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Europe > Iceland

You are looking at 1 - 10 of 11 items for :

  • Type: Journal Issue x
  • Crisis management x
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Cover IMF Staff Country Reports
Iceland: Financial Sector Assessment Program-Technical Note on Financial Safety Net Crisis Management
International Monetary Fund. Monetary and Capital Markets Department
This technical note focuses on financial safety net crisis management in Iceland. This paper assesses and makes recommendations regarding the different elements of the financial safety net in Iceland. The scope of the assessment includes the institutional arrangements for recovery, resolution, and crisis management; the oversight of banks’ recovery plans; the legal regime for bank bankruptcy and resolution; resolution planning by the authorities; the funding mechanism to support resolution; the deposit guarantee scheme; and the government authorities’ collective preparedness to deal with financial crises. The current institutional framework for crisis management lacks formal involvement of the Ministry of Finance. The regime for banks that are systemic adheres to the internationally agreed resolution standards. The legal regime for bankruptcy and liquidation of banks that are not systemic is sound. The Deposit Guarantee Fund should be strengthened in line with EU requirements of the Deposit Guarantee Scheme Directive. Finally, the authorities’ collective contingency planning for financial crisis (including testing of plans) should be intensified.
Keywords:
B. bank insolvency; recovery planning; financial crisis preparedness; asset portfolio; market funding; resolution plan; Bank resolution framework; Lender of last resort; Bank resolution; Financial sector stability; Baltics; Europe
Cover IMF Working Papers
UnFEAR: Unsupervised Feature Extraction Clustering with an Application to Crisis Regimes Classification
Mr. Jorge A Chan-Lau
We introduce unFEAR, Unsupervised Feature Extraction Clustering, to identify economic crisis regimes. Given labeled crisis and non-crisis episodes and the corresponding features values, unFEAR uses unsupervised representation learning and a novel mode contrastive autoencoder to group episodes into time-invariant non-overlapping clusters, each of which could be identified with a different regime. The likelihood that a country may experience an econmic crisis could be set equal to its cluster crisis frequency. Moreover, unFEAR could serve as a first step towards developing cluster-specific crisis prediction models tailored to each crisis regime.
Keywords:
clustering; unsupervised feature extraction; autoencoder; deep learning; biased label problem; crisis prediction; WP; crisis frequency; crisis observation; crisis risk; crisis data points; machine learning; Early warning systems; Global
Cover Departmental Papers
Managing Systemic Banking Crises: New Lessons and Lessons Relearned
Ms. Marina Moretti
,
Mr. Marc C Dobler
, and
Mr. Alvaro Piris Chavarri
This paper updates the IMF’s work on general principles, strategies, and techniques from an operational perspective in preparing for and managing systemic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.
Keywords:
DPPP; DP; balance sheet; financial crisis; bridge bank; insurance fund; economic activity; public funds; bank; authority; process; bank liquidity; beneficial owner; due diligence; banking system; equity capital; targeted bank diagnostic; financial activity; cash flow; home resolution authority; bank risk; cash limit; Bank resolution framework; Global financial crisis of 2008-2009; Deposit insurance; Crisis management; Global; Europe
Cover IMF Staff Country Reports
Norway: Financial Sector Assessment Program-Technical Note-Crisis Management, Bank Resolution, and Financial Sector Safety Nets
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note reviews crisis management, bank resolution, and financial sector safety nets in Norway. Arrangements for crisis management, bank and group resolution, and the financial sector safety nets are well developed and tested in Norway. Roles, responsibilities, accountabilities, and information-sharing arrangements among the relevant bodies are generally well defined and functioning. The current legal framework provides substantial powers and flexibility to deal with failing or failed banks but needs to be strengthened in several respects. The Financial Supervisory Authority has begun to implement a recovery plan requirement for the largest banks. The authorities also make good use of simulation exercises to enhance crisis preparedness.
Keywords:
ISCR; CR; MREL requirements; articles of association; banks assets; concern resolution; guarantee funds; problem bank; solvency support; lead resolution authority; MREL requirement; size bank; FSA responsibility; FSA comment; banking group; saving bank; Bank resolution framework; Financial stability assessment; Bank resolution; Financial sector stability; Global
Cover IMF Response to the Financial and Economic Crisis
IMF Response to the Financial and Economic Crisis
International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

