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Europe > Switzerland

You are looking at 1 - 10 of 18 items for :

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Cover IMF Working Papers
Macroprudential Policies in Response to External Financial Shocks
Mr. Irineu E de Carvalho Filho
and
DingXuan Ng
This paper examines how countries use Macroprudential Policies (MaPs) to respond to external shocks such as US monetary policy surprises or fluctuations in capital flows. Constructing a model of a small open economy with financial frictions and a MaP authority that adjusts loan to value (LTV) ratio limits on borrowers and capital adequacy ratio (CAR) limits on banks, we show that using MaPs where stochastic external financial shocks are present entails a trade-off between macro-financial volatility and GDP growth. The terms of the trade-off are a function of a few country characteristics that amplify financial channels of external monetary shocks. Estimating MaP reaction functions for a panel of 41 countries in the period 2000–2017, we find that countercyclical macroprudential policy in response to surprise US monetary tightening is more likely for countries with net short currency mismatches (that is, foreign currency denominated liabilities larger than foreign currency denominated assets), consistent with the model’s predictions. The paper also finds that domestic credit and interest rates are more insulated from US monetary tightening for countries that employ MaPs countercyclically.
Keywords:
Macroprudential policy; external shocks; loan to value; figures entry; map authority; Model simulation; foreign currency; interest rate shock; bank profit; Credit; Real exchange rates; Financial statements; Bank credit; Self-employment; Global
Cover International Monetary Fund Annual Report 2021 Financial Statements
International Monetary Fund Annual Report 2021 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited financial statements that follow form Appendix VI of the International Monetary Fund's Annual Report 2021 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2021 web page (www.imf.org/AR2021). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF's Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

Keywords:
fair value; unit of account; audit evidence; SDR basket currency; SDR position; fixed income; Financial statements; Credit risk; Income; Credit; Loans; Africa; Global; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; Europe
Cover International Monetary Fund Annual Report 2020 Financial Statements
International Monetary Fund Annual Report 2020 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2020 and 2019

Keywords:
exchange rate risk; audit evidence; fair value; SDR position; reserve account; net income; SDR basket currency; net cash; fixed income; Financial statements; Currencies; Credit risk; Credit; Loans; Global; Africa; Middle East and Central Asia; Western Hemisphere; Asia and Pacific
Cover International Monetary Fund Annual Report 2019 Financial Statements
International Monetary Fund Annual Report 2019 Financial Statements
International Monetary Fund

Abstract

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018

Keywords:
AR; AREA; financial statement; International Monetary Fund; interest rate; financial instrument; fair value; fixed income; financial year; credit risk; exchange rate risk; Financial statements; Currencies; Personal income; Credit; Global; Africa; Middle East; Middle East and Central Asia; Asia and Pacific; Western Hemisphere; reserve account; pound sterling; People's Bank of China Administered Account; audit evidence
Cover IMF Working Papers
Leverage—A Broader View
Mr. Manmohan Singh
and
Zohair Alam
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.
Keywords:
WP; bank-nonbank nexus; nonbank-bank nexus; nonbank relationship; nonbank leverage; nonbank funding; regulations; financial stability; leverage ratio; off-balance sheet; pledged collateral; bank leverage; Financial statements; Collateral; Commercial banks; Accounting standards; Bank credit; Global
Cover IMF Staff Country Reports
Switzerland: Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on the Insurance Core Principles on Switzerland analyzes that the insurance industry in Switzerland is well developed having among the highest insurance penetration and expenditure per capita in the world. The sector is dominated by a few players writing significant international business. The life sector is dominated by two players, responsible for 54 percent of the business and the top 10 life insurers account for 97 percent of the market. The industry has weathered the 2008 crisis well; however, the current low interest rate environment is affecting the sector. The lack of availability of Swiss government bonds to match long term liabilities of life insurers and pension funds could be a source of vulnerability. The long-term nature of the liabilities of life insurers and pension funds could in principle be matched by investment in Swiss government securities. Supervision focuses on ensuring sufficiency of liquid assets to meet policy liabilities. Policyholders have priority claims over the tied assets. In addition, robust solvency requirements ensure there is enough capital to safeguard the insurers’ financial soundness under adverse conditions.
Keywords:
ISCR; CR; financial market; risk management; parent company; insurance group; board of directors; business plan; investment strategy; balance sheet; insurance coverage; Insurance companies; Insurance; Solvency; Financial statements; Insurance supervision; Global; Europe
Cover IMF Staff Country Reports
Switzerland: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
This 2014 Article IV Consultation outlines that the growth of the Swiss economy has gathered pace, but inflation remains close to zero. The recovery is expected to continue and inflation should rise gradually although the output gap will progressively close. The fiscal position is healthy, with a broadly neutral stance projected for 2014. Despite improved market confidence toward the euro area and tapering in the United States, the exchange rate has remained close to the floor. The authorities have taken several measures to contain risks, including raising the countercyclical capital buffer and adopting prudential measures to tighten lending standards and conditions.
Keywords:
ISCR; CR; debt; authority; mortgage lending; mortgage debt; statistics; IMF staff estimate; inflation expectation; supervisory authority; Mortgages; Housing prices; Exchange rates; Financial statements; Inflation; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues Paper
International Monetary Fund. European Dept.
The Selected Issue Paper discusses the Swiss National Bank’s (SNB) balance sheet risks and policy implications. Despite increased profit allocations, SNB capital has not kept pace with its growing balance sheet. The paper also explores the empirical determinants of pressures on the Swiss franc with the purpose of sorting out the relative importance of four factors: conventional monetary policy stance in other advanced countries and large emerging markets; quantitative easing and other unconventional policies pursued by major central banks; the euro area sovereign debt crisis; and global risk aversion.
Keywords:
ISCR; CR; interest rate; bank; SNB; balance sheet; price; interest rate differential; SNB capital; modeling choice; mortgage interest rates; fixed income; house price; sight deposit; subprime crisis; nominal exchange rate; Negative interest rates; Mortgages; Financial statements; Housing prices; Global
Cover IMF Staff Country Reports
Switzerland: 2013 Article IV Consultation
International Monetary Fund. European Dept.
The Article IV Consultation discusses the IMF Executive Board’s assessment of economic developments and policies in Switzerland. With the exchange rate floor in place for more than one year, the Swiss economy has been relatively stable. Although overall export growth is weak, the external position remains comfortable, reflecting high investment income and strong export performance in some sectors. Executive Directors noted that, notwithstanding Switzerland’s stable economy and strong policy frameworks, risks stemming mostly from the euro area crisis and vulnerabilities in the domestic financial sector have clouded the near-term outlook.
Keywords:
ISCR; CR; mortgage lending; debt; growth outlook; lending; recession; exchange rate floor; debt brake rule; debt-brake rule; Mortgages; Exchange rates; Negative interest rates; Financial statements; Global; Europe
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