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Europe > Switzerland

You are looking at 1 - 10 of 25 items for :

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Cover IMF Working Papers
Digital Tokens: A Legal Perspective
Mr. José M. Garrido
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
Keywords:
Tokens; Commercial Law; Securities Law; Fintech; Consumer Protection; token taxonomy; non-fungible token; del Mercado de Valores; digital signature; token offering; aspects of the law of securities; Securities; Blockchain and DLT; Smart contracts; Virtual currencies; Securities regulation; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Regulation and Supervision of Asset Management Activities
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Regulation and Supervision of Asset Management Activities
Keywords:
ISCR; CR; Empower FINMA; fund; equity fund; fund industry; asset; IT system; alternative investment; FINMA approval; approval process; management company; fund share; Asset management; Collateral; Mutual funds; Liquidity risk; Securities; Global
Cover Policy Papers
FY2018–FY2020 Medium-Term Budget
International Monetary Fund
The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at 11 percent. Internal savings and reallocations have allowed the Fund to dedicate more resources to country work, including capacity development, without requiring an increase in the approved budget—apart from $6 million provided in FY 17 to cover rising security costs. An unchanged real net administrative budget in FY 18, despite deeper Fund engagement in a number of areas, as well as increased costs for corporate modernization. Accordingly, the budget proposal incorporates significant savings from reallocations and efficiency gains to fund new demands, as well as a further increase in the upfront allocation of carry-forward funds by about $10 million. The broad themes of the proposal are: (i) more intensive country work with a shift from surveillance to programs, but net savings in field offices; (ii) significant policy and analytical work on the financial sector and the role of the Fund (global safety net, facilities, and quotas), albeit less than in FY 17, with more work on structural issues and new challenges; (iii) funding for transforming IT and HR services, offset by central savings; and (iv) enhanced risk mitigation and knowledge management (KM), with the establishment of a KM unit to support cross-country analysis and knowledge transfer. At this stage, a flat resource envelope is assumed also for the medium term, contingent on continued reprioritization and a broadly unchanged global economic environment. Upward pressure on resources will arise from growing capacity development activities and certain revenue losses. Savings are expected from the TransformIT initiative and internal efficiency gains. But for the budget to remain flat, the Fund will need to continuously reprioritize and adjust its activities to make room for new demands. Even then, a more challenging global environment, with a further ramping up of Fund lending, or significant demands for deeper engagement in other areas, would put significant strains on resources over the medium term. The proposed capital budget envelope for FY 18–20 remains broadly unchanged from current levels. Some frontloading, however, is planned for the first two years, due to the cyclical nature of these investments and to accommodate strategic IT projects.
Keywords:
PP; Medium-Term Budget; capital plan; Fund priority; budget proposal; capital investment; CD activity; work program; zero growth budget environment; office of budget; demand management; unit price; budget envelope; Budget planning and preparation; Securities; Personal income; Global
Cover IMF Working Papers
FX Intervention in the New Keynesian Model
Zineddine Alla
,
Mr. Raphael A Espinoza
, and
Mr. Atish R. Ghosh
We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX intervention under discretionary policy, in the face of shocks to risk appetite in international capital markets. The solution shows that FX intervention can help reduce the volatility of the economy and mitigate the welfare losses associated with such shocks. We also show that, when the financial accelerator is strong, the risk of multiple equilibria (self-fulfilling currency and inflation movements) is high. We determine the conditions under which indeterminacy can occur and highlight how the use of FX intervention reinforces the central bank’s credibility and limits the risk of multiple equilibria.
Keywords:
WP; risk premium; central bank; Central bank reserves; Speculative attack; Portfolio balance model; Equilibrium determinacy; Capital flows; Capital controls; Open Economy New Keynesian Model.; FX intervention; risk premium shock; open economy; terms of trade; sterilized foreign exchange intervention; working capital; Consumption; Return on investment; Exchange rates; Inflation; Global
Cover Policy Papers
Poverty Reduction and Growth Trust?2017 Borrowing Agreements with the National Bank Of Belgium and the Swiss National Bank
International Monetary Fund
The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into new borrowing agreements with the National Bank of Belgium (Belgium) and the Swiss National Bank (Switzerland), effective on August 30, 2017. These new borrowing agreements with Belgium and Switzerland provide new resources equivalent to SDR 350 million and SDR 500 million, respectively, for a total amount equivalent to SDR 850 million in new PRGT lending resources.
