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Business and Economics > Banks and Banking

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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
Cover IMF Staff Country Reports
Jamaica: Third Reviews Under the Arrangement Under the Precautionary and Liquidity Line and the Arrangement Under the Resilience and Sustainability Facility-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper focuses on Jamaica’s Third Reviews Under the Arrangement Under the Precautionary and Liquidity Line (PLL) and the Arrangement Under the Resilience and Sustainability Facility (RSF). Jamaica’s response to recent shocks has strengthened the credibility of policy frameworks, supporting an economic environment characterized by sustained growth, declining debt, low inflation, and a strengthened external position. Jamaica has continued to implement an ambitious reform agenda that strengthened the fiscal and financial policy frameworks and the climate policy agenda to make the economy more resilient to climate change. Going forward, gross domestic product growth is expected to converge to potential and inflation to return to the mid-point of the target band. The PLL has supported efforts to strengthen the institutional framework for consolidated supervision of financial conglomerates, enhance the framework for the resolution of financial institutions, bring the anti-money laundering and countering the financing of terrorism framework to international best practice, and improve data adequacy. The RSF has supported Jamaica’s ambitious agenda to accelerate the transition to renewables, increase resilience to climate change, enhance the climate focus in fiscal policy frameworks, strengthen the management of climate risks by financial institutions, and catalyze climate financing.
Keywords:
RSF reform; PLL qualification criteria; E. WB engagement; reform measure; SUSTAINABILITY facility; Climate change; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Caribbean
Cover Policy Papers
Interim Review of The Resilience and Sustainability Trust and Review of Adequacy of Resources
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
The Resilience and Sustainability Trust (RST) provides affordable longer-term financing to help eligible IMF members address longer-term structural challenges, thereby progressing toward strengthening their prospective balance of payments stability. This paper takes stock of the initial experience with the RST—focusing on progress and challenges so far—and proposes fine-tuning RST design with a view to strengthening implementation of the Trust’s objectives. The paper also provides an assessment of the adequacy of the Trust’s resources and finds that increased near-term fundraising will be needed to meet strong demand. The Trust’s reserves remain adequate in the baseline and under a range of risk scenarios.
Keywords:
Resilience; sustainability; financing; climate change; pandemics; policy; RSF arrangement; reform package; RST design; RST financing; RST fundraising target; Climate finance; Climate policy; Natural disasters; Global
Cover IMF Working Papers
A Proposal to Improve Country-Level Data on Total Factor Productivity Growth
Andrew M. Warner
The assumption behind popular data on national capital stocks, and therefore total factor productivity, is that countries were in a steady state in the first year that investment data became available. This paper argues that this assumption is highly implausible and is necessarily responsible for implausible data on the ratio of capital to output and productivity growth. It is not credible that countries with similar incomes had huge differences in their capital stocks. This paper claims, with evidence, that implausible features of the data can be greatly reduced by using data on electricity usage or national stocks of road vehicles.
Keywords:
Productivity; Total Factor Productivity; Economic Growth; capital output ratio; total factor productivity growth; capita-output ratio; investment data; TFP growth estimate; Capital productivity; Stocks; Capital adequacy requirements; Electricity; Africa; Global
Cover Policy Papers
Central Bank Digital Currency—Initial Considerations
International Monetary Fund. Monetary and Capital Markets Department
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Research Dept.
The paper briefs the Executive Board on the initial considerations on CBDC. These cover a framework to guide countries’ CBDC exploration, as well as implications for monetary policy transmission, capital flow management measures, and financial inclusion.
