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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 720 items for :

  • Type: Journal Issue x
  • Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill x
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Cover Global Financial Stability Notes
Pension Funds and Financial Stability
This Global Financial Stability Note examines the growth of the pension fund sector and the potential financial stability implications. Historically, pension funds have been seen as a contributor to financial stability because of their long-term and well-diversified liabilities. However, the sector has undergone significant structural shifts accelerated by a prolonged period of low interest rates, increasing its exposure to traditional risks while introducing emerging risks; this is reflected in growing intra-financial sector interconnectedness and exposure to long-term sovereign bonds. The recent transition to higher interest rates should be positive for the pension sector, albeit its pace and abruptness has been associated with liquidity stress and contagion risks in some countries.
Keywords:
Pension Funds; Financial Stability; Assets; Risks; Pension Plans; major pension fund sector; IMF Library; major pension savings market; structural liquidity; asset-liability duration mismatch; risk analysis; Pension spending; Pensions; Financial sector stability; Liquidity risk; Global
Cover Technical Assistance Reports
Colombia: Technical Assistance Report-Foreign Exchange Market Development and Regulatory Framework Review
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the technical assistance provided by the International Monetary Fund (IMF) to the Banco de la República to support the authorities in reviewing the regulatory framework and formulating development strategies for the foreign exchange market.
Keywords:
Currency internationalization; regulatory framework; foreign exchange market development; Colombia.; FX Market development strategy; FX channeling; Banco de la República; IMF's Monetary; Currency markets; Currencies; Exchange rate risk; Exchange rates; Global
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Macroprudential Stress Testing and Climate Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
The Technical Assistance (TA) mission, conducted in Victoria, Seychelles, from May 2 to 17, 2023, assisted authorities with macroprudential stress testing and climate risk analysis. The stress testing focused on strengthening the solvency and liquidity frameworks: (i) for solvency, considering credit and foreign exchange risks to design robust scenarios, applying econometric techniques to enhance their risk assessment, and (ii) for the liquidity stress test, enhancing the cash flow analyses utilized by the authorities. For the climate risk analysis framework, the mission reviewed essential components, identified data sources, and provided hands-on training for climate risk assessment. Recommendations include fostering collaboration within CBB and other agencies, better leveraging available data, and improving data collection for stress testing and climate risk analysis. The CBS is expected to advance its framework and address data challenges to implement stress testing and climate risk analysis initiatives effectively.
Keywords:
Climate change; Climate scenario analysis; Environment; Financial sector policy and analysis; Liquidity stress testing; Macroprudential stress testing; Natural disasters; Solvency stress testing' Seychelles.; IMF stress; Department mission; Climate risk analysis diagnosis; mission Climate risk analysis component; IMF's Monetary; Loans; Nonperforming loans; Stress testing; Credit risk; Global
Cover Policy Papers
Considerations for the Comprehensive Review of Access Limits
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
This paper provides background for an informal discussion to engage with Executive Directors, held on November 26, 2024, on the Comprehensive Review of GRA Access Limits. The General Resources Account (GRA) access limits are part of the Fund’s risk management framework. They help maintain a balance between the need to: (i) ensure that members have confidence in the availability of Fund financing; and (ii) preserve liquidity and the revolving nature of the Fund’s resources.
Keywords:
risk management framework; GRA lending commitment; transparency policy; managing transition; enterprise risk consideration; risk tolerance; financing needs; Credit; Liquidity; Credit risk; COVID-19; Global
Cover Technical Assistance Reports
Georgia: Technical Assistance Report-Cyber Risk: Regulation, Supervision and Testing
International Monetary Fund. Monetary and Capital Markets Department
The technical mission aimed to strengthen the cyber risk regulation and supervision, and testing for the National Bank of Georgia (NBG). The mission focused on (i) an assessment of NBG’s cyber risk regulation, (ii) an assessment of cyber risk supervisory arrangements of NBG, (iii) assisting in the development of a cyber testing framework, and (iv) assisting in the development of a methodology for cyber exercising and stress testing. The mission found that cyber risk regulations including incident reporting requirements are in place, but gaps remain. Cyber risk supervision practices need improvements and more focus on supervisory priorities. Information sharing practices within the financial sector require strengthening. Cyber testing and exercises are an area where significant improvements are needed. Overall, the mission found that the NBG would benefit with an overarching cyber strategy for its financial sector.
Keywords:
Cyber risk regulation; cybersecurity supervision; cyber testing; incident reporting; information sharing; Georgia; Central Bank.; offsite supervision activity; cybersecurity strategy; request of the National Bank of Georgia; information security Act; cybersecurity risk management regulation; Cyber risk; Financial sector; Commercial banks; Operational risk; Auditing; Global
Cover The IMF’s Exceptional Access Policy
The IMF’s Exceptional Access Policy
Evaluation Report Dec 2024
Vivek B Arora
,
Miguel de Las Casas
,
Yasemin Bal Gündüz
,
Jérémie Cohen-Setton
,
Kelsie J Gentle
,
Jiakun Li
,
Carmen Rollins
, and
Sandra Saveikyte

