension funds

A full assessment of Israel's compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) is presented. The Minister of Finance bears the political responsi...

People's Republic of China
			: Detailed Assessment Report:  IAIS Insurance Core Principles

People's Republic of China : Detailed Assessment Report: IAIS Insurance Core Principles »

Volume/Issue: 2012/79

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2012

DOI: http://dx.doi.org/10.5089/9781475502978.002

ISBN: 9781475502978

Keywords: insurance companies, risk management, supervisory authority, life insurance, insurance law

This paper presents a detailed assessment report on the observance of China's compliance with the International Association of Insurance Supervisor's insurance core principles. The China Insurance Regulatory Commis...

Liberia
			: Request for an Extension of the Arrangement Under the Extended Credit Facility

Liberia : Request for an Extension of the Arrangement Under the Extended Credit Facility »

Volume/Issue: 2012/76

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2012

DOI: http://dx.doi.org/10.5089/9781475503227.002

ISBN: 9781475503227

Keywords: credit facility, monetary fund, central bank

This paper presents Liberia's request for an extension of the arrangement under the Extended Credit Facility (ECF). In December 2011, the Executive Board completed the seventh review under the ECF arrangement for...

Mexico
			: Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles

Mexico : Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles »

Volume/Issue: 2012/67

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2012

DOI: http://dx.doi.org/10.5089/9781475502770.002

ISBN: 9781475502770

Keywords: insurance, market, surety, tax, monetary fund

This paper presents detailed assessment on the observance of Mexico's compliance with the International Association of Insurance Supervisor's Insurance core principles. A new insurance law is expected to be submitt...

Revisiting Risk-Weighted Assets

Revisiting Risk-Weighted Assets »

Volume/Issue: 2012/90

Series: IMF Working Papers

Author(s): Sofiya Avramova , and Vanessa Le Leslé

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502657.001

ISBN: 9781475502657

Keywords: Regulation, Risk-weighted Assets, Basel I, II, III, banking, capital requirements, market risk, Revisiting Risk-Weighted Assets, Financial Institutions and Services: Government Policy and Regulation

In this paper, we provide an overview of the concerns surrounding the variations in the calculation of risk-weighted assets (RWAs) across banks and jurisdictions and how this might undermine the Basel III capital a...

The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements

The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements »

Volume/Issue: 2012/44

Series: IMF Working Papers

Author(s): Francis Vitek , and Scott Roger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463936457.001

ISBN: 9781463936457

Keywords: Basel III, inflation, monetary fund, Financial Markets and the Macroeconomy, Open Economy Macroeconomics, Financial Institutions and Services: Government Policy and Regulation,

This paper examines the transitional macroeconomic costs of a synchronized global increase in bank capital adequacy requirements under Basel III, as well as a capital increase covering globally systemically importa...

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings »

Volume/Issue: 2012/23

Series: IMF Working Papers

Author(s): John Kiff , Sylwia Nowak , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931858.001

ISBN: 9781463931858

Keywords: Sovereign ratings, rating agencies, credit ratings, asian crisis, emerging markets, An Investigation into the Impact and Accuracy of Sovereign Ratings, Financial Institutions and Services: General, Corporate Finance and Governance: Government Policy and Regulation,

We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CR...

Pricing of Sovereign Credit Risk
			: Evidence From Advanced Economies During the Financial Crisis

Pricing of Sovereign Credit Risk : Evidence From Advanced Economies During the Financial Crisis »

Volume/Issue: 2012/24

Series: IMF Working Papers

Author(s): Emre Alper , Lorenzo Forni , and Marc Gerard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931865.001

ISBN: 9781463931865

Keywords: bond, arbitrage, bonds, stock prices, Advanced Economies, Sovereign Spreads, Fiscal Risks,

We investigate the pricing of sovereign credit risk over the period 2008-2010 for selected advanced economies by examining two widely-used indicators: sovereign credit default swap (CDS) and relative asset swap (RA...

