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Chapter 8 Are Tax Treaties Worth It for Developing Economies?

New
Chapter 8 Are Tax Treaties Worth It for Developing Economies? »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction The complex interaction—and possible overlap—between different tax jurisdictions justifies coordination efforts to avoid double taxation, which can harm international tr...

Chapter 13. Destination-Based Taxation: A Promising but Risky Destination

New
Chapter 13. Destination-Based Taxation: A Promising but Risky Destination »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Country-specific origin-based profit taxes are marked by profit shifting and tax competition (see Chapter 6). Incentives for profit shifting can be mitigated, but not el...

Chapter 5 Difficulties in Determining and Enforcing Source-Based Taxes

New
Chapter 5 Difficulties in Determining and Enforcing Source-Based Taxes »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction At the heart of the current international tax architecture, which grants primary taxing rights to source countries, is the need to determine how much profit each country...

Chapter 14. Formulary Apportionment in Theory and Practice

New
Chapter 14. Formulary Apportionment in Theory and Practice »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction The current international tax system, which is based on separate accounting for corporate affiliates trading at arm’s length prices, is increasingly viewed as prone to a...

Chapter 4 Global Firms, National Corporate Taxes: An Evolution of Incompatibility

New
Chapter 4 Global Firms, National Corporate Taxes: An Evolution of Incompatibility »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

How did the rise of multinational enterprises put pressure on the prevailing international corporate tax framework? Multinational enterprises, and firms with market power, are not new phenomena, nor is the c...

Chapter 6 Has Tax Competition Become Less Harmful?

New
Chapter 6 Has Tax Competition Become Less Harmful? »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Countries compete over productive capital and paper profits. Taxation has been one important element in the set of policy instruments regarding competition....

Chapter 1 Introduction

New
Chapter 1 Introduction »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

In recent years, newspaper headlines have featured terms such as “digital service taxes,” “paradise papers,” and “tax wars,” all referring to various issues in international taxation. These and related topic...

Chapter 7 Residence-Based Taxation: A History and Current Issues

New
Chapter 7 Residence-Based Taxation: A History and Current Issues »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction As discussed in previous chapters, source-based taxation faces many difficulties: it is increasingly difficult—conceptually and practically—to allocate profits to where...

Chapter 12. Residence-Based Taxation: Is There a Way Forward?

New
Chapter 12. Residence-Based Taxation: Is There a Way Forward? »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction The world is in a state of fairly deep confusion regarding whether the international tax system is to be moved toward or away from residence-based corporate taxation. Ch...

Chapter 15. Resource-Rich Developing Countries and International Tax Reforms

New
Chapter 15. Resource-Rich Developing Countries and International Tax Reforms »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Resource-rich countries can collect revenues from natural resources to support economic development and structural transformation, although often the revenue potential i...

Chapter 11. Strengthening Source-Based Taxation

New
Chapter 11. Strengthening Source-Based Taxation »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Source-based taxation lies at the heart of the current international tax architecture (see Chapter 3), and its importance has further risen with the abolition of worldwi...

Chapter 10 Taxing the Digital Economy

New
Chapter 10 Taxing the Digital Economy »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Technology is being harnessed to redefine traditional business models and provide new ways for buyers and sellers to interact both locally and globally. The result has b...

Chapter 3 The Current International Tax Architecture: A Short Primer

New
Chapter 3 The Current International Tax Architecture: A Short Primer »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction When a business activity crosses national borders, the question arises as to where the profits resulting from that activity should be taxed. In principle, there are at l...

Chapter 16. The Evolution of Tax Law Design within an Increasingly Destabilized International Tax Law Framework

New
Chapter 16. The Evolution of Tax Law Design within an Increasingly Destabilized International Tax Law Framework »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction This chapter brings a legal perspective to the pressures in the international corporate tax system that have been discussed in other chapters largely from an economic po...

Chapter 9 The Impact of Profit Shifting on Economic Activity and Tax Competition

New
Chapter 9 The Impact of Profit Shifting on Economic Activity and Tax Competition »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction Multinational corporations can often reduce their global tax liabilities through profit-shifting activities (Chapter 5). Typical examples include transfer price manipula...

Chapter 2 Why and How to Tax Corporate Income

New
Chapter 2 Why and How to Tax Corporate Income »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

Introduction The question whether countries should tax corporations on their income is an old one, yet it has never been more topical than it is today. Tax competition is driving dow...

Corporate Income Taxes under Pressure
			: Why Reform Is Needed and How It Could Be Designed

New
Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed »

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

DOI: http://dx.doi.org/10.5089/9781513511771.071

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitaliza...

