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Europe > Iceland

You are looking at 1 - 10 of 13 items for :

  • Type: Journal Issue x
  • Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems x
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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Cyber and Operational Resilience, Supervision and Oversight
International Monetary Fund. Monetary and Capital Markets Department
This technical note focuses on cyber and operational resilience, supervision and oversight in Iceland. The Icelandic financial sector has not experienced seriously disruptive cyber-attacks or operational issues in recent years, but threats are growing. Iceland’s dependence on international connectivity for both debit and credit card systems introduces a significant vulnerability into the payment system. There is no dedicated cyber security strategy for the finance sector. Operational risk experts in the Central Bank of Iceland (CBI) are experienced and well regarded by financial institutions, but more resources are needed to provide adequate coverage of this increasingly important area. The supervision of financial institutions’ cybersecurity is highly dependent on self-assessments by the regulated entities themselves and independent reviews carried out by third parties. CBI should regularly revise the list of critical operations and critical service providers for internal use and for presentation to the Financial Stability Committee and Financial Stability Council. CBI is encouraged to enhance its incident dashboard by summarizing cyber incidents and examining trends.
Keywords:
C. supervision approach; payment services directive; markets authority; market infrastructure; cash payment; Cyber risk; Financial sector stability; Financial sector; Payment systems; Operational risk; Europe; Baltics; Global
Cover Annual Report on Exchange Arrangements and Exchange Restrictions 2017
Annual Report on Exchange Arrangements and Exchange Restrictions 2017
International Monetary Fund. Monetary and Capital Markets Department

Abstract

The Annual Report on Exchange Arrangements and Exchange Restrictions has been published by the IMF since 1950. It draws on information available to the IMF from a number of sources, including that provided in the course of official staff visits to member countries, and has been prepared in close consultation with national authorities.

