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Are you Prepared to Assume the Risk of Increasing Eur Yields?1

Are you Prepared to Assume the Risk of Increasing Eur Yields?1 »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction I would like to thank the Bank of Albania, the IMF, and the Swiss Embassy for your kind invitation to speak at this forum. I was quite interested in the various discu...

Concluding Remarks

Concluding Remarks »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I would like to thank all the participants for the presentations and for the discussions that we have had. I said yesterday that I was looking forward to learning from all of you, and I can report to you tha...

Conduct of Monetary Policy with Financial Stability Issues and a Challenging Environment: The Case of Serbia

Conduct of Monetary Policy with Financial Stability Issues and a Challenging Environment: The Case of Serbia »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction I will cover the conduct of monetary policy in Serbia, with regard to our main financial stability concerns. First, I will explain the inflation targeting...

Conference Agenda

Conference Agenda »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

NEGATIVE EURO AREA INTEREST RATES AND SPILLOVERS ON WESTERN BALKAN CENTRAL BANK POLICIES AND INSTRUMENTS MAY 4 – 5, 2017 CONFERENCE AGENDA...

ECB Non-standard Monetary Policy Measures and Financial Stability in Western Balkan Economies with Emphasis on the Montenegro Case

ECB Non-standard Monetary Policy Measures and Financial Stability in Western Balkan Economies with Emphasis on the Montenegro Case »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction It is my pleasure to be here and to benefit from the exchange of opinions and experiences. As you may know, pursuant to the Central Bank of Montenegro Law, the Centra...

Estimating the Lower Policy Rate Bound in a Euroized Economy1

Estimating the Lower Policy Rate Bound in a Euroized Economy1 »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction With this presentation, I would like to share the experience of the Bank of Albania (BoA) with the estimation of the lower policy rate bound, at a time, at the beginn...

Fifth Session: Negative Euro Area Interest Rates and Monetary Policy in the Proximity of the Euro Area

Fifth Session: Negative Euro Area Interest Rates and Monetary Policy in the Proximity of the Euro Area »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

...

Financial Stability Under Unilateral Euroization: The Case of Kosovo

Financial Stability Under Unilateral Euroization: The Case of Kosovo »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I will speak on the financial stability experience of Kosovo. Like Montenegro, we have also adopted the euro unilaterally. This makes a difference compared to other countries with unofficial, partial euroiza...

Fourth Session: Negative Euro Area Interest Rates and Reserve Management (Continued)

Fourth Session: Negative Euro Area Interest Rates and Reserve Management (Continued) »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

...

FX Reserve Management in a Negative Interest Rates Environment: The Macedonian Experience

FX Reserve Management in a Negative Interest Rates Environment: The Macedonian Experience »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

First of all, I would like to thank the organizers, the Bank of Albania, the International Monetary Fund, and the Swiss Government for giving me the opportunity to represent the National Bank of the Republic...

How do Interest Rate Differentials Impact on Euroization – Evidence from the Oenb Euro Survey

How do Interest Rate Differentials Impact on Euroization – Evidence from the Oenb Euro Survey »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

Euroization is a common phenomenon in the Central, Eastern, and Southeastern European (CESEE) region. Hence, the global environment of low interest rates and the ensuing lower interest rate differentials bet...

Implementation of the New FX Reserves Investment Strategy at the Central Bank of Hungary

Implementation of the New FX Reserves Investment Strategy at the Central Bank of Hungary »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

It is a pleasure to speak at today’s conference. I may raise more questions with my presentation than answers, but hopefully you will understand the general trends in reserve management and how the Central B...

Implications from the Loose ECB Monetary Policy for the Region (Focus on Macedonia)

Implications from the Loose ECB Monetary Policy for the Region (Focus on Macedonia) »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

First, let me thank the Bank of Albania and the IMF, the organizers of this event, for the invitation to be here as part of this excellent event, and share with you the thoughts of the Central Bank of Macedo...

Implications of Low Interest Rates for Financial Stability in Albania

Implications of Low Interest Rates for Financial Stability in Albania »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I would like to start by saying that lower interest rates reflect a long-term pattern that has been taking place for longer than one might think. We relate lower interest rates to global financial crises, bu...

Introduction

Introduction »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

Western Balkans’ Central Banks Conference on “Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments” Western Balkans are an economi...