Keywords:
PP; Trustee; business day; loan; amount; fund; formula result; bond equivalent yield; SDR rate; loan resource; equivalent to SDR; Loans; Currencies; Bond yields; Poverty reduction strategy; Treasury bills and bonds
Cover Policy Papers
FY2016 - Output Cost Estimates and Budget Outturn Paper
International Monetary Fund
Operating within a flat real budget envelope, the Fund delivered on the priorities and initiatives laid out in the Global Policy Agenda and Management’s Key Goals (MKGs). Resource pressures were addressed via implementation of streamlining initiatives, strategic reallocation of resources towards higher priority areas, and careful budget management. In terms of outputs, spending in FY 16 continued the shift from crisis management to crisis prevention, in line with the MKGs. Output shifted moderately from multilateral surveillance and oversight of the global system to bilateral surveillance and capacity development. Lending activity expenditure remained broadly unchanged. Average country spending was broadly aligned with assessment of risk. The net administrative budget outturn in FY 16 was $1,038 million against an approved budget of $1,052 million. The modest underspend reflects the preservation of the contingency reserve and lower-than-planned travel expenditure. Relative to FY 15, higher budget execution led to a small real (0.8 percent) year-on-year increase in net expenditures. Total capital expenditures of $131 million were recorded in FY 16 out of the $435 million in available appropriations. HQ1 Renewal expenses made up 70 percent of the spending.
Keywords:
PP; output cost estimate; budget outturn paper; estimate; fy; report; International Monetary Fund Washington; D.C.; budget staff position; fund-financed personnel spending; office of budget; management fee; Budget planning and preparation; Securities; Total expenditures; Global
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program-Detailed Assessment of Observance on the Eurex Clearing AG Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
This paper provides a detailed assessment of observance on the Eurex Clearing AG observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions principles for financial market infrastructures. Eurex Clearing is a global central counterparty clearing house that clears a broad range of both listed and over-the-counter (OTC) products. It offers fully automated and straight-through post trade services to the derivatives markets Eurex Deutschland and Eurex Zürich, the Frankfurt Stock Exchange, the multilateral trading systems of Eurex Bonds GmbH and Eurex Repo GmbH, the Irish Stock Exchange as well as clearing services for OTC interest rate derivatives (Eurex OTC Clear), as well as clearing services for transactions in cash equities, bonds, repos, derivatives, secure funding, securities financing, and transactions.
Keywords:
ISCR; CR; risk management; central bank; investment strategy; business strategy; Fund contribution; conditions of Eurex Clearing; BCM Policy; internal audit; default management process; credit risk; initial margin; Members transaction; risk model; Risk framework; recovery plan; Collateral; Central counterparty clearing house; Operational risk; Securities; Credit; Global
Cover IMF Working Papers
The Macroeconomic Effects of Public Investment: Evidence from Advanced Economies
Mr. Abdul d Abiad
,
Davide Furceri
, and
Petia Topalova
This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Keywords:
WP; investment shock; public investment; investment; Fiscal policy; Growth; Debt; investment efficiency; efficiency frontier; crowding in; investment behavior well; Public investment spending; Private investment; Global
Cover IMF Staff Country Reports
Switzerland: Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
Report on Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
Keywords:
ISCR; CR; risk management; audit firm; holding company; securities dealer; terms and conditions; Swiss authority; FINMA expectation; FINMA Insurance Bankruptcy Ordinance; enforcement power; FINMA guidance; insider trading; Swiss authorities; FINMA intervention; Insurance companies; Securities; Auditing; Insurance; External audit; Global
Cover IMF Working Papers
The Changing Collateral Space
Mr. Manmohan Singh
This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements.
Keywords:
WP; central bank; market; bank; re-use rate; velocity/re-use of collateral; central banks and QE; LCR; CCPs; custodians; CSDs; desire collateral; collateral space; transformation route; pledged collateral market; market contact; Collateral; Financial statements; Securities; Global