Back Matter

New
Back Matter »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitaliza...

Front Matter

New
Front Matter »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitaliza...

Part I Introduction and Background

New
Part I Introduction and Background »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

...

Part III Potential Solutions

New
Part III Potential Solutions »

Source: Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed

Series: Books

Author(s): Ruud A. Mooij , Alexander Klemm , and Victoria Perry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2021

ISBN: 9781513511771

Keywords: Tax competition, Tax avoidance, International cooperation, Tax reforms, Multinational corporations, Profit shifting, tax competition, tax avoidance, international cooperation, tax reform

...

Abbreviations

Abbreviations »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

2SLS Two-stage least squares 3SLS...

Chapter 11 A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing

Chapter 11 A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter presents a simple heuristic measure of tail risk, which is applied to individual bank stress tests and to public debt. Stress testing can be seen as a f...

Chapter 8 Bank Solvency and Funding Cost: New Data and New Results

Chapter 8 Bank Solvency and Funding Cost: New Data and New Results »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervis...

Chapter 13 Best Practices in Project Appraisal and Selection

Chapter 13 Best Practices in Project Appraisal and Selection »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Project appraisal and project selection are key functions in the planning and allocation stages of public investment. Effective appraisal supports decision making for op...

Chapter 8 Boosting Infrastructure in Emerging Asia

Chapter 8 Boosting Infrastructure in Emerging Asia »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Infrastructure is essential to support sustainable and equitable growth in emerging and developing Asia. More and better-quality infrastructure is needed for countries i...

Chapter 15 Building Resilience in Infrastructure to Climate Change

Chapter 15 Building Resilience in Infrastructure to Climate Change »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Governments face growing economic and fiscal liabilities because of the increased scope and scale of climate change and the disasters it induces. While the many spillove...

Chapter 9 Building Resilience to Natural Disaster in Vulnerable States: Savings from Ex Ante Interventions

Chapter 9 Building Resilience to Natural Disaster in Vulnerable States: Savings from Ex Ante Interventions »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction The frequency of natural disasters is expected to rise with climate change, along with the damage they do. This leaves many countries, e...

Chapter 14 Credibility and Crisis Stress Testing

Chapter 14 Credibility and Crisis Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the US authorities in 2009 in the form of the...

Chapter 7 Designing Fiscal Rules to Protect Investment

Chapter 7 Designing Fiscal Rules to Protect Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Public investment supported by strong infrastructure governance can have a significant economic growth impact, as documented in Chapter 2 and in the literature such as L...

Chapter 11 Fiscal Risks in Infrastructure

Chapter 11 Fiscal Risks in Infrastructure »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Public infrastructure projects are typically large and complex, with long planning, implementation, and operational periods, and as such...

Chapter 5 G20 Data Gaps Initiative II: Meeting the Policy Challenge

Chapter 5 G20 Data Gaps Initiative II: Meeting the Policy Challenge »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The G20 Data Gaps Initiative (DGI), which aimed at addressing the information needs that were revealed by the 2007–08 global financial crisis, concluded its first ph...

Chapter 3 Getting the Most from Public Investment

Chapter 3 Getting the Most from Public Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Examples of inefficient spending in infrastructure abound in all countries. In the United States, 11 miles of a subway tunnel lie abando...

Chapter 2 Growth Impact of Public Investment and the Role of Infrastructure Governance

Chapter 2 Growth Impact of Public Investment and the Role of Infrastructure Governance »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction According to macroeconomic theory, public investment stimulates economic activity through short-term effects on aggregate demand, and it raises the productivity of exist...

Chapter 12 How to Capture Macro-Financial Spillover Effects in Stress Tests

Chapter 12 How to Capture Macro-Financial Spillover Effects in Stress Tests »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

One of the challenges of financial stability analysis and bank stress testing is how to establish scenarios with meaningful macro-financial linkages, that is, taking...

Chapter 4 Infrastructure Investment and the Sustainable Development Goals

Chapter 4 Infrastructure Investment and the Sustainable Development Goals »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction The Sustainable Development Goals (SDGs) delineate a comprehensive international agenda for sustainable development by 2030 that has bee...

Chapter 12 Integrating Infrastructure Planning and Budgeting

Chapter 12 Integrating Infrastructure Planning and Budgeting »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Efficient and well-integrated planning and budgeting functions are key for building quality infrastructure. Planning establishes a framework of national, sectoral, and s...

Chapter 2 Macro-Financial Stress Testing: Principles and Practices

Chapter 2 Macro-Financial Stress Testing: Principles and Practices »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The global financial crisis drew unprecedented attention to the role of stress testing of financial institutions in macroprudential and microprudential surveillance,...