Monetary Policy, Bank Leverage, and Financial Stability

Monetary Policy, Bank Leverage, and Financial Stability »

Volume/Issue: 2011/244

Series: IMF Working Papers

Author(s): Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463923235.001

ISBN: 9781463923235

Keywords: Bank Leverage, Macroprudential regulation, bank capital, capital requirements, risk of default, bank default, bank risk, Financial Markets and the Macroeconomy,

This paper develops a model to assess how monetary policy rates affect bank risk-taking. In the model, a reduction in the risk-free rate increases lending profitability by reducing funding costs and increasing the...

Sweden
			: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles

Sweden : Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles »

Volume/Issue: 2011/282

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2011

DOI: http://dx.doi.org/10.5089/9781463903534.002

ISBN: 9781463903534

Keywords: risk management, policyholders, internal controls, reinsurance, supervisory authority

The staff report highlights that the insurance sector in Sweden is well developed and mature. The captive insurance segment is mainly driven by tax advantages. This assessment provides an update on the significant...

Germany
			: Financial Sector Assessment Program:  Detailed Assessment of Observance on Basel Core Principles for Effective Banking Supervision

Germany : Financial Sector Assessment Program: Detailed Assessment of Observance on Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2011/273

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2011

DOI: http://dx.doi.org/10.5089/9781463902780.002

ISBN: 9781463902780

Keywords: risk management, supervisory authorities, risk profile, supervisory framework, credit risk

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 supervisi...

Germany
			: Financial Sector Assessment Program:  Detailed Assessment of Observance on Insurance Core Principles

Germany : Financial Sector Assessment Program: Detailed Assessment of Observance on Insurance Core Principles »

Volume/Issue: 2011/272

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2011

DOI: http://dx.doi.org/10.5089/9781463902797.002

ISBN: 9781463902797

Keywords: risk management, supervisory authority, internal controls, reinsurance, Germany:,

Insurance regulation and supervision is of a high standard, and most of the enhancements suggested have been put in place. Further enhancements will be required, in the context of the forthcoming introduction of So...

United Kingdom
			: Basel Core Principles for Effective Banking Supervision Detailed Assessment of Compliance

United Kingdom : Basel Core Principles for Effective Banking Supervision Detailed Assessment of Compliance »

Volume/Issue: 2011/233

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2011

DOI: http://dx.doi.org/10.5089/9781462333486.002

ISBN: 9781462333486

Keywords: banking, risk management, credit risk, market risk, risk assessment

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

United Kingdom
			: Insurance Core Principles Detailed Assessment of Observance

United Kingdom : Insurance Core Principles Detailed Assessment of Observance »

Volume/Issue: 2011/234

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2011

DOI: http://dx.doi.org/10.5089/9781462332496.002

ISBN: 9781462332496

Keywords: risk management, supervisory authority, insurance intermediaries, internal controls, reinsurance

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

Possible Unintended Consequences of Basel III and Solvency II

Possible Unintended Consequences of Basel III and Solvency II »

Volume/Issue: 2011/187

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462308279.001

ISBN: 9781462308279

Keywords: Basel III, Solvency II, Funding, capital requirements, credit risk, market risk, underwriting, Financial Institutions and Services: Government Policy and Regulation,

In today's financial system, complex financial institutions are connected through an opaque network of financial exposures. These connections contribute to financial deepening and greater savings allocation efficie...

Kingdom of the Netherlands-Netherlands
			: Publication of Financial Sector Assessment Program Documentation:  Detailed Assessment of Observance on Insurance Core Principles

Kingdom of the Netherlands-Netherlands : Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance on Insurance Core Principles »

Volume/Issue: 2011/205

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2011

DOI: http://dx.doi.org/10.5089/9781462323401.002

ISBN: 9781462323401

Keywords: life insurers, risk management, supervisory authority, internal controls, life insurance

Significant legislative changes and regulatory developments have taken place in the Netherland's insurance sector. The initial Financial Sector Assessment Program (FSAP) and the current assessment are benchmarked a...

Germany
			: Report on the Observance of Standards and Codes (ROSC)

Germany : Report on the Observance of Standards and Codes (ROSC) »

Volume/Issue: 2011/170

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2011

DOI: http://dx.doi.org/10.5089/9781455299744.002

ISBN: 9781455299744

Keywords: risk management, supervisory authorities, supervisory framework, market participants, banking supervision

This paper presents the report on observance of standards and codes (ROSC) for the financial sector prepared in connection with the financial sector assessment program (FSAP). The FSAP covers the Basel Core Princip...