Abstract

The evaluation assesses the EAP’s rationale, evolution, and implementation during the period since its adoption in 2002. It assesses whether the EAP has fulfilled the objectives that guided its creation, namely, shaping members’ and market expectations, providing clearer benchmarks for Board decisions on program design and exceptional access, safeguarding the Fund’s resources, and helping to ensure uniformity of treatment of members. The evaluation draws on background papers comprising both thematic and country studies that draw on experience with the 38 exceptional access programs completed through mid-2023. The thematic papers analyze the rationale and evolution of the EAP as well as the three building blocks of the policy: the exceptional access criteria, enhanced Board decision-making procedures, and ex post evaluations. The country papers comprise both cross-country studies and country-specific studies of the completed programs with Argentina (2018), Ecuador (2020), and Egypt (2020).

Keywords:
Exceptional access; IMF lending; safeguarding Fund resources; program design; uniformity of treatment; risk management; program success; EA program; surcharge rate; ToC of an Na arrangement; detailed Theory of Change; Debt sustainability; Reputational risk; Balance of payments need; Capital account crisis; Global
Cover Policy Papers
The Chair’s Summing Up Independent Evaluation Office—The IMF’s Exceptional Access Policy: Executive Board Meeting: Executive Board Meeting December 5, 2024
International Monetary Fund. Independent Evaluation Office
Executive Directors welcomed the report of the Independent Evaluation Office (IEO) on the IMF’s Exceptional Access Policy (EAP), encompassing the policy’s objectives and design, successive reforms, and experience with its implementation. They recognized that the Fund has sought to find a generally good balance between rules and flexibility in applying the EAP, while reinforcing transparency and accountability and adopting adequate safeguards. Directors generally concurred with the thrust of the evaluation that the EAP provided a structured framework for higher scrutiny through the exceptional access criteria (EAC) and enhanced decision making procedures, while maintaining flexibility through room for judgment in assessing the EAC.
Keywords:
EAP review; NA program; risk tolerance; Balance of payments need; Credit risk; Debt sustainability; Debt restructuring; Global
Cover Policy Papers
2024 Review Of The Fund’s Transparency Policy And Open Archives Policy
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Policy Development and Review Dept.
, and
International Monetary Fund. Secretary's Department
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Keywords:
Accountability; Archives; Communication; Independence; Lending; Modification Rules; Publication; Surveillance Transparency; TRANSPARENCY Policy; staff report; country staff report; Transparency Policy review; policy recommendation; Reputational risk; Poverty reduction strategy; Multilateral development institutions; Financial Sector Assessment Program; Global
Cover High-Level Summary Technical Assistance Reports
India: Review and Evaluation of the Reserve Bank of India’s Stress Test Model Framework
Marco Gross
and
Wei Sun
This report provides a brief summary of the purpose and findings of a technical assistance (TA) mission that was intended to review and evaluate the Reserve Bank of India (RBI)’s stress test model suite, which took place in April 2023. The RBI’s model suite was found to be strong and well developed in numerous respects. The most noteworthy recommendations pertain to credit risk, market risk, and macro-financial scenario design. A detailed list of 28 recommendations spanning all areas was left with the RBI. A detailed TA report accompanies this brief summary report.
Keywords:
Bank solvency risk analysis; liquidity risk analysis; contagion analysis; stress test model framework; IMF team; RBI's model suite; TA mission; summary report; Stress testing; Market risk
Cover Technical Assistance Reports
Jamaica: Technical Assistance Report-Systemic Risk Monitoring
International Monetary Fund. Monetary and Capital Markets Department
The technical assistance mission aimed to build capacity to enhance financial stability analyses and assessments at the Bank of Jamaica (BOJ). It reviewed the latest available Financial Stability Report (FSR) and the analytical toolkit. In particular, the mission assisted the BOJ in estimating sectoral credit risk models to enhance the forward-looking element of its financial stability assessment. The mission explained the Bayesian Model Averaging (BMA) approach and provided initial estimates for five sectoral credit risk models, including mortgages to households, personal loans, corporate loans for tourism, corporate loans for construction, and other corporate loans. Additionally, the mission covered topics such as financial stability indicators, credit risk, stress testing, insurance and pension balance sheets, climate risk, interconnectedness, and contagion risk. Several recommendations were provided, covering the FSR, methodological work on the financial stability analytical toolkit, internal and external communication, and data sources and their management. The mission concluded that financial stability should be regarded as equally important as monetary policy and supervision. It emphasized the need for a detailed production plan for the FSR, a comprehensive communication strategy, and the organization of all data in a single data warehouse to support the financial stability analytical toolkit. The mission also highlighted the importance of improving non-bank analyses and regularly reporting on emerging risks, such as climate and cyber risks.
Keywords:
Financial stability; financial stability report; systemic risk; stress testing; credit risk modeling; Jamaica.; BOJ data management system; BOJ stress; BOJ website; BOJ credit risk stress tests; market risk analysis; BOJ absorption ratio; Financial sector stability; Credit risk; Market risk; Financial sector risk; Caribbean