Chapter 15 Macroprudential Bank Solvency Stress Testing in FSAPs for Systemically Important Financial Systems

Chapter 15 Macroprudential Bank Solvency Stress Testing in FSAPs for Systemically Important Financial Systems »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The global financial crisis put bank stress tests squarely in the spotlight. Stress tests conducted in the lead-up to the crisis, including those by the IMF staff, w...

Chapter 16 Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems

Chapter 16 Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency s...

Chapter 17 Macroprudential Solvency Stress Testing of the Insurance Sector

Chapter 17 Macroprudential Solvency Stress Testing of the Insurance Sector »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Over the last decade, the IMF has placed more emphasis on the role of the insurance industry in its bilateral and multilateral financial sector surveillance. This ch...

Chapter 14 Maintaining and Managing Public Infrastructure Assets

Chapter 14 Maintaining and Managing Public Infrastructure Assets »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Chapter 3 focused on how improving infrastructure governance to produce better outcomes from existing assets is among the critical ways to close the glob...

Chapter 10 Protecting Public Infrastructure from Vulnerabilities to Corruption: A Risk-Based Approach

Chapter 10 Protecting Public Infrastructure from Vulnerabilities to Corruption: A Risk-Based Approach »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Public investment is prone to corruption particularly when public officials and other actors process information and make decisions at various stages of the infrastructu...

Chapter 6 Public Investment over the Fiscal Cycle

Chapter 6 Public Investment over the Fiscal Cycle »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Many countries responded to the global financial crisis by increasing public spending to soften the ensuing economic downturn (IMF 2010; Dhar 2014). Then years later, pu...

Chapter 13 Real and Financial Vulnerabilities from Cross-Border Banking Linkages

Chapter 13 Real and Financial Vulnerabilities from Cross-Border Banking Linkages »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter looks at the vulnerabilities stemming from banking sector linkages between countries and their macroeconomic effects. It finds that credit risks (from a...

Chapter 10 Revisiting Risk-Weighted Assets: Why Do RWAs Differ across Countries and What Can Be Done about It

Chapter 10 Revisiting Risk-Weighted Assets: Why Do RWAs Differ across Countries and What Can Be Done about It »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter provides an overview of the concerns about differences in the calculation of risk-weighted assets across banks and jurisdictions and how they might unde...

Chapter 6 Ring-Fencing and Consolidated Banks’ Stress Tests

Chapter 6 Ring-Fencing and Consolidated Banks’ Stress Tests »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The recent crisis has spurred the use of bank stress tests as a crisis management and early warning tool. However, a weakness is that current stress tests are based...

Chapter 7 Rules of Thumb for Bank Solvency Stress Testing

Chapter 7 Rules of Thumb for Bank Solvency Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Rules of thumb can be useful in undertaking quick, robust, and readily interpretable bank stress tests. Such rules of thumb are proposed for the behavior of banks’ c...

Chapter 9 Sovereign Risk in Macroprudential Solvency Stress Testing

Chapter 9 Sovereign Risk in Macroprudential Solvency Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter explains the treatment of sovereign risk in macroprudential solvency stress testing, based on the experiences in the Financial Sector Assessment Program...

Chapter 1 Stress Testing at the International Monetary Fund: Principles, Concepts, and Frameworks

Chapter 1 Stress Testing at the International Monetary Fund: Principles, Concepts, and Frameworks »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

1. Motivation Stress testing at the IMF has evolved into an integral aspect of financial sector surveillance over the past two decades. It is a key component of the Financial Sector...

Chapter 3 Stress Tests as a Systemic Risk Assessment Tool

Chapter 3 Stress Tests as a Systemic Risk Assessment Tool »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Turning stress tests into a useful tool for assessing system-wide risk requires (1) incorporating general equilibrium dimensions, so that the outcome of the test dep...

Chapter 4 The Global Macro-Financial Model: A Stress Test Scenario Simulation Tool

Chapter 4 The Global Macro-Financial Model: A Stress Test Scenario Simulation Tool »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter presents the global macro-financial model (GFM) and discusses its application to simulating banking sector solvency stress test scenarios. The GFM is a...

Chapter 5 The Public Investment Management Assessment Framework: An Overview

Chapter 5 The Public Investment Management Assessment Framework: An Overview »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Efficient, high-quality, and sustainable public investment requires strong infrastructure governance. The link between public investment...

Chapter 1 Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment

Chapter 1 Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Public infrastructure is a key driver of inclusive economic growth and development and the reduction of inequalities. Roads, bridges, railways, airports, and electricity connect mar...