Kingdom of Netherlands
			: Netherlands:  Financial System Stability Assessment

Kingdom of Netherlands : Netherlands: Financial System Stability Assessment »

Volume/Issue: 2011/144

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2011

DOI: http://dx.doi.org/10.5089/9781455287628.002

ISBN: 9781455287628

Keywords: prudential supervision, risk management, supervisory framework, banking supervision

The Netherlands has been heavily affected by the global financial crisis. The 'Twin Peaks' supervision model, with Netherlands Central Bank - De Nederlandsche Bank (DNB) as the prudential supervisor, and the Author...

Switzerland
			: 2011 Article IV Consultation:  Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Switzerland.

Switzerland : 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Switzerland. »

Volume/Issue: 2011/115

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 May 2011

DOI: http://dx.doi.org/10.5089/9781455284603.002

ISBN: 9781455284603

Keywords: banking, mortgage lending, life insurers, foreign exchange, life insurance

Although progress has been made in strengthening the Swiss economy, systemic risks posed by large banks as well as revisions to the macroprudential framework are still in train. The authorities welcomed the too-big...

Next Generation Balance Sheet Stress Testing

Next Generation Balance Sheet Stress Testing »

Volume/Issue: 2011/83

Series: IMF Working Papers

Author(s): Christian Schmieder , Maher Hasan , and Claus Puhr

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455226054.001

ISBN: 9781455226054

Keywords: Solvency Risk, Basel II, Basel III, banking, capital requirements, banking systems, market risk, General Financial Markets: General (includes Measurement and Data), Financial Institutions and Services: General,

This paper presents a "second-generation" solvency stress testing framework extending applied stress testing work centered on Cihák (2007). The framework seeks enriching stress tests in terms of risk-sensitivity, w...

Trinidad and Tobago
			: Selected Issues

Trinidad and Tobago : Selected Issues »

Volume/Issue: 2011/74

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2011

DOI: http://dx.doi.org/10.5089/9781455228119.002

ISBN: 9781455228119

Keywords: life insurance, insurance companies, policyholders, insurance products

In this study, the economic developments and policy responses of Trinidad and Tobago after the crisis is reviewed. Policy recommendations are used to strengthen the legal and regulatory framework. According to the...

Guernsey
			: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles

Guernsey : Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles »

Volume/Issue: 2011/2

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2011

DOI: http://dx.doi.org/10.5089/9781455213757.002

ISBN: 9781455213757

Keywords: insurers, policyholders, reinsurance, commissioners, insurance industry

Guernsey's status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented...

South Africa
			: Detailed Assessment of Observance on the International Association of Insurance Supervisors' Insurance Core Principles

South Africa : Detailed Assessment of Observance on the International Association of Insurance Supervisors' Insurance Core Principles »

Volume/Issue: 2010/354

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2010

DOI: http://dx.doi.org/10.5089/9781455212750.002

ISBN: 9781455212750

Keywords: insurance companies, risk management, supervisory authority, insurance business, internal controls

Insurance regulation in South Africa is sound and takes a thorough approach to regulation, recognizes the scale and development of the market, and the need for effective market conduct as prudential regulation. The...

Into the Great Unknown
			: Stress Testing with Weak Data

Into the Great Unknown : Stress Testing with Weak Data »

Volume/Issue: 2010/282

Series: IMF Working Papers

Author(s): Li Ong , Rodolfo Maino , and Nombulelo Duma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

DOI: http://dx.doi.org/10.5089/9781455210893.001

ISBN: 9781455210893

Keywords: Ad hoc shock, breaking point, data quality, provision, banking, banking system, financial systems, risk management, banking supervision,

Stress testing has become the risk management tool du jour in the wake of the global financial crisis. In countries where the information reported by financial institutions is considered to be of sufficiently good...