Introductory Remarks On Panel “negative Euro Area Interest Rates and Monetary Policy in the Proximity of the Euro Area”

Introductory Remarks On Panel “negative Euro Area Interest Rates and Monetary Policy in the Proximity of the Euro Area” »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

After a very interesting first day of the conference, I am honored to start the second day and introduce a panel of highly distinguished central banks’ senior policymakers and economists. Yesterday...

Introductory Remarks: Panel on “Negative Euro Area Interest Rates and Financial Stability in Western Balkan Economies”

Introductory Remarks: Panel on “Negative Euro Area Interest Rates and Financial Stability in Western Balkan Economies” »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

Thank you again for coming back to the second session. In this session, we will continue to discuss the negative euro area interest rates and financial stability in our respective countries. The com...

Introductory Remarks: Panel on “Negative Euro Area Interest Rates and Reserve Management”

Introductory Remarks: Panel on “Negative Euro Area Interest Rates and Reserve Management” »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

After a very interesting morning dedicated to recent financial stability challenges in a negative euro area interest rate environment, I am introducing a panel on reserve management challenges in a context o...

Monetary Policy and Exchange Rate Commitment in the Czech Republic

Monetary Policy and Exchange Rate Commitment in the Czech Republic »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction I would like to thank the Bank of Albania for inviting me to this conference, for the excellent organization and the very interesting content of this conference....

Monetary Policy Below the Zero Lower Bound

Monetary Policy Below the Zero Lower Bound »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I would like to thank the Bank of Albania for the kind invitation. Costs and benefits of ECB negative deposit policy have been extensively discussed in the euro area, and I understand that it also raises tec...

Monetary Policy below The Zero Lower Bound

Monetary Policy below The Zero Lower Bound »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I have tried to come up with a sexy title – at least I think it’s sexy: “Monetary Policy below the Zero Lower Bound,” and I intend to talk about the Swiss experience of conducting monetary policy with negati...

Monetary Policy in the Proximity of the Euro Area: What Changes with Negative Euro Area Rates?

Monetary Policy in the Proximity of the Euro Area: What Changes with Negative Euro Area Rates? »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

The title of my presentation is not very catchy. Catchy titles should fit on one line. I think my research papers tend to have un-catchy titles, which is probably why I am in central banking and not politics...

Negative Euro Area Interest Rates and an Effective De-euroization Strategy

Negative Euro Area Interest Rates and an Effective De-euroization Strategy »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I will present today the results of the work that the IMF has conducted with the Bank of Albania on the issue of de-euroization as part of its technical assistance provision. Figure 1 r...

Negative Euro Area Interest Rates and Reserve Management at the Central Bank of Romania

Negative Euro Area Interest Rates and Reserve Management at the Central Bank of Romania »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction I will start by thanking the organizers, the Bank of Albania, the IMF, and the Swiss Government, but I would also like to congratulate them on organizing such an even...

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Reserve Management Challenge: Stability Vs. Return When we were discussing about the outline of the presentation on reserve management from the perspective of the central bank, we...

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments »

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

DOI: http://dx.doi.org/10.5089/9789928445391.072

ISBN: 9789928445391

Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017....

Front Matter

Front Matter »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017....

Non-standard Monetary Policy in a Low Interest Rate Environment

Non-standard Monetary Policy in a Low Interest Rate Environment »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

Thank you very much for the opportunity to talk about the Hungarian experience. It comes with the usual disclaimer about the views expressed here. Let’s phrase it in the way that I am analyzing and advising...

Second Session: Negative Euro Area Interest Rates and Financial Stability in Western Balkan Economies

Second Session: Negative Euro Area Interest Rates and Financial Stability in Western Balkan Economies »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

...

Sixth Session: Negative Euro Area Interest Rates and Monetary Policy in the Western Balkans

Sixth Session: Negative Euro Area Interest Rates and Monetary Policy in the Western Balkans »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

...

Speakers’ Bios

Speakers’ Bios »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

GENT SEJKO Governor Bank of Albania Mr. Gent Sejko is the Governor of the Bank of Albania and Chairman of it...

Spillovers of the ECB’s Non Standard Monetary Policy Measures on Southeastern Europe1

Spillovers of the ECB’s Non Standard Monetary Policy Measures on Southeastern Europe1 »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

1. Introduction and Motivation “International spillovers from the monetary policy of one country to other economies are a corollary of globalisation. This entails that we, as policym...

