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Business and Economics > Banks and Banking

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Cover La aduana, una institución clave
La aduana, una institución clave
Fortaleciendo la administración aduanera en un mundo de cambios
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Las administraciones de aduanas ven surgir nuevos retos a medida que aumenta el volumen del comercio internacional, aparece nueva tecnología y cambian los modelo de negocio. Este libro analiza los cambios y desafíos que enfrentan las administraciones de aduanas y propone formas de abordarlos. Describe los problemas que las autoridades deben tener en cuenta a la hora de elaborar su propia hoja de ruta para la modernización de las aduanas.

Keywords:
aduana; cumplimiento tributario; recaudación de impuestos; evasión fiscal; facilitación del comercio; gestión del riesgo aduanero; seguridad de fronteras; comercio; regímenes fiscales; política comercial; ingreso tributario; operadores comerciales; modernización de la aduana; tecnologías digitales; economía del sector público; administración pública; finanzas públicas; desarrollo económico; avances tecnológicos
Cover Таможенные вопросы
Таможенные вопросы
Укрепление таможенной службы в меняющемся мире
Augusto A Perez Azcarraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Перед таможенными службами во всем мире встают новые задачи: растущий объем международной торговли, революция в новых технологиях и фундаментальные изменения в бизнес-моделях. Преимущества хорошо функционирующей таможенной администрации очевидны, равно как и необходимость развития эффективных, действенных, справедливых и современных таможенных администраций. Книга «Таможенные вопросы» анализирует многочисленные изменения и проблемы, с которыми сталкиваются таможенные администрации, и предлагают пути их решения. Предлагая разноплановый взгляд на основные аспекты таможенного администрирования, книга служит руководством для директивных органов и должностных лиц таможенных служб при оценке текущего состояния их таможенных систем в целях разработки, совершенствования или продвижения своих планов действий по модернизации таможенной службы.

Keywords:
таможня; соблюдение обязательств по уплате налогов; принудительное взыскание налогов; уклонение от уплаты налогов; обеспечение безопасности границ; торговля; модернизация налоговой службы; государственная служба; государственные финансы; налог на добавленную стоимость
Cover FinTech Notes
How Should Central Banks Explore Central Bank Digital Currency?
Gabriel Soderberg
,
Mr. John Kiff
,
Hervé Tourpe
,
Ms. Marianne Bechara
,
Stephanie Forte
,
Kathleen Kao
,
Ashley Lannquist
,
Tao Sun
, and
Akihiro Yoshinaga
Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.
Keywords:
Central bank digital currency; project management; digitalization; payments; IMF Fintech Note 2023/008; IMF Library; Fintech note; decision-making framework; publication order; CBDC project; Central Bank digital currencies; Payment systems; Commercial banks; Currencies; Sub-Saharan Africa; Global
Cover IMF Working Papers
The Anatomy of Banks’ IT Investments: Drivers and Implications
Mr. Kosha Modi
,
Mr. Nicola Pierri
,
Mr. Yannick Timmer
, and
Mr. Maria Soledad Martinez Peria
This paper relies on administrative data to study determinants and implications of US banks’ Information Technology (IT) investments, which have increased six-fold over two decades. Large and small banks had similar IT expenses a decade ago. Since then, large banks sharply increased their spending, especially those which were more exposed to competition from fintech lenders. Other local-level and bank-level factors, such as county income and bank income sources, also contribute to explain the heterogeneity in IT investments. Analysis of the mortgage market reveals that fintechs’ lending behavior is more similar to that of non-bank financial intermediaries rather than IT-savvy banks, suggesting that factors other than technology are responsible for the differences between banks and other lenders. However, both IT-savvy banks and fintech lend to lower income borrowers, pointing towards benefits for financial inclusion from higher IT adoption. Banks’ IT investments are also shown to matter for the responsiveness of bank lending to monetary policy.
Keywords:
IT Adoption; Fintech Competition; Financial Inclusion; Monetary Policy; banks' IT investment; IT-savvy bank; tech spend; IT bank; Fintech; Mortgages; Loans; Income; Bank credit; Global
Cover FinTech Notes
Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements
Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance. Without proper regulation, contagion risks to wider financial sector will increase. Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use. Requirements on stablecoins should cover the entire ecosystem and all its key functions, and there should be additional oversight for systemic stablecoin arrangements. In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal. This note provides key elements that should feature in any regulatory arrangement. For effective implementation, domestic and international collaboration are key.
Keywords:
stablecoin; DLT; crypto-asset; DeFi; Tether; TerraUSD; FSB; CPMI-IOSCO; IOSCO; regulation; Economic sectors; Emerging technologies; Financial crises; Financial sector policy and analysis; Financial sector stability; Financial services; Fintech; Systemic risk; Technology; IMF Fintech Note 2022/008; crypto Ecosystem; Stablecoin regulation; Infrasctructures to Stablecoin arrangement; e-money regulation; Virtual currencies; Blockchain and DLT; Reserve assets; Deposit insurance; Digital currencies; Global
Cover Customs Matters
Customs Matters
Strengthening Customs Administration in a Changing World
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Customs administrations around the world face new challenges: an increasing volume of international trade, a revolution in new technologies, and fundamental changes in business models. The benefits of a well-performing customs administration are clear, as is the need to develop efficient, effective, fair, and modern customs administrations. Customs Matters analyzes the many changes and challenges customs administrations face and proposes ways to address them. By offering a cross-sectional view of the main aspects of customs administration, the book guides policymakers and customs officials as they evaluate the current state of their customs system with a view to developing, reinforcing, or relaunching their own roadmaps for customs modernization.