Contributing Authors

Contributing Authors »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

IMF Staff (past and present) * Evrim Bese Goksu, Economist, Statisti...

Foreword

Foreword »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

What do you do when you need to measure how shocks affect the financial system? You call in stress testers! Stress testing is a crucial tool for measuring financial syst...

PART I Principles

PART I Principles »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

PART II Concepts

PART II Concepts »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

Part III Frameworks

Part III Frameworks »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

Preface

Preface »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This book was produced prior to the COVID-19 crisis. Therefore, it does not reflect the effect of these developments and related policy measures on the IMF staff’s analysis of poten...

Stress Testing
			: Principles, Concepts, and Frameworks

Stress Testing : Principles, Concepts, and Frameworks »

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

DOI: http://dx.doi.org/10.5089/9781484310717.071

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Back Matter

Back Matter »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Front Matter

Front Matter »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Well Spent
			: How Strong Infrastructure Governance Can End Waste in Public Investment

Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

DOI: http://dx.doi.org/10.5089/9781513511818.071

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Back Matter

Back Matter »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Front Matter

Front Matter »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Chapter 2. Bank Resolution within the European Banking Union: From Bail-Out to Bail-In

Chapter 2. Bank Resolution within the European Banking Union: From Bail-Out to Bail-In »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The Single Resolution Board (SRB) is the resolution authority within the European Banking Union. 1 Its mission is to resolve failing banks in an orderly manner, thus minimizing ne...

Chapter 10. Central Bank Legal Mandates and the Growing Importance of Macroprudential Arrangements: The Latin American Experience

Chapter 10. Central Bank Legal Mandates and the Growing Importance of Macroprudential Arrangements: The Latin American Experience »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Introduction The IMF is not only an economic institution but also a legal phenomenon that, as well-recognized by legal doctrine, plays a significant role in the evolution and constru...

Chapter 6. Cross-Border Resolution: A Global Solution to a Global Problem

Chapter 6. Cross-Border Resolution: A Global Solution to a Global Problem »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Introduction After the financial crisis of 2007–09, the G20 and the Financial Stability Board (FSB) undertook to put in place a global framework for regulating and resolving global f...

Chapter 4. Cross-Border Resolution between Cooperation and Ring-Fencing

Chapter 4. Cross-Border Resolution between Cooperation and Ring-Fencing »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The International Approach to Cross-Border Resolution The financial crisis started in 2008 has brought to the fore the imbalance between the growth in cross-border banking business a...

Chapter 5. Cross-Border Resolution: Progress and Challenges in Cross-Border Enforcement

Chapter 5. Cross-Border Resolution: Progress and Challenges in Cross-Border Enforcement »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Introduction This chapter examines the cross-border resolution framework recommended in the Financial Stability Board’s (FSB’s) Key Attributes of Effective Resolution Regimes for Fin...

Chapter 8. Debt Restructurings and Corporate Insolvencies

Chapter 8. Debt Restructurings and Corporate Insolvencies »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Importance of Mechanisms of Corporate Debt Restructuring for Economic Recovery As a preliminary basis for this analysis, it must be admitted that access to financing from companies i...

Chapter 14. Financial Stability and Legal Frameworks for Islamic Bank Resolution and Anti-money Laundering/Combating the Financing of Terrorism

Chapter 14. Financial Stability and Legal Frameworks for Islamic Bank Resolution and Anti-money Laundering/Combating the Financing of Terrorism »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Islamic banks are institutions that conduct banking operations on the basis of Islamic jurisprudence (Sharī’ah). Islamic banks currently operate in more than 60 countries, including in the Middle East and So...

Chapter 15. International Efforts toward More Resilient Conventional and Islamic Banking Sectors: Implementation Challenges

Chapter 15. International Efforts toward More Resilient Conventional and Islamic Banking Sectors: Implementation Challenges »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Financial stability and sustainable economic growth rely significantly on an effective and resilient banking system. Banks are at the center of the credit intermediation processes between savers and investor...

Chapter 1. Keep Calm, Carry On . . . and Complete the Regulatory Reform Agenda

Chapter 1. Keep Calm, Carry On . . . and Complete the Regulatory Reform Agenda »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Support for the postfinancial crisis reform agenda has been waning in recent years, resulting in part from three assertions by critics in the financial industry. The first is that much of regulation is unnec...

Chapter 9. New Tasks for the European Central Bank: Between Separation, Synergies, and the Preservation of Independence

Chapter 9. New Tasks for the European Central Bank: Between Separation, Synergies, and the Preservation of Independence »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The global financial crisis, which started in 2007, revealed a clear need for more macroeconomic analysis and macro- and microeconomic monitoring. In response to this lacuna, central banks across the world h...