Keywords:
Central bank digital currency; initial considerations; Handbook; capacity development; collaboration; CBDC handbook; CBDC Fintech Notes; IMF Fintech Notes; transparency policy; CBDC design; handbook chapter; Central Bank digital currencies; Financial inclusion; Payment systems; Monetary base; Central bank mandate; Global
Cover IMF Staff Country Reports
Jamaica: First Reviews Under the Precautionary and Liquidity Line and Under the Resilience and Sustainability Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Jamaica’s First Reviews under the Precautionary and Liquidity Line (PLL) and under the resilience and sustainability facility arrangements. Jamaica’s commitment to macroeconomic stability and strong policy frameworks has allowed the country to navigate a difficult global environment. The authorities have continued to enhance fiscal, financial, and Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) policy frameworks, and are implementing an ambitious climate policy agenda. Entrenched macroeconomic stability and sound policy frameworks continue to support economic growth, allowing Jamaica to navigate a complex global environment. Important progress has been made on the fiscal reform agenda, including the reform of the public wage structure to eliminate distortions in the salary scale and to retain skilled workers, and improvements in the fiscal policy framework. Climate-oriented reforms of the fiscal framework, incentives for investments in renewables and the greening of the financial system can foster investor confidence and catalyze private climate financing.
Keywords:
Jamaican authorities; disaster risk financing policy; climate policy agenda; RSF review; PLL qualification criteria; Policy agenda; International reserves; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover Policy Papers
Safeguards Assessments - 2022 Review of Experience
International Monetary Fund. Finance Dept.
This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
Keywords:
IMF purchase; safeguards Assessments policy; Policy evolution; assessment finding; control framework; safeguards assessments policy; External audit; Internal audit; Auditing; Central bank governance; Central Bank digital currencies; Middle East and Central Asia; Western Hemisphere; Asia and Pacific; Global; Caribbean
Cover IMF Staff Country Reports
Jamaica: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Jamaica’s Request for Purchase Under the Rapid Financing Instrument (RFI). The Jamaican authorities have proactively responded to the coronavirus disease 2019 (COVID-19) pandemic. Nevertheless, despite the authorities’ best efforts, the pandemic is severely impacting the Jamaican economy, as a sudden stop in tourism and falling remittances are generating a sizable balance-of-payments need. Moreover, the economic outlook remains subject to an unusually high degree of uncertainty. The disbursement under the RFI will strengthen reserves and help catalyze additional support from other international financial institutions and development partners. The authorities’ policy response to the COVID-19 crisis is appropriate, including the timely adoption of targeted measures to support jobs and provide resources to vulnerable segments of the population. Once the crisis abates, building on their demonstrated commitment to reform and stability-oriented measures, the authorities should continue the implementation of their ambitious reform agenda to support the economic recovery and ensure strong and sustainable economic growth.
Keywords:
ISCR; CR; Executive Board discussion; request; BOJ securities; debt reduction effort; government of Jamaica; Jamaica's request; balance of payments risk; COVID-19; PFM legal and regulatory frameworks; Credit; Open market operations; Global
Cover Departmental Papers
Frontiers of Economic Policy Communications
Ms. Olga Ilinichna Stankova
The paper provides an overall view of communications across various areas of economic policy, aiming to help country authorities as they increasingly use communications as a policy tool in its own right. The paper identifies frontier communications challenges, drawing on a large body of research on the salient issues. Although communications can never be a substitute for good policies, economic reforms are more likely to fail or even be reversed if they are not understood or accepted by those whom they affect.
Keywords:
DPPP; DP; public debate; financial system; balance of payments; bank guarantee
Cover IMF Staff Country Reports
Jamaica: Sixth Review Under the Stand-By Arrangements-Press Release; Staff Report; and Statement by the Executive Direct for Jamaica
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Jamaica’s Sixth Review Under the Stand-By Arrangement (SBA). All quantitative performance criteria, indicative targets, and the structural benchmark at end-June were met, marking a successful completion of the SBA. Discussions centered on policies to lock-in macroeconomic stability and advance supply-side reforms to promote inclusive growth, including: building institutions and advancing fiscal reforms to safeguard and sustain economic stability and debt reduction; improving monetary operations and policy transmission; and bolstering financial inclusion, access to credit, and formality. Most structural policy commitments are on track, although some key reforms to public sector transformation, the compensation framework for public employees, legislation to establish a fiscal council, and creating a special resolution regime for financial institutions have been delayed due to capacity constraints and the need to build stakeholder support for these reforms. Important gains have been made in the oversight of financial institutions.
Keywords:
ISCR; CR; policy; IMF's Executive Board; governance framework; reform commitment; government; implementing policy; fund program arrangement; Public sector; PFM legal and regulatory frameworks; Fuel prices; Global