Third Session: Negative Euro Area Interest Rates and Reserve Management

Third Session: Negative Euro Area Interest Rates and Reserve Management »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

...

Welcome Addresses

Welcome Addresses »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I would like to thank Governor Sejko for his kind words, and more importantly, for hosting what promises to be a very interesting conference in Tirana. I also would like to thank Ambassador Graf and...

Welcome Addresses

Welcome Addresses »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I am privileged to open this conference organized by the Bank of Albania and the IMF, with the gratefully acknowledged financial support of the Swiss Government. This conference focuses on the econo...

Welcome Addresses

Welcome Addresses »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

I am pleased to welcome you to this regional conference to discuss macroeconomic and monetary policies related to the effects of the eurozone’s low inflation rate and the negative interest rates. I very much...

What is Obscured by Aggregate Data in the Case of Bosnia and Herzegovina?

What is Obscured by Aggregate Data in the Case of Bosnia and Herzegovina? »

Source: Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9789928445391

In my presentation, I would like to emphasize some risks to financial stability that are hidden if one observes only the aggregate data. In a sense, I am going to play the devil’s advocate. One of the things...

Chapter 15: Basel II and Extreme Risk Analysis

Chapter 15: Basel II and Extreme Risk Analysis »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction Basel II mandates the maintenance of bank capital to address three broad categories of risk: credit risk, market risk and operation risk. Basel II methodology assumes th...

Chapter 12: Complex Financial Products in Japan: Evolution of Structured Products and Regulatory Responses

Chapter 12: Complex Financial Products in Japan: Evolution of Structured Products and Regulatory Responses »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction How did Japan avoid the great credit market boom and bust of the 2000s, which plagued so many other advanced economies? What were the factors that mitigated dangerous ex...

Chapter 20: Corporate Restructuring During Times of Crisis in South Korea

Chapter 20: Corporate Restructuring During Times of Crisis in South Korea »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

1. Introduction Despite some debate regarding when industrialization in fact began in South Korea, considering the history of policies up to the present, one may posit that industria...

Chapter 16: Counter-Cyclical Buffer of the Basel Capital Requirement and Its Empirical Analysis

Chapter 16: Counter-Cyclical Buffer of the Basel Capital Requirement and Its Empirical Analysis »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction The recent subprime loan crisis has taught various lessons. First, the procyclicality of the Basel capital requirement has been strongly recognized. It has caused Japan...

Chapter 14: Effective Cross-Border Supervision: From Imperative to Implementation

Chapter 14: Effective Cross-Border Supervision: From Imperative to Implementation »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

In the wake of the financial crisis, an effective framework for cross-border supervision of financial institutions has become an even more compelling imperative. Financial and technological innovation has ra...

Chapter 18: European Initiatives for the Regulation of Nonbank Financial Institutions: The EU Directive on Alternative Investment Fund Managers

Chapter 18: European Initiatives for the Regulation of Nonbank Financial Institutions: The EU Directive on Alternative Investment Fund Managers »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction I am deeply honored and pleased by the invitation to present my observations regarding the European initiatives for the regulation of nonbank financial institutions to t...

Chapter 19: Out of Court Corporate Debt Restructuring Framework in India: An Overview

Chapter 19: Out of Court Corporate Debt Restructuring Framework in India: An Overview »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

The financial crisis posed major challenges to policy makers and regulators as they worked towards stabilizing financial markets and prevent a further meltdown and the slide of the global economy from its de...

Chapter 22: Principles of Household Debt Restructuring

Chapter 22: Principles of Household Debt Restructuring »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction This note assesses the case for government intervention in household debt restructuring and presents key principles for household debt restructuring programs that could...

Chapter 21: Quasi-Governmental Special Purpose Vehicles to Restructure Ailing Business Corporations in Extraordinary Times: A Proposal Based on Japan’s Experiences

Chapter 21: Quasi-Governmental Special Purpose Vehicles to Restructure Ailing Business Corporations in Extraordinary Times: A Proposal Based on Japan’s Experiences »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

The downturn of the real economy might have hit bottom but we still have some fear about sinking into a double-dip recession. Many business corporations may have to resolve excess-capacity problems to match...

