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Law > Business and Financial

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Cover Departmental Papers
Strengthening Bank Regulation and Supervision: National Progress and Gaps
Ljubica Dordevic
,
Caio Ferreira
,
Moses Kitonga
, and
Katharine Seal
The paper employs two complementary strategies. First, it is pursues textual analysis (text mining) of the assessment reports to identify successes and challenges the authorities are facing. Second, it analyzes the grades in the Basel Core Principles assessments, including their evolution and association with bank fragility.
Keywords:
Bank Supervision; Bank Regulation; Basel Accords; Basel Core Principles; Global Financial Crisis; Prudential Requirements; credit risk; liquidity standard; bank capital adequacy; Basel III capital; liquidity risk; liquidity shock; risk assessment; liquidity reserve; liquidity reform; capital conservation buffer; liquidity strain; COVID-19; Corporate governance; Global
Cover IMF Staff Country Reports
Chile: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chile
International Monetary Fund. Western Hemisphere Dept.
This 2016 Article IV Consultation highlights that GDP growth in Chile has been weak, with activity slowing in October. However, conditions are in place for the economy to recover. After expanding by a moderate 1.7 percent in 2016, growth is forecast to increase to 2 percent in 2017. Faster growth in main regional partners and more stable copper prices are expected to lift exports and investment. The recovery is, however, projected to be gradual, held back by slow wage and job growth and still low business confidence. The financial sector appears healthy. Banks’ profitability is declining, but capital buffers are adequate and nonperforming loan rates are low.
Keywords:
ISCR; CR; expectations survey; expectation; monetary policy rate; November survey; staff appraisal; liability positions vis-à-vis nonresident; Pension spending; Credit; Global
Cover IMF Working Papers
The Development of Local Capital Markets: Rationale and Challenges
Mr. Luc Laeven
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Keywords:
WP; capital market; bond market; market; market development; local capital markets; stock markets; bond markets; capital market development; economic development; financial markets; fully fledged physical capital capital market; investor right; market conduct; physical capital; market size; Securities markets; Capital markets; Financial market infrastructure; Securities regulation; Global
Cover IMF Staff Country Reports
Chile: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Politics: President Bachelet won the Presidential election on a platform to foster inclusive growth and reduce inequality. Her government took office in March 2014 and is launching an ambitious policy agenda that includes important reforms in several areas, including taxation, education, productivity, and energy. Outlook and risks: Chile’s global environment is shifting, with a dimmer outlook for its main export, copper, and normalization of global monetary conditions. Growth has slowed markedly, resulting in a modest output gap. The peso has depreciated, feeding into inflation. Staff projects growth to bottom out in 2014 and then gradually recover. Key risks relate to a large and lasting drop in copper prices and global financial volatility. Policy mix: The freely floating peso is working as a shock absorber and will support the economic recovery. The policy mix with broadly neutral fiscal and accommodative monetary policy is appropriate. Room for further monetary easing has narrowed but space remains if domestic demand flounders, so long as inflation expectations remain well anchored. On fiscal, given the strong public finances, automatic stabilizers should be allowed to operate unimpeded and there is space for stimuli in the event of a major downturn. The commitment to close the structural fiscal deficit by 2018 is appropriate and should be phased in a way that avoids undue drag on the recovery. Should risks materialize, the freely floating currency is the first line of defense. Growth and equity reforms: Achieving strong growth while reducing inequality will require structural reforms. The authorities’ agenda focuses on the right areas but many details remain work in progress. Clarity on the details, timetables, and prioritization will reduce uncertainty and the risk of delays. Financial stability: Risks to financial stability appear contained, but it will be important to push through with regulatory reforms underway, including initiatives currently in Congress. Further effort will be needed to close regulatory gaps, in particular bank capital requirements, relative to international benchmarks.
Keywords:
ISCR; CR; rate; economy; GDP; liability positions vis-à-vis nonresident; monetary policy rate; Chilean authorities; evaluation system; expansionary monetary policy stance; structural surplus; Metal prices; Exports; Global
Cover Policy Papers
Managing Director’s Global Policy Agenda to the International Monetary and Financial Committee
International Monetary Fund
etary and Financial Committee Publication Date: April 5, 2014 Electronic Access:Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file Summary:Global activity is strengthening, but the recovery is uneven and remains too weak for comfort, with geopolitical tensions injecting new concerns. Key challenges include risks from a lasting rise in capital flow volatility for emerging and frontier economies and very low inflation in advanced economies, especially the euro area. Creating a more dynamic, job rich global economy remains our collective goal. For this, policymakers should manage the recovery more actively and reinforce their cooperation to minimize negative spillovers and promote financial stability. The Executive Summary is also available in Arabic , Chinese, French, Japanese, Russian , and Spanish.
Keywords:
PP; emerging market economy; policy; exchange rate; market; economy; Policy implementation; policy priority; policy framework; policy uncertainty; limit policy risk; debt ceiling; Fund policy; market volatility; policy spillover; Emerging and frontier financial markets; Global
Cover Per Jacobsson Lecture
Per Jacobsson Lecture
Society, Economic Policies, and the Financial Sector
International Monetary Fund. External Relations Dept.