Islamic Republic of Afghanistan
			: Request for an Extension of the Three-Year Arrangement Under the Extended Credit Facility

Islamic Republic of Afghanistan : Request for an Extension of the Three-Year Arrangement Under the Extended Credit Facility »

Volume/Issue: 2010/171

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2010

DOI: http://dx.doi.org/10.5089/9781455204694.002

ISBN: 9781455204694

Keywords: credit facility, monetary fund, money demand

The arrangement, for SDR 81 million (50 percent of quota), was approved on June 26, 2006. The Executive Board extended the arrangement until March 31, 2010, and rephased remaining disbursements to allow for a revie...

Republic of Serbia
			: Financial Sector Assessment Program Update:  Technical Note on Deposit Insurance

Republic of Serbia : Financial Sector Assessment Program Update: Technical Note on Deposit Insurance »

Volume/Issue: 2010/151

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2010

DOI: http://dx.doi.org/10.5089/9781455205677.002

ISBN: 9781455205677

Keywords: deposit insurance, insurance system, banking, moral hazard, insurance systems

This Technical Note discusses key findings of the assessment of deposit insurance in Serbia. The deposit insurance scheme is managed by the deposit insurance agency (DIA), which has a multi-faceted mandate. Consequ...

Republic of Serbia
			: Financial Sector Assessment Program Update:  Technical Note on Insurance Sector

Republic of Serbia : Financial Sector Assessment Program Update: Technical Note on Insurance Sector »

Volume/Issue: 2010/154

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2010

DOI: http://dx.doi.org/10.5089/9781455205707.002

ISBN: 9781455205707

Keywords: life insurance, insurance companies, non-life insurance, reinsurance, insurance industry

This Technical Note analyzes the insurance sector in Serbia. The Serbian insurance sector remains small and underdeveloped. Over the last three years, the market experienced little growth in real terms mainly owing...

United States
			: Publication of Financial Sector Assessment Program Documentation:  Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision

United States : Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2010/121

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 May 2010

DOI: http://dx.doi.org/10.5089/9781455206612.002

ISBN: 9781455206612

Keywords: banking, holding company, risk management, market risk, credit risk

This paper presents Detailed Assessment of the United States's observance of Basel Core Principles for Effective Banking Supervision. The U.S. financial system is large and highly diversified. At the end-2007, tot...

United States
			: Publication of Financial Sector Assessment Program Documentation:  Detailed Assessment of Observance of IAIS Insurance Core Principles

United States : Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of IAIS Insurance Core Principles »

Volume/Issue: 2010/126

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 May 2010

DOI: http://dx.doi.org/10.5089/9781455206681.002

ISBN: 9781455206681

Keywords: supervisory authority, insurance companies, internal controls, reinsurance, money laundering

This paper discusses key findings of the Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for the United States. Most U.S. insurers write prim...

Australia
			: Basel II Implementation Assessment

Australia : Basel II Implementation Assessment »

Volume/Issue: 2010/107

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2010

DOI: http://dx.doi.org/10.5089/9781455204328.002

ISBN: 9781455204328

Keywords: banking, banking system, capital adequacy, risk management

The key findings of Australia's BASEL II implementation assessment are presented. The Australian Prudential Regulation Authority (APRA) allocated sufficient resources, including highly skilled staff, prior to the B...

Philippines
			: Financial System Stability Assessment Update

Philippines : Financial System Stability Assessment Update »

Volume/Issue: 2010/90

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2010

DOI: http://dx.doi.org/10.5089/9781455203833.002

ISBN: 9781455203833

Keywords: banking, housing finance, foreign exchange

This paper reviews the Financial System Stability Assessment Update on the Philippines. The assessment reveals that the banking sector has been strengthened considerably since the Asian crisis of the late 1990s and...

Cross-country Consumption Risk Sharing, a Long-run Perspective

Cross-country Consumption Risk Sharing, a Long-run Perspective »

Volume/Issue: 2010/64

Series: IMF Working Papers

Author(s): Zhaogang Qiao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451982084.001

ISBN: 9781451982084

Keywords: Consumption risk sharing, Intertemporal smoothing, Nonstationary panel analysis, Cointegration, risk sharing, equation, time series, statistic, Macroeconomics and Monetary Economics: General, International Economics: General,

This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing across a sample of OECD and emerging market (EM) countries. This is in contrast to the existing li...

