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  1. Global finance in the new century
    beyond deregulation
    Published: 2007
    Publisher:  Palgrave Macmillan, Basingstoke [u.a.]

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Print
    ISBN: 0230006876; 9780230006874
    Other identifier:
    2006047188
    RVK Categories: QK 000
    Subjects: Globalisierung; Internationaler Finanzmarkt; Deregulierung; Internationale Wirtschaftsbeziehungen; Kapitalmobilität; Steueroase; Kreditgeschäft; Welt; Financial institutions; Globalization; International economic relations
    Scope: X, 255 S., graph. Darst.
    Notes:

    Includes bibliographical references and index. - Enth. 15 Beitr
  2. The global banking network in the aftermath of the crisis
    is there evidence of de-globalization?
    Author: Cerutti, Eugenio M.; Zhou, Haonan
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Post-crisis dynamics show a shrinkage in the overall amount of crossborder bank lending, which has been interpreted in the literature as a retreat in financial globalization. In this paper, we argue that aggregate figures are not sufficient to... more

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    Post-crisis dynamics show a shrinkage in the overall amount of crossborder bank lending, which has been interpreted in the literature as a retreat in financial globalization. In this paper, we argue that aggregate figures are not sufficient to support such a claim in terms of the overall structure of the global banking network. Based on a systematic approach to measuring, mapping and analyzing financial interconnectedness among countries using network theory, we show that, despite the decline in aggregate lending volumes, the structure of the network has developed increased connections in some dimensions. Some parts of the network are currently more interlinked regionally than before the crisis, and less dependent on major global lenders. In this context, at a more disaggregate level, we document the characteristics of the increasing regionalization of lending flows, the different evolution of linkages through bank affiliates and direct cross-border claims, as well as the shift in the importance of key borrower and lender nodes. These changes in the banking network have important insights in terms of policy implications since they indicate that the global banking network has evolved, but it has not undergone a generalized retrenchment in financial linkages

     
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  3. Trends and challenges in infrastructure investment in low-income developing countries
    Author: Gurara, Daniel Zerfu; Kljuev, Vladimir Vladimirovič; Mwase, Nkunde; Presbitero, Andrea; Xu, Xin Cindy; Bannister, Geoffrey J.
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper examines trends in infrastructure investment and its financing in low-income developing countries (LIDCs). Following an acceleration of public investment over the last 15 years, the stock of infrastructure assets increased in LIDCs, even... more

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    This paper examines trends in infrastructure investment and its financing in low-income developing countries (LIDCs). Following an acceleration of public investment over the last 15 years, the stock of infrastructure assets increased in LIDCs, even though large gaps remain compared to emerging markets. Infrastructure in LIDCs is largely provided by the public sector; private participation is mostly channeled through Public-Private Partnerships. Grants and concessional loans are an essential source of infrastructure funding in LIDCs, while the complementary role of bank lending is still limited to a few countries. Bridging infrastructure gaps would require a broad set of actions to improve the efficiency of public spending, mobilize domestic resources and support from development partners, and crowd in the private sector

     
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  4. Unconventional policies and exchange rate dynamics
    Author: Adler, Gustavo; Lama C., Ruy; Medina, Juan Pablo
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model with unconventional monetary and exchange rate policies. The cooperative solution features a large exchange rate adjustment that cushions the... more

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    We study exchange rate dynamics under cooperative and self-oriented policies in a two-country DSGE model with unconventional monetary and exchange rate policies. The cooperative solution features a large exchange rate adjustment that cushions the impact of negative shocks and a moderate use of unconventional policy instruments. Self-oriented policies (Nash equilibrium), however, entail limited exchange rate movements and an aggressive use of unconventional policies in both countries. Our results highlight the role of international policy cooperation in allowing the exchange rate to play the traditional role of shock absorber

     
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  5. Assessing loss of market access
    conceptual and operational issues
    Author: Guscina, Anastasia; Malik, Sheheryar; Papaioannou, Michael G.
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to... more

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    Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA leading indicators, attempts to determine the likely nature (temporary versus structural) of an LMA episode, and analyzes potential implications of such an assessment on the required degree of adjustment to restore market access. Finally, it highlights the possible application of the methodological framework for identifying emerging risks to market access

     
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  6. Basel III and bank-lending
    evidence from the United States and Europe
    Author: Ben Naceur, Samy; Roulet, Caroline
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Using data on commercial banks in the United States and Europe, this paper analyses the impact of the new Basel III capital and liquidity regulation on bank-lending following the 2008 financial crisis. We find that U.S. banks reinforce their risk... more

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    Using data on commercial banks in the United States and Europe, this paper analyses the impact of the new Basel III capital and liquidity regulation on bank-lending following the 2008 financial crisis. We find that U.S. banks reinforce their risk absorption capacities when expanding their credit activities. Capital ratios have significant, negative impacts on bank-retail-and-other-lending-growth for large European banks in the context of deleveraging and the 'credit crunch' in Europe over the post-2008 financial crisis period. Additionally, liquidity indicators have positive but perverse effects on bank-lending-growth, which supports the need to consider heterogeneous banks' characteristics and behaviors when implementing new regulatory policies

     
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  7. Bank capital and lending
    an extended framework and evidence of nonlinearity
    Author: Catalán, Mario; Hoffmaister, Alexander W.; Harun, Cicilia Anggadewi
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper studies the transmission of bank capital shocks to loan supply in Indonesia. A series of theoretically founded dynamic panel data models are estimated and find nonlinear effects of capital on loan growth: the response of weaker banks to... more

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    This paper studies the transmission of bank capital shocks to loan supply in Indonesia. A series of theoretically founded dynamic panel data models are estimated and find nonlinear effects of capital on loan growth: the response of weaker banks to changes in their capital positions is larger than that of stronger banks. This non-linearity implies that not only the level of capital but also its distribution across banks in the financial system affects the transmission of shocks to aggregate lending. Likewise, the effects of bank recapitalization on loan growth depend on banks' starting capital positions and the size of capital injections

     
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  8. Assessing China's residential real estate market
    Author: Ding, Ding; Huang, Xiaoyu; Jin, Tao; Lam, W. Raphael
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown.... more

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    China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond 'fundamental' levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market

     
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  9. Winning connections?
    special interests and the sale of failed banks
    Author: Igan, Deniz; Lambert, Thomas; Wagner, Wolf; Zhang, Quxian
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study how lobbying affects the resolution of failed banks, using a sample of FDIC auctions between 2007 and 2014. We show that bidding banks that lobby regulators have a higher probability of winning an auction. In addition, the FDIC incurs higher... more

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    We study how lobbying affects the resolution of failed banks, using a sample of FDIC auctions between 2007 and 2014. We show that bidding banks that lobby regulators have a higher probability of winning an auction. In addition, the FDIC incurs higher costs in such auctions, amounting to 16.4 percent of the total resolution losses. We also find that lobbying winners have worse operating and stock market performance than their non-lobbying counterparts, suggesting that lobbying results in a less efficient allocation of failed banks. Our results provide new insights into the bank resolution process and the role of special interests

     
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  10. Crisis and reform
    the 1893