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Law > Business and Financial

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Cover Policy Papers
Review of The Fund’s Capacity Development Strategy—Background Papers
International Monetary Fund. Institute for Capacity Development
This supplement includes five background papers and provides background information on various aspects of capacity development (CD) for the main Board paper, Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model. It is divided into five sections, each consisting of a different background paper. The five sections cover (1) CD Delivery Modalities; (2) Evaluation and Impact; (3) Regional Capacity Development Centers and Field Presence; (4) HR Policies; and (5) Mapping the Fund’s Position vis-à-vis Other CD Providers.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Training Center; CD Strategy Review; CD department; CD provider; delivery modality; CD staffing model; RCDC CD Delivery; Anti-money laundering and combating the financing of terrorism (AML/CFT); Comparative advantage; Training and development in revenue administration; Global; South America; Asia and Pacific; Sub-Saharan Africa; Maghreb
Cover IMF Working Papers
Digital Tokens: A Legal Perspective
Mr. José M. Garrido
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
Keywords:
Tokens; Commercial Law; Securities Law; Fintech; Consumer Protection; token taxonomy; non-fungible token; del Mercado de Valores; digital signature; token offering; aspects of the law of securities; Securities; Blockchain and DLT; Smart contracts; Virtual currencies; Securities regulation; Global
Cover IMF How To Notes
How to Implement Strategic Foresight (and Why)
Mr. Alberto Behar
and
Sandile Hlatshwayo
This note explains the value of strategic foresight and provides implementation advice based on the IMF’s experience with scenario planning and policy gaming. Section II provides an overview of strategic foresight and some of its tools. Scenario planning and policy gaming have been the Fund’s main foresight techniques so far, though other tools have been complementary. Accordingly, section III focuses on the scenario planning by illustrating applications before detailing the methods we have been using, while section IV describes policy gaming including the matrix policy gaming approach with which we have experimented so far. Section V summarizes the key points. In so doing, the note extends an invitation to those in the economics and finance fields (e.g., researchers, policymakers) to incorporate strategic foresight in their analysis and decision making.
Keywords:
risk-preparedness framework; Policy game; data IMF Library; guidance note; scenario planning; Futures; Stress testing; Emerging and frontier financial markets; COVID-19; Global
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Insurance Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
Keywords:
ISCR; CR; risk assessment; business intelligence tool; insurance undertaking; DFSA plan; DFSA data; DFSA staff; DFSA supervision; insurance sector; insurance supervisor; covered bond; Insurance companies; Insurance; Solvency; Pension spending; Insurance supervision; Global
Cover IMF Working Papers
Emerging Powers and Global Governance: Whither the IMF?
Rakesh Mohan
and
Muneesh Kapur
The governance structure in global bodies like the IMF continues to be disproportionally dominated by advanced economies. Sustained rapid growth in emerging and developing economies (EDEs) in the past 2-3 decades has led to their growing relative weight in the global economy, but with little increase in their voice in the IMF. The emergence of regional financial arrangements reflects the growing dissatisfaction of the EDEs with the current framework. The global economy is on the cusp of an epochal change moving the fulcrum of economic power from the North Atlantic towards Asia after more than 200 years. This must be recognized and responded to adequately.
Keywords:
WP; quota resource; IMF governance; IMF reform; IMF resource; quota share; Emerging Markets; Global Governance; International Monetary Fund; Quotas; IMF quota increase; IMF article; summit meeting; governance structure; Purchasing power parity; Financial sector stability; Public investment and public-private partnerships (PPP); Global; Europe; North America
Cover IMF Working Papers
The Economic Crisis: Did Financial Supervision Matter?
Mr. Marc G Quintyn
,
Ms. Rosaria Vega Pansini
, and
Donato Masciandaro
The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improvements seemed unable to avoid or mitigate the crisis. This paper brings the first systematic analysis of the role of two of these efforts - modifications in the architecture of financial supervision and in supervisory governance - and concludes that they were negatively correlated with economic resilience. Using the emerging distinction between macro- and micro-prudential supervision, we explore to what extent two separate institutions would allow for more checks and balances to improve supervisory governance and, thus, reduce the probability of supervisory failure.
Keywords:
WP; governance arrangement; central bank involvement; prudential supervision; supervision unification; supervisory governance; financial supervision; global crisis; supervisory architecture; macroprudential supervision; proactive supervision; involvement in supervision; banking industry; degree of supervision unification; governance indicator; governance work; Bank supervision; Basel Core Principles; Public sector; Europe; Global
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program: Detailed Assessment of Observance on Insurance Core Principles
International Monetary Fund
Insurance regulation and supervision is of a high standard, and most of the enhancements suggested have been put in place. Further enhancements will be required, in the context of the forthcoming introduction of Solvency II requirements, in such areas as the frequency of onsite inspections, the enhancement of resources, and stability analysis. The government acknowledges the need to continue to develop supervisory capacity. Most of the requirements and supervisory tools, which are in use for the supervision of primary insurers, are also applied to the reinsurers.
Keywords:
ISCR; CR; risk management; life insurance; management board; corporate governance; insurance undertaking; insurance supervision; supervisory authority; risk profile; nonlife insurer; remedy insurance fraud; advisory council; accident insurance; internal audit; Insurance companies; Insurance; Solvency; Insurance supervision; Internal controls; Global
Cover IMF Staff Country Reports
Euro Area Policies: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries
International Monetary Fund
In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory Authority (ESA) are the important framework for financial reforms and macroprudential policies. In this paper, the improvement over the fiscal and structural governance stability and growth pact (SGP) and excessive deficit procedure (SDP) is discussed. Finally, the findings of spillover analysis are outlined.
Keywords:
ISCR; CR; euro; authority; single market; crisis; Euro Area authorities; ECB data; Plus Pact; governance framework; Euro area; financial system; interest rate; area flow; Inflation; Commercial banks; Fiscal consolidation; Global; Europe
Cover IMF Working Papers
Cross-Border Financial Surveillance: A Network Perspective
Mr. Juan Sole
and
Marco A Espinosa-Vega
Effective cross-border financial surveillance requires the monitoring of direct and indirect systemic linkages. This paper illustrates how network analysis could make a significant contribution in this regard by simulating different credit and funding shocks to the banking systems of a number of selected countries. After that, we show that the inclusion of risk transfers could modify the risk profile of entire financial systems, and thus an enriched simulation algorithm able to account for risk transfers is proposed. Finally, we discuss how some of the limitations of our simulations are a reflection of existing information and data gaps, and thus view these shortcomings as a call to improve the collection and analysis of data on cross-border financial exposures.
Keywords:
WP; financial system; bank
Cover IMF Working Papers
Public Financial Institutions in Developed Countries—Organization and Oversight
Mr. Lev Ratnovski
and
Mr. Aditya Narain
While public financial institutions (such as public development banks) are commonly associated with developing countries, in fact they are prevalent in the developed world as well. We study a sample of public financial institutions in industrialized countries and identify dominant trends in their organization and oversight. While practices in developed countries may be a useful reference point, a more nuanced approach, accounting for the disparity of institutional environment, regulatory capacity, and government accountability and effectiveness, may be required in developing countries. Further investment in the accumulation of evidence and formulation of best practices in the organization and oversight of public financial institutions seems warranted and necessary. This paper was prepared while Mr. Ratnovski was working in the Financial Supervision and Regulation Division during January-April 2006. The authors are grateful to Jonathan Fiechter, David Marston, and participants of an MCM seminar in April 2006 for their helpful comments.
Keywords:
WP; public financial institutions; financial market; private bank; ownership structure; bankruptcy procedure; interest rate