Keywords:
AREAER; central bank; floating exchange rate; investment funds; legal tender; foreign exchange; exchange restriction; exchange rate arrangement; monetary policy; spot market; Exchange rate arrangements; Exchange rates; Currencies; Exchange restrictions; Global; West Africa; Eastern Europe; Africa
Cover IMF Working Papers
Crisis Transmission in the Global Banking Network
Galina Hale
,
Mr. Tümer Kapan
, and
Ms. Camelia Minoiu
We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank loans among more than 6,000 banks during 1997-2012 to construct a yearly global network of interbank exposures. We estimate the effect of direct (first-degree) and indirect (second-degree) exposures to countries experiencing systemic banking crises on bank profitability and loan supply. We find that direct exposures to crisis countries squeeze banks' profit margins, thereby reducing their returns. Indirect exposures to crisis countries enhance this effect, while indirect exposures to non-crisis countries mitigate it. Furthermore, crisis exposures have real effects in that they reduce banks' supply of domestic and cross-border loans. Our results, based on a large global sample, support the notion that interconnected financial systems facilitate shock transmission.
Keywords:
WP; syndicated loan; commercial bank; balance sheet; return on assets; shock transmission; long-term interbank exposures; systemic banking crises; financial networks; syndicated loans; crisis exposure; bank type; bank performance; bank level; Loans; Foreign currency exposure; Banking crises; Systemic crises; Global
Cover Policy Papers
Review of Access Limits and Surcharge Policies
International Monetary Fund
Scope and strategy: This paper reviews access limits and surcharge policies in the Fund’s General Resources Account (GRA). It builds on the preliminary Executive Board discussion that took place in May 2014, against the backdrop of the 14th Review quotas expected to become effective early in 2016, which will on average double individual members’ quotas. At the meeting in 2014, most Directors considered that a moderate increase in normal access limits in SDR terms would broadly restore the normal Fund access to levels considered acceptable in 2009, and saw merit in adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.
Keywords:
PP; IMF executive board review; financing role; threshold; SDR; refund; surcharge policy; b. paragraph 4; decisions III; Credit; Personal income; Currencies; Balance of payments need; Credit risk; Global
Cover IMF Working Papers
Some Algebra of Fiscal Transparency: How Accounting Devices Work and How to Reveal Them
Mr. Timothy C Irwin
Accounting devices that artificially reduce the measured fiscal deficit can be analyzed as transactions involving unrecognized assets and liabilities. Different accounting systems recognize different sets of assets and liabilities and are thus vulnerable to different sets of devices. Some devices can be revealed by moving progressively from cash accounting to modified accrual accounting to full accrual accounting. Revealing all would require the publication of extended fiscal accounts in which all future cash flows give rise to assets or liabilities.
Keywords:
WP; surplus; present value; accounting device; balance sheet; government accounting; budget deficits; accounting devices; deficit device; targeted surplus; recognized assets; accounting rule; Fiscal accounting and reporting; Accrual accounting; Currencies; Financial statements; Government finance statistics
Cover Policy Papers
Review of Recent Crisis Programs
International Monetary Fund
This study concludes that recent Fund-supported programs in emerging market countries are delivering the kind of policy response and financing needed to cushion the blow from the worst global crisis since the 1930s. While the crisis has had a profound effect on output and employment, especially in those countries starting with large external vulnerabilities, many of the severe disruptions attending previous crises—currency overshooting and bank runs—have so far been avoided. Internalizing lessons from the past, programs have responded to country conditions and adapted to worsening economic circumstances to attenuate contractionary forces. As a result, signs of stabilization are emerging in program countries, though there remain challenges to secure sustained recovery in a number of countries.
Keywords:
PP; current account; interest rate; fiscal policy; debt ratio; foreign currency; Emerging and frontier financial markets; Currencies; Fiscal stance; Global
Cover IMF Staff Country Reports
Ukraine: Request for Stand-by Arrangement—Staff Report; Staff Supplement; Press Release on the Executive Board Discussion, and Statement by the Executive Director for Ukraine
International Monetary Fund
The staff report for the Request for a Stand-by Arrangement with officials of Ukraine discusses economic developments and policies. Assuming a global recovery in the second half of 2009, the Ukrainian economy could be back at its estimated potential growth rate by 2011. The large financing gaps owing to debt rollover complications can only be partially met by substantial domestic adjustment and funding from other sources. There is a presumption that exceptional access in capital account crises will be provided using resources of the Supplemental Reserve Facility (SRF).
Keywords:
ISCR; CR; stand-by arrangement informational annex; stand-by; request; arrangement; incomes policy adjustment; arrangement informational annex; credit policy; budget financing constraint; Fund GRA credit; Currencies; Credit; Exchange rate flexibility; Global
Cover IMF Staff Country Reports
Iceland: Selected Issues
International Monetary Fund
This Selected Issues paper estimates the gap between the real effective exchange rate (REER) and its equilibrium (medium-term) value. The paper explores certain features of fiscal policy in Iceland, and examines various aspects of fiscal frameworks in other European countries that are possibly worthy of emulation. It provides a detailed summary of the key issues affecting fiscal policy in Iceland. It argues that political economy factors lead to procyclical fiscal trends, and this is exacerbated by macroeconomic volatility. The paper also provides an overview of the structure of the banking sector of Iceland.
Keywords:
ISCR; CR; ES approach; Iceland; monetary policy transmission mechanism; norm decrease; adjustment change; carry trade; expenditure ceiling; interest rate channel; Currencies; Real effective exchange rates; Trade balance; Global; Europe; Baltics; Asia and Pacific
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program: Detailed Assessment of the Securities Clearance and Settlement Systems
International Monetary Fund
This paper discusses key findings of the Detailed Assessment of the Securities Clearance and Settlement Systems for Denmark. The assessment recommends that securities settlement systems should have a well-founded, clear, and transparent legal basis in the relevant jurisdiction. Confirmation of trades between market participants should occur as soon as possible after trade execution, but no later than trade date (T+0). Where confirmation of trades by indirect market participants is required, it should occur as soon as possible after trade execution, preferably on T+0, but no later than T+1.
Keywords:
ISCR; CR; settlement cycle; bond issue; VP settlement account; cash settlement; clearing rule; securities lending; VP system; replacement cost; standing VP committee; comments VP; DVP procedure; VP participant; Securities; Securities settlement systems; Central securities depositories; Currencies; Collateral; Baltics
Cover IMF Staff Country Reports
Iceland: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
Over the last three years, a rapid expansion in domestic demand has dramatically widened the current account deficit in Iceland. Demand expanded faster than supply, and evidence of overheating is widespread. Monetary policy has tightened, but, until recently, the impact has been channeled primarily through the exchange rate. Despite hikes in the policy rate, increased competition in the mortgage market eased household credit conditions, and household indebtedness has surged. The financial market turbulence early in the year ended the favorable conditions that had allowed banks to fund rapid balance sheet growth.
Keywords:
ISCR; CR; bank result; housing market; Reykjavik's housing price index; exchange rate movement; inflation-targeting monetary policy framework; inflation development; IMF staff estimate; Loans; Exchange rates; Inflation; Mortgages; Global