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Law > Business and Financial

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Cover Policy Papers
State-Contingent Debt Instruments for Sovereigns
International Monetary Fund
Background. The case for sovereign state-contingent debt instruments (SCDIs) as a countercyclical and risk-sharing tool has been around for some time and remains appealing; but take-up has been limited. Earlier staff work had advocated the use of growth-indexed bonds in emerging markets and contingent financial instruments in low-income countries. In light of recent renewed interest among academics, policymakers, and market participants—staff has analyzed the conceptual and practical issues SCDIs raise with a view to accelerate the development of self-sustaining markets in these instruments. The analysis has benefited from broad consultations with both private market participants and policymakers. The economic case for SCDIs. By linking debt service to a measure of the sovereign’s capacity to pay, SCDIs can increase fiscal space, and thus allow greater policy flexibility in bad times. They can also broaden the sovereign’s investor base, open opportunities for risk diversification for investors, and enhance the resilience of the international financial system. Should SCDI issuance rise to account for a large share of public debt, it could also significantly reduce the incidence and cost of sovereign debt crises. Some potential complications require mitigation: a high novelty and liquidity premium demanded by investors in the early stage of market development; adverse selection and moral hazard risks; undesirable pricing effects on conventional debt; pro-cyclical investor demand; migration of excessive risk to the private sector; and adverse political economy incentives.
Keywords:
PP; State-Contingent Debt instrument; investor; issuer; benchmark design; market development; real GDP; foreign currency; interest rate; debt service; Bonds; Sovereign bonds; Securities; Currencies; Global
Cover IMF Staff Country Reports
Uruguay: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
The buffers built in the aftermath of Uruguay’s 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favorable. However, inflation persists but capital inflows have improved, and policy measures have been taken in response. Uruguay exhibits no obvious signs of near-term domestic macrofinancial vulnerability. The external risks to the economy and the financial system come from a fragile global environment, and policy measures are recommended to reduce dollarization.
Keywords:
ISCR; CR; foreign exchange; market share; U.S. dollar; resolution framework; banking system; risk profile; financial system; bridge bank option; problem bank; bank intervention; Credit; Capital markets; Commercial banks; Pension spending; Global
Cover IMF Working Papers
Building Blocks for Effective Macroprudential Policies in Latin America: Institutional Considerations
Patrick A. Imam
,
Erlend Nier
, and
Mr. Luis Ignacio Jácome
An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.
Keywords:
WP; financial system; issues regulation; a number of crises country; monetary policy; section III; Macrorpudential policy; financial stability; systemic crises; central banks; banking supervision; supervisory agency; deposit guarantee; response policy; Financial sector stability; Macroprudential policy; Systemic risk; Global
Cover Policy Papers
2011 Review of the Standards and Codes Initiative - Reports on the Observance of Standards and Codes (ROSC) Case Studies
International Monetary Fund
This report is part of the 2011 ROSC Initiative review. It focuses on generating additional inputs for an informed assessment of the effectiveness of the Initiative in strengthening institutions in member countries. In particular, it analyses in detail a sample of twenty-two specific country experiences—at least two for each standard currently included in the Initiative. The review of specific country experiences with ROSC exercises—diagnosis and implementation of recommendations and follow-up—contributes to evaluate the extent to which ROSCs have been instrumental in identifying institutional weaknesses and contributed to promote financial reform and reduce financial vulnerability. This is an independent review prepared by an external consultant.
Keywords:
PP; ROSC experience; ROSC exercise; ROSC agenda; ROSC assessment; ROSC report; country experience; ROSC finding; ROSC recommendation; ROSC document; Financial Sector Assessment Program; Anti-money laundering and combating the financing of terrorism (AML/CFT); Basel Core Principles; Middle East; Europe; Asia and Pacific