Cayman Islands
			: Off-shore Financial Center Assessment Update-Assessment of Financial Sector Supervision and Regulation

Cayman Islands : Off-shore Financial Center Assessment Update-Assessment of Financial Sector Supervision and Regulation »

Volume/Issue: 2009/323

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2009

DOI: http://dx.doi.org/10.5089/9781451809756.002

ISBN: 9781451809756

Keywords: money laundering, risk assessment, supervisory approach, insurance law, insurance companies

This paper discusses findings of the assessment of Financial Sector Supervision and Regulation on the Cayman Islands. The assessment reveals that substantial progress has been made in the implementation of the 2003...

Governance and Fund Management in the Chinese Pension System

Governance and Fund Management in the Chinese Pension System »

Volume/Issue: 2009/246

Series: IMF Working Papers

Author(s): Yu-Wei Hu , Gregorio Impavido , and Xiaohong Li

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2009

DOI: http://dx.doi.org/10.5089/9781451873931.001

ISBN: 9781451873931

Keywords: Public pensions, Fund Management, Governance, pension, social security, asset managers, pension funds, pension system, Financial Institutions and Services: Government Policy and Regulation, Corporate Finance and Governance: Government Policy and Regulation

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded componen...

Isle of Man
			: Financial Sector Assessment Program Update:  Detailed Assessment of Observance of the Insurance Core Principles

Isle of Man : Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles »

Volume/Issue: 2009/277

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2009

DOI: http://dx.doi.org/10.5089/9781451818482.002

ISBN: 9781451818482

Keywords: ipa, insurance companies, life insurance, internal controls, policyholders

This paper presents a Detailed Assessment of the Isle of Man's (IOM) observance of the Insurance Core Principles. Regulation has been strengthened since the 2003 Offshore Financial Center assessment. The Insurance...

Isle of Man
			: Financial Sector Assessment Program Update:  Technical Note:  Stress Testing:  Banking and Insurance

Isle of Man : Financial Sector Assessment Program Update: Technical Note: Stress Testing: Banking and Insurance »

Volume/Issue: 2009/279

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2009

DOI: http://dx.doi.org/10.5089/9781451818505.002

ISBN: 9781451818505

Keywords: banking, market risk, life insurance

This technical note presents stress testing of banking and insurance on the Isle of Man (IOM). The stress tests for the IOM Financial Sector Assessment Program Update have been designed to yield as comprehensive an...

Jersey
			: Financial Sector Assessment Program Update:  Detailed Assessment of Observance of the Insurance Core Principles

Jersey : Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles »

Volume/Issue: 2009/283

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 2009

DOI: http://dx.doi.org/10.5089/9781451820263.002

ISBN: 9781451820263

Keywords: insurance business, supervisory authority, insurance companies, risk management, internal controls

This report presents a Detailed Assessment of the Observance of the Insurance Core Principles Report on Jersey. Other than the international business, most cover is obtained from insurers based overseas by the larg...

Isle of Man
			: Financial Sector Assessment Program Update:  Financial System Stability Assessment

Isle of Man : Financial Sector Assessment Program Update: Financial System Stability Assessment »

Volume/Issue: 2009/275

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2009

DOI: http://dx.doi.org/10.5089/9781451818475.002

ISBN: 9781451818475

Keywords: life insurance, insurance companies, internal controls, supervisory regime, risk management

This paper presents the Financial System Stability Assessment Report on the Isle of Man (IOM). Financial sector regulation and supervision are generally of a high standard, and supervisory efforts are concentrated...

International Risk Sharing During the Globalization Era

International Risk Sharing During the Globalization Era »

Volume/Issue: 2009/209

Series: IMF Working Papers

Author(s): Akito Matsumoto , Robert Flood , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873566.001

ISBN: 9781451873566

Keywords: International risk sharing, incomplete market, risk sharing, emerging markets, private consumption, income growth, Macroeconomic Aspects Of International Trade And Finance, Saving, Production, Employment

Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the i...