Chapter 9: Reforming the IMF

Chapter 9: Reforming the IMF »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction Although the overall objective of the International Monetary Fund (the “Fund”)—the promotion of international monetary and financial stability—has remained constant over...

Chapter 11: Regulating Credit Default Swaps in the Wake of the Subprime Crisis

Chapter 11: Regulating Credit Default Swaps in the Wake of the Subprime Crisis »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction The subprime crisis focused much attention on credit default swaps (CDS) and the role they played in the failure of the American International Group Inc. (AIG). The bail...

Chapter 3: Regulating Multinational Banks in Europe: An Assessment of the New Supervisory Framework

Chapter 3: Regulating Multinational Banks in Europe: An Assessment of the New Supervisory Framework »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

In this chapter, we examine recent developments and new perspectives of European banking regulation from the viewpoint of multinational banks. 1 Our approach is justified on at le...

Chapter 17: Regulating the Credit Rating Agencies

Chapter 17: Regulating the Credit Rating Agencies »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

In the wake of the financial crisis, countries across the globe have put in place or are considering new regulatory regimes designed to produce greater accountability, transparency and oversight for credit r...

Chapter 10: Restoring Financial Stability: Japan’s Perspective

Chapter 10: Restoring Financial Stability: Japan’s Perspective »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

The financial world has gone through a historic period since the bankruptcy of Lehman Brothers, and there have been a number of significant policy developments. The worst time may have passed, owing to bold,...

Chapter 8: Restoring Growth, the Role of the IMF, and Strengthening Financial Regulation and Supervision Globally

Chapter 8: Restoring Growth, the Role of the IMF, and Strengthening Financial Regulation and Supervision Globally »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction I thank the IMF Legal Department, Japanese Ministry of Finance and Financial Services Agency, and Bank of Japan for sponsoring this event. It is an honor to be here....

Chapter 13: Roots of the 2008 Financial Crisis, Fair Value Accounting, and Regulatory Reform

Chapter 13: Roots of the 2008 Financial Crisis, Fair Value Accounting, and Regulatory Reform »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the w...

Chapter 6: Some Thoughts on Macroprudential Supervision

Chapter 6: Some Thoughts on Macroprudential Supervision »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

The global financial crisis that began in summer 2007 has forced the world’s financial regulators to think about overhauling their regulatory and supervisory frameworks. The argument goes that the traditiona...

Chapter 2: The Dodd-Frank Act and the Financial Crisis: A Retrospective Assessment of the Act’s Systemic Risk Regulation Provisions

Chapter 2: The Dodd-Frank Act and the Financial Crisis: A Retrospective Assessment of the Act’s Systemic Risk Regulation Provisions »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction The Dodd-Frank Wall Street Reform and Consumer Protection Act (hereafter “Dodd-Frank”) was signed into law by President Obama on July 21, 2010. 1...

Chapter 5: The Legal Framework for Central Banking in a Crisis: Japan’s Experiences

Chapter 5: The Legal Framework for Central Banking in a Crisis: Japan’s Experiences »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction In a financial crisis, a central bank is often required to take various “unconventional” policy measures as well as to provide liquidity as a “lender of last resort (LLR...

Chapter 4: The Legal Response to the Financial Crisis Between 2008 and 2010: The Role and Initiatives of the European Central Bank

Chapter 4: The Legal Response to the Financial Crisis Between 2008 and 2010: The Role and Initiatives of the European Central Bank »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Since late August 2008, the financial world has gone through what was initially termed “financial turmoil,” thereafter “financial crisis” and, more recently, “the worst financial crisis since the 1930s.” Sin...

Chapter 7: Toward a New Financial Order: What Are the Key Issues?

Chapter 7: Toward a New Financial Order: What Are the Key Issues? »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Today, I would like to take the opportunity to discuss the key issues of the new regulatory framework. I would like to begin by noting that the most dangerous phrase in finance is: “Things will be d...

Chapter 1: What Is the Right Response to the Too-Big-to-Fail Problem?

Chapter 1: What Is the Right Response to the Too-Big-to-Fail Problem? »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

Introduction The ongoing financial crisis—widely viewed as the worst since the Great Depression 1 —has inflicted tremendous damage on financial marke...