Keywords:
IEOR; IEO; IMF surveillance; IMF staff survey; IMF performance; resource mobilization strategy; lending toolkit; IMF MD; IMF-financed activity; Financial sector; Fiscal stimulus; Crisis management; Fiscal consolidation; Global; Europe; Central and Eastern Europe; IMF financial support; IMF activity; IMF flagship report
Cover IMF Working Papers
Deposit Insurance Database
Asli Demirgüç-Kunt
,
Edward Kane
, and
Mr. Luc Laeven
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the use of government guarantees on banks’ assets and liabilities, including during the recent global financial crisis. We also create a Safety Net Index capturing the generosity of the deposit insurance scheme and government guarantees on banks’ balance sheets. The data show that deposit insurance has become more widespread and more extensive in coverage since the global financial crisis, which also triggered a temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have since been formally removed but coverage of deposit insurance remains above pre-crisis levels, raising concerns about implicit coverage and moral hazard going forward.
Keywords:
WP; insurance coverage; government guarantee; deposit account; insurance scheme; Deposit insurance; Financial institutions; Financial crises; low income; insurance arrangement; explicit deposit insurance scheme; government funding; deposit insurance arrangement; deposit insurance agency; guarantee scheme; government indebtedness; government debt-to-GDP ratio; protection scheme; Government liabilities; Bank deposits; Blanket guarantee; Banking crises; Global
Cover IMF Working Papers
International Evidence on Government Support and Risk Taking in the Banking Sector
Mr. Luis Brandao Marques
,
Mr. Ricardo Correa
, and
Horacio Sapriza
Government support to banks through the provision of explicit or implicit guarantees affects the willingness of banks to take on risk by reducing market discipline or by increasing charter value. We use an international sample of bank data and government support to banks for the periods 2003-2004 and 2009-2010. We find that more government support is associated with more risk taking by banks, especially during the financial crisis (2009-10). We also find that restricting banks' range of activities ameliorates the moral hazard problem. We conclude that strengthening market discipline in the banking sector is needed to address this moral hazard problem.
Keywords:
WP; government support; bank risk taking; bank regulation; bank support; bank ownership structure; support measure; Bank risk; Market Discipline; funding cost; Moody's support; government intervention; Deposit insurance; Bank deposits; Deposit rates; Inflation; Europe; East Asia; Africa; Global
Cover IMF Working Papers
The Real Effects of Financial Sector Interventions During Crises
Mr. Fabian Valencia
and
Mr. Luc Laeven
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.
Keywords:
WP; bank support; economic activity; bank assets; bank liability; book value; working capital
Cover Policy Papers
Integrating Financial Sector Issues and FSAP Assessments into Surveillance - Progress Report
International Monetary Fund
Improving the quality of the Fund’s financial sector analysis and integrating it with surveillance is a major undertaking that involves action on several fronts. The 2007 Financial Sector Taskforce Report (“Taskforce Report”) provided a comprehensive assessment of the status of financial sector analysis in the Fund and established a broad organizing framework on how to integrate better finance into Article IV surveillance. The 2008 Triennial Surveillance Review (TSR) and supplements developed this theme further, and the Board’s ensuing Statement on Surveillance Priorities made the integration of macroeconomic and financial sector surveillance one of the four overarching operational priorities for Fund surveillance.
Keywords:
PP; FSAP assessment; Fund; liquidity; market liquidity risk; market; FSAP resource; FSAP update; FSAP review; Financial sector; Financial Sector Assessment Program; Financial sector stability; Early warning systems; Global
Cover IMF Survey
IMF Survey, Volume 37, Issue 12
International Monetary Fund. External Relations Dept.
Global financial crisis, Iceland, Poul Thomsen, IMF work program, IMF Shocks Facility, Kyrgyz Republic; Malawi; Exogenous Shocks Facility, Pakistan loan, IMF and social safety nets, gains against poverty in jeopardy, commodity prices slump, Latin America withstands shocks, Improved policies help Latin America, Asian Regional Outlook, Bosnia and Herzegovina, news briefs.
Keywords:
SV; print edition; IMF Survey; price; support bank recapitalization; IMF statement; oil demand World oil consumption; Social assistance spending; Commodity prices; Fuel prices; Oil consumption; Global; Asia and Pacific; Africa; Europe; Central Asia