Chapter 16. Pressures on Correspondent Banking: Impact, Drivers, and Responses

Chapter 16. Pressures on Correspondent Banking: Impact, Drivers, and Responses »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Introduction Correspondent banking is a cornerstone of global trade and economic activity. In today’s highly connected economic world, correspondent banking helps to facilitate cross...

Chapter 12. Promoting Financial Stability: Issues and Challenges in Islamic Finance

Chapter 12. Promoting Financial Stability: Issues and Challenges in Islamic Finance »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The task of standard setters such as the Islamic Financial Services Board (IFSB) is to provide the guiding principles that enable regulators to require, or force, “firms to talk” in the public interest....

Chapter 13. Prudential and Liquidity Management Frameworks for Islamic Banks in Arab Countries

Chapter 13. Prudential and Liquidity Management Frameworks for Islamic Banks in Arab Countries »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The rapid growth of Islamic banking in Arab countries presents important economic opportunities, but it also presents financial stability challenges. Islamic modes of banking can increase financial intermedi...

Chapter 11. The Central Bank as Macroprudential Supervisor

Chapter 11. The Central Bank as Macroprudential Supervisor »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Central banks have gradually recognized that, even though their main function was the conduct of monetary policy, they had to be concerned about the financial stability of the banki...

Chapter 7. The New Frontier of Resolution Frameworks: Central Clearing Counterparties

Chapter 7. The New Frontier of Resolution Frameworks: Central Clearing Counterparties »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

Central clearing counterparties (CCPs) have played a longstanding role in financial markets. However, their systemic importance has been amplified by the reforms promoted in response to the global financial...

Chapter 3. Too Big to Fail: Where Are We Now?

Chapter 3. Too Big to Fail: Where Are We Now? »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The recent global financial crisis created havoc in the financial markets and dramatically affected the lives of millions of people across the globe. Quite naturally, it also triggered a reconsideration of t...

IV: Corporate Debt Restructuring and Economic Recovery

IV: Corporate Debt Restructuring and Economic Recovery »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

...

Back Matter

Back Matter »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in imple...

Front Matter

Front Matter »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in imple...

Law & Financial Stability

Law & Financial Stability »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

DOI: http://dx.doi.org/10.5089/9781513523002.071

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in imple...

Seminar Summary: Discussion on Corporate Debt

Seminar Summary: Discussion on Corporate Debt »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

The panel discussed how to design and implement an effective corporate workout framework, underlining that this is not only critical for economic growth but also for financial stability because of its connec...

Seminar Summary: Discussion on De-Risking

Seminar Summary: Discussion on De-Risking »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

This panel discussion was chaired by Ms. Yan Liu, Assistant General Counsel of the Legal Department of the IMF. The panelists discussed the drivers, consequences, and potential solutions to the withdrawal of...

VI: Legal Framework for Islamic Banking

VI: Legal Framework for Islamic Banking »

Source: Law & Financial Stability

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

...

Chapter 1: Complications for the United States from International Credits: 1913–401

Chapter 1: Complications for the United States from International Credits: 1913–401 »

Source: Debt and Entanglements Between the Wars

Series: Books

Author(s): Thomas Sargent , George Hall , Martin Ellison , Andrew Scott , Harold James , Era Dabla-Norris , Mark De Broeck , Nicolas End , Marina Marinkov , and Vitor Gaspar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513511795

Keywords: Debt, Debt burden, Debt management, Debt problems, Debt strategy, Sovereign debt, Default, Sovereign debt defaults, Domestic debt, Fiscal policy

The granting of foreign credit is a first step toward the establishment of an aggressive foreign policy. Adams (1887, 25)...

Chapter 5: Conquering the Debt Mountain: Financial Repression and Italian Debt in the Interwar Period

Chapter 5: Conquering the Debt Mountain: Financial Repression and Italian Debt in the Interwar Period »

Source: Debt and Entanglements Between the Wars

Series: Books

Author(s): Thomas Sargent , George Hall , Martin Ellison , Andrew Scott , Harold James , Era Dabla-Norris , Mark De Broeck , Nicolas End , Marina Marinkov , and Vitor Gaspar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513511795

Keywords: Debt, Debt burden, Debt management, Debt problems, Debt strategy, Sovereign debt, Default, Sovereign debt defaults, Domestic debt, Fiscal policy

Marina Marinkov American debt is a liability freely incurred by the Italian nation. It is, in other words, a debt of honor which we are bound to meet to the utmos...