Current Developments in Monetary and Financial Law, Volume 6
			: Restoring Financial Stability--The Legal Response

Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response »

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

DOI: http://dx.doi.org/10.5089/9781616350819.072

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

'Restoring Financial Stability-The Legal Response' is the theme of the sixth volume of 'Current Developments in Monetary and Financial Law.' The book covers a range of issues: frameworks and regulatory reforms in t...

Back Matter

Back Matter »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

'Restoring Financial Stability-The Legal Response' is the theme of the sixth volume of 'Current Developments in Monetary and Financial Law.' The book covers a range of issues: frameworks and regulatory reforms in t...

Front Matter

Front Matter »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

'Restoring Financial Stability-The Legal Response' is the theme of the sixth volume of 'Current Developments in Monetary and Financial Law.' The book covers a range of issues: frameworks and regulatory reforms in t...

IX. Debt Restructuring

IX. Debt Restructuring »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

...

VI. Capital Adequacy

VI. Capital Adequacy »

Source: Current Developments in Monetary and Financial Law, Volume 6 : Restoring Financial Stability--The Legal Response

Series: Seminar Volumes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2013

ISBN: 9781616350819

Keywords: Banking, Central bank policy, Financial stability, Financial institutions, International banking, debt, loans, restructuring, regulation

...

Annex: Agenda, Participants, and Summary of Deliberations

Annex: Agenda, Participants, and Summary of Deliberations »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

This annex provides the agenda, a list of participants, and a summary of the main themes discussed at each of the four sessions of the conference. Sessio...

Concluding Remarks by John Lipsky

Concluding Remarks by John Lipsky »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

Today’s session made it clear that many issues require further consideration. I will mention just three of those already noted: First, judging the appropriate pace regar...

Session 4. Financial Crisis-Related Assets—Practical Considerations for Restoring Private Control

Session 4. Financial Crisis-Related Assets—Practical Considerations for Restoring Private Control »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

Aerdt Houben De Nederlandsche Bank How to design the unwinding of public interventions depends on the objectives governing the exit, the conditions in the financial sector, and the d...

Session 3. Financial Sector Interventions—Identifying Preconditions and Practical Considerations for Unwinding Liquidity Support and Guarantees

Session 3. Financial Sector Interventions—Identifying Preconditions and Practical Considerations for Unwinding Liquidity Support and Guarantees »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

Charles Bean Bank of England I have been asked to focus my remarks on two questions in particular. First, what macroeconomic and financial market indicators should guide the unwindin...

Session I. The Financial Crisis—Where Are We Now, and What Are the Prospects for Unwinding Public Interventions in the Financial Sector?

Session I. The Financial Crisis—Where Are We Now, and What Are the Prospects for Unwinding Public Interventions in the Financial Sector? »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

Hervé Hannoun Bank for International Settlements The leverage-led growth model—a combination of excessive leverage in the financial system, overindebtedness of households, low intere...

Session 2. Managing Fiscal Risks—Public Finance Aspects of Unwinding

Session 2. Managing Fiscal Risks—Public Finance Aspects of Unwinding »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

Mitsuhiro Furusawa Ministry of Finance, Japan I will start with a few comments on fiscal policy exit strategies in general and then turn to more specific comments on unwinding public...

Unwinding Financial Sector Interventions
			: Preconditions and Practical Considerations

Unwinding Financial Sector Interventions : Preconditions and Practical Considerations »

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

DOI: http://dx.doi.org/10.5089/9781589069893.072

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers f...

Front Matter

Front Matter »

Source: Unwinding Financial Sector Interventions : Preconditions and Practical Considerations

Series: Seminar Volumes

Author(s): Michael Papaioannou , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2010

ISBN: 9781589069893

Keywords: financial sector, financial institutions, fiscal policy, financial stability, financial system

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers f...

CHAPTER 1. A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

CHAPTER 1. A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

1.1. Introduction In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the fi...

CHAPTER 9. Comment on “Global Imbalances: In Midstream?”

CHAPTER 9. Comment on “Global Imbalances: In Midstream?” »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

This is an important contribution to the literature on global imbalances, which has been bedevilled hitherto by much muddy thinking. Blanchard and Milesi-Ferretti begin by making the important point that cur...

CHAPTER 10. Comments on Dealing with Global Imbalances

CHAPTER 10. Comments on Dealing with Global Imbalances »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

Few issues in international macroeconomics and finance have occupied the attention of policymakers and researchers in recent years as much as the debate on the causes, consequences, and measurements of globa...

