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Europe > Switzerland

You are looking at 1 - 10 of 23 items for :

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Cover IMF Working Papers
Central Banks Casting a Global Financial Safety Net: What Drives the Supply of Bilateral Swaps?
Jakree Koosakul
and
Alexei Miksjuk
The expansion of bilateral swap arrangements (BSAs) since the Global Financial Crisis has led to a substantial reconfiguration of the Global Financial Safety Net (GFSN). This paper examines the drivers of BSA supply using a novel dataset on all publicly documented BSAs. It finds that countries with well-developed financial markets and institutions and high trade openness are more likely to backstop other economies by establishing BSAs. In addition, their choice of BSA counterparts is driven by strong investment and trade exposures to these countries, with variation in the relative importance of these factors across major BSA providers. The paper shows that geopolitical considerations often affect such decisions, as BSAs are less likely to be established between geopolitically distant countries and more likely between countries in the same regional economic bloc.
Keywords:
Bilateral swap arrangements; geoeconomic fragmentation; global financial safety net; liquidity provision; BSA supply; BSA source country; GFSN evolution; BSA counterpart; Liquidity; Financial sector development; Financial safety nets; International reserves; Global financial crisis of 2008-2009; Global
Cover Finance & Development
Finance & Development, March 2024: Economics - How Should It Change?
International Monetary Fund. Communications Department
This issue of F&D takes a fresh look at the discipline of economics. We invited prominent economists with different perspectives to tell us how the profession can become better at answering 21st century challenges.
Keywords:
Economics teaching; world happiness report; IMF staff calculation; labor economist; accessibility Economist; Labor markets; Stock markets; Climate change; Climate finance; Global; Africa; Europe; Central Asia
Cover International Monetary Fund Annual Report 2022: Crisis Upon Crisis
International Monetary Fund Annual Report 2022: Crisis Upon Crisis
International Monetary Fund. Secretary's Department

Abstract

The report, available in nine languages, highlights the IMF's work on COVID-19 recovery and the impact of Russia's invasion of Ukraine; inflation; how to achieve an equitable recovery; debt; and climate change, digital money and inclusion.

Keywords:
IMF staff calculation; IMF integrity hotline; IMF research; IMF country team; IMF engagement; IMF quota; address IMF recommendation; emergency financing facilities; Training and development in revenue administration; COVID-19; Debt relief; Climate change; Balance of payments need; Global
Cover Policy Papers
Catastrophe Containment and Relief Trust—Fifth Tranche of Debt Service Relief in The Context of The COVID-19 Pandemic
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
The Executive Board approved a two-step approach consisting of (i) an immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022, and (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time. In accordance with the two-step approach, this paper provides a brief overview on recent developments in CCRT-eligible countries followed by an update on the CCRT’s funding status and resources assessment.
Keywords:
CCRT; debt service relief; CCRT instrument; CCRT debt service relief; CCRT resource; COVID cash buffer; Debt relief; Debt service; COVID-19; Global
Cover International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021
Build Forward Better
International Monetary Fund. Secretary's Department

Abstract

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

Keywords:
Annual Report; vaccine; debt; public debt; inclusive; green economy; Great Depression; global policy; Great Divergence; living gap; debt dynamics; debt vulnerabilities; low-income countries; emerging markets; low-cost financing; digital; digital future; green future; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; IMF staff calculation; COVID-19; Debt relief; Credit; Balance of payments need; Debt service; Global; Central Asia; Africa
Cover Policy Papers
Catastrophe Containment and Relief Trust—Third Tranche Of Debt Service Relief In The Context Of The COVID-19 Pandemic
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Strategy, Policy, &
,
Review Department
, and
International Monetary Fund. Legal Dept.
This paper proposes that the Executive Board approve the disbursement of a third tranche of CCRT debt service relief to 28 of the 29 CCRT-eligible members, covering the period April 14, 2021 through October 15, 2021, given staff’s assessment that sufficient financial resources are available.
Keywords:
CCRT debt service relief; CCRT-eligible country; debt service relief; governance safeguards commitment; tranche of debt service relief; Debt service; Debt relief; COVID-19; Global; CCRT country; CCRT debt relief; status of the CCRT
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 IMF Staff Country Reports
United Arab Emirates: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This paper outlines a consolidated Medium-Term Fiscal Framework (MTFF), which is comprehensive and forward looking, could set a clear direction for fiscal policy for the country as a whole and better align resource allocation with local and national developments plans underpinned by goals embodied in the Vision 2021. High quality of public financial management systems overall is also key ingredient of an appropriate MTFF. The framework could consider explicitly expenditure needs in critical areas such as education and health care. Monitoring of contingent liabilities needs to be strengthened, including covering private and public partnerships (PPPs) and government related enterprises (GREs) including their global subsidiaries. Data sharing across all levels of governments, including the central bank, could also be strengthened. The federal government and the Emirates of Abu Dhabi and Dubai have started using MTFFs to inform their fiscal policy choices, albeit to different degrees.
Keywords:
ISCR; CR; bond market; market; bank; CBU; federal government; market development; FX swap market; Emirates government; enhancing fiscal policy coordination mechanism; strengthening market infrastructure; MTFF design; EU expenditure benchmark; CD issuance; banks cope; liquidity supply; disaggregated MTFF approach; market risk perception; excess reserves; liquidity market; bank funding; CBU's CD; emirate government; Abu Dhabi government; market creation; consolidated Medium-Term Fiscal Framework; Budget planning and preparation; Liquidity management; Liquidity; Global
Cover IMF Working Papers
Whose Credit Line is it Anyway: An Update on Banks' Implicit Subsidies
Tryggvi Gudmundsson
The post-crisis financial sector framework reform remains incomplete. While capital and liquidity requirements have been strengthened, doubts remain over other aspects, including the fact that expectations of government support for systemically-important banks (SIBs) remain intact. In this paper, we use a jump diffusion option-pricing approach to provide estimates of implicit subsidies gained by these banks due to the expectation of protection to creditors provided by governments. While these subsidies have declined in the post-crisis era as volatility has declined and capital levels have increased, they remain non-trivial. Even conservative parameterizations of default and loss probabilities lead to macroeconomically significant figures.
Keywords:
WP; fair value; Implicit subsidies; systemically-important banks; capital regulation; bank assets; asset price assumption; asset volatility; recovery rate; bank's assets; market value of assets; value destruction; Asset prices; Stocks; Asset valuation; Global systemically important banks; Global
Cover IMF Working Papers
Limiting Taxpayer "Puts" - An Example from Central Counterparties
Mr. Manmohan Singh
Nonbanks such as central counterparties (CCPs) are a useful lens to see how regulators view the role of the lender-of-last-resort (LOLR). This paper explores the avenues available when a nonbank failure is likely, specifically by considering the options of keeping CCPs afloat. It is argued that CCPs have, by regulatory fiat, become “too important to fail,” and thus the imperative should be greater loss-sharing by all participants that better align the distribution of risks and rewards of CCPs, the clearing members and derivative end-users. In the context of LOLR, the proposed variation margin gains haircut (VMGH) is discussed as a way of limiting the taxpayer put.
Keywords:
WP; central counterparty; central bank; variation margin; market; Lender-of-last-resort; central counterparties; variation margin gains haircut; allocation option; CCP rule; risk management practice; CCP insolvent; CCP credit risk; allocation choices arise; CCP failure; Central counterparty clearing house; Liquidity; Global