Keywords:
customs; tax compliance; tax enforcement; tax evasion; border security; trade; customs modernization; public administration; public finance; value-added tax; customs administration; customs territory; customs performance; trade facilitation perspective; customs matter; Customs administration core functions; Trade facilitation; Customs procedures; Imports; Global; Central America; Sub-Saharan Africa; Caribbean; North America
Cover FinTech Notes
Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons
Gabriel Soderberg
,
Ms. Marianne Bechara
,
Wouter Bossu
,
Ms. Natasha X Che
,
Sonja Davidovic
,
Mr. John Kiff
,
Ms. Inutu Lukonga
,
Mr. Tommaso Mancini Griffoli
,
Tao Sun
, and
Akihiro Yoshinaga
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Keywords:
digital currency; central banks; fintech; CBDC; cross-border payments; distributed ledger technology; off-line capacity; anonymity; Sand Dollar; e-CNY; DCash; e-krona; e-peso; technology supplier; ensuring resilience; CBDC communication; technology choice; central bank representative; Central Bank digital currencies; Currencies; Blockchain and DLT; Caribbean
Cover IMF Working Papers
Central Bank Risk Management, Fintech, and Cybersecurity
Mr. Ashraf Khan
and
Majid Malaika
Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.
Keywords:
IMF Risk Management TA; risk landscape; B. IMF AIV; IMF surveillance; case example; Fintech; Central bank risk management; Cyber risk; Operational risk; Global; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; Eastern Europe
Cover IMF Working Papers
Beyond the COVID-19 Crisis: A Framework for Sustainable Government-To-Person Mobile Money Transfers
Delphine Prady
,
Hervé Tourpe
,
Sonja Davidovic
, and
Soheib Nunhuck
During the 2020 pandemic, the majority of countries have provided income support to households at an unprecedented speed and scale. Social distancing measures and the large penetration of mobile phones in emerging markets and developing economies (EMDEs) have encouraged government-to-person (G2P) transfers through mobile platforms. This paper presents a comprehensive framework for sustainable money solutions in support of social assistance. The framework consists of eight building blocks that may help policymakers i) take stock and assess emergency fixes taken to scale up mobile money in a crisis context and ii) develop sustainable long-term solutions for mobile G2P transfers.
Keywords:
WP; government; Novissi G2P; country; firm; government assistance program; money; G2P; mobile money; bank account; electronic money; cash transfer; low income; financial service; central bank; Mobile banking; Currencies; Fiscal accounting and reporting; Sub-Saharan Africa; South Asia; Africa; East Asia; Asia and Pacific; Philippines government; CICO network; State transfer; government ecosystem; government assistance; government cash transfer; total cost of ownership; COVID-19
Cover IMF Working Papers
Financial Intermediation and Technology: What’s Old, What’s New?
Mr. Arnoud W.A. Boot
,
Peter Hoffmann
,
Mr. Luc Laeven
, and
Mr. Lev Ratnovski
We study the effects of technological change on financial intermediation, distinguishing between innovations in information (data collection and processing) and communication (relationships and distribution). Both follow historic trends towards an increased use of hard information and less in-person interaction, which are accelerating rapidly. We point to more recent innovations, such as the combination of data abundance and artificial intelligence, and the rise of digital platforms. We argue that in particular the rise of new communication channels can lead to the vertical and horizontal disintegration of the traditional bank business model. Specialized providers of financial services can chip away activities that do not rely on access to balance sheets, while platforms can interject themselves between banks and customers. We discuss limitations to these challenges, and the resulting policy implications.
Keywords:
WP; bank; firm; customer; financial service; provider; Bigtech firm; technology firms information; financial system; monetary policy; customer interface; adverse selection; market power; Communications in revenue administration; Technological innovation; Financial statements; Credit; Europe; Financial Intermediation; Financial Innovation; Fintech; Information; Communication; natural monopoly; legacy bank