Abstract

The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.

Keywords:
PJ; bottom; reserve bank of India; W. Randolph burgess; Founding honorary chairman; chairman of the board; R.v. Fieandt; Financial sector; International monetary system; Public sector; Public expenditure review; Global; South Asia
Cover IMF Staff Country Reports
Brazil: Detailed Assessment of Observance of Insurance Core Principles of the International Association of Insurance Supervisors
International Monetary Fund. Monetary and Capital Markets Department
This report is a full assessment of Brazil’s compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) as adopted in October 2011. In the last few years, the Brazilian insurance industry experienced an explosive growth doubling the premium between 2005 and 2010. Investments by the insurance sector are conservative and short term, and primarily comprised of fixed income instruments. Profitability levels of the insurance sector have been consistent and the solvency ratio of the insurance industry has been strong. Other financial indicators of the insurance sector also suggest resilience.
Keywords:
ISCR; CR; risk management; investment funds; corporate governance; financial market; SUSEP decision; insurance sector; liability insurance; nonlife insurance market; SUSEPS work; credit risk; health insurance; solvency margin ratio; insurance business; business plan; Insurance companies; Insurance; Internal controls; Solvency; Insurance supervision; Caribbean
Cover IMF Staff Country Reports
Argentina: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. This assessment finds areas that need to be improved. The reinforcement of supervision powers in accordance to international standards represents an immediate task. The assessment included a review of the main securities laws, executive decrees, and general and trading of securities. The government acknowledges that important challenges remain, and the assessments were noteworthy to identify many of them.
Keywords:
ISCR; CR; capital market; The CNV; insider trading; continuous market; mutual fund; short term; securities law; public offering; commercial paper; job creation; internal audit; CNV rule; auction market; trading system; Securities; Securities regulation; Mutual funds; Securities markets; Futures markets; Global
Cover IMF Staff Country Reports
Argentina: Detailed Assessment of Observance of Principles for Insurance Supervision
International Monetary Fund
Argentina’s insurance market is fragmented, and competition has increased in recent years. Currently, excessive premium discounting by insurance companies is creating risks that insurance companies may be under-reserved and may not be able to meet future liabilities. The evolution of liability insurance is positive but will require developing specific expertise. In line with developments around the world, the adoption of a risk-based supervisory approach is essential to properly monitor a rapidly evolving market. To successfully address these challenges, additional resources as well as operational independence is required.
Keywords:
ISCR; CR; risk management; business plan; financial condition; corporate governance; reinsurance company; insurance premium; regulatory agency; liability insurance; risk assessment; reinsurance policy; portfolio transfer; internal oversight; holding company; Insurance companies; Insurance; Insurance supervision; Internal controls; Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Brazil: Financial System Stability Assessment
International Monetary Fund
The paper discusses the stability of Brazil's financial system, which is diversified and shows sustained economic progress. Fiscal and monetary policies have been aimed to improve bank reserves, and foreign exchange intervention has been streamlined to curb volatility in the exchange market. These measures have been effective in achieving the immediate targets, maintaining macroeconomic stability, and ensuring adequate financial sector buffers. However, there are indications of emerging strains in some sectors and asset classes.
Keywords:
ISCR; CR; central bank; bank supervision; exchange rate; financial system; debt service; medium bank; interest rate; reverse repo; liquidity ratio; bond market; investment funds; foreign exchange; credit risk; bridge bank statute; Credit; Financial sector stability; Loans; Global