CHAPTER 6. Comments on “Redesigning the Contours of the Future Financial System”

CHAPTER 6. Comments on “Redesigning the Contours of the Future Financial System” »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

“Redesigning the Contours of the Future Financial System” does a particularly nice job in summarizing: what went wrong; the pote...

CHAPTER 7. Discussion of “Redesigning the Contours of the Future Financial System”

CHAPTER 7. Discussion of “Redesigning the Contours of the Future Financial System” »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

The lessons from the global financial crisis have shaped the debate on the future contours of the financial system. The paper by Kodres and Narain does an excellent job of asking the pertinent questions. The...

CHAPTER 8. Global Imbalances: In Midstream?

CHAPTER 8. Global Imbalances: In Midstream? »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

Before the crisis, there were strong arguments for reducing global imbalances. As a result of the crisis, there have been significant changes in saving and investment patterns across the world and imbalances...

CHAPTER 5. Redesigning the Contours of the Future Financial System

CHAPTER 5. Redesigning the Contours of the Future Financial System »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

5.1. Executive Summary The crisis has elicited a profound re-evaluation of the way in which the global financial system works. How both policymakers and market participants respond t...

CHAPTER 12. Remarks on “The Debate on the International Monetary System”

CHAPTER 12. Remarks on “The Debate on the International Monetary System” »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

The paper “The Debate on the International Monetary System,” prepared by Isabelle Mateos y Lago, Rupa Duttagupta, and Rishi Goyal, discusses the weaknesses of the current international monetary system and co...

Chapter 2. Rethinking Macroeconomic Policy

Chapter 2. Rethinking Macroeconomic Policy »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

2.1. Introduction It was tempting for macroeconomists and policymakers alike to take much of the credit for the steady decrease in cyclical fluctuations from the early 1980s on and t...

CHAPTER 3. “Rethinking Macroeconomic Policy”: Comments

CHAPTER 3. “Rethinking Macroeconomic Policy”: Comments »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

The paper by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro is an important contribution to the current debate on the causes of the failure of macroeconomics in general and many sophisticated fore...

CHAPTER 11. The Debate on the International Monetary System

CHAPTER 11. The Debate on the International Monetary System »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

Isab Elle Mateos Y Lago Rupa Duttagupta Rishi Goyal 1 11.1. Executive Summary The gl...

CHAPTER 4. Toward a Stability-Oriented Policy Framework

CHAPTER 4. Toward a Stability-Oriented Policy Framework »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

In discussing the current macroeconomic framework, I will focus on the institutional aspects that have proved successful, in particular from the European perspective. These are central bank independence, the...

Reconstructing the World Economy

Reconstructing the World Economy »

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

DOI: http://dx.doi.org/10.5089/9781589069770.072

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

This volume presents papers from a conference organized by the Korea Development Institute and the IMF. The purpose of this high-level conference was for policymakers and academics from the Asian region and from G-...

Front Matter

Front Matter »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

This volume presents papers from a conference organized by the Korea Development Institute and the IMF. The purpose of this high-level conference was for policymakers and academics from the Asian region and from G-...

SECTION I. Exit Strategies for Anti-Crisis Measures

SECTION I. Exit Strategies for Anti-Crisis Measures »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

...

SECTION II. Redesigning the Macro Framework

SECTION II. Redesigning the Macro Framework »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

...

SECTION III. The Future Financial System

SECTION III. The Future Financial System »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

...

SECTION IV. Global Imbalances: In Midstream

SECTION IV. Global Imbalances: In Midstream »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

...

SECTION V. Future of the International Monetary System

SECTION V. Future of the International Monetary System »

Source: Reconstructing the World Economy

Series: Seminar Volumes

Author(s): Il SaKong , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2010

ISBN: 9781589069770

Keywords: inflation, current account, financial system, central bank, monetary policy

...

Chapter 12 Achieving Financial Stability Through Disclosure

Chapter 12 Achieving Financial Stability Through Disclosure »

Source: Current Developments in Monetary and Financial Law, Vol. 5

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2008

ISBN: 9781589067738

Keywords: collateral, financial stability, hedge, deposit insurance, insolvency

Effective securities regulation contributes to financial stability by establishing a sound environment for capital formation. It fosters the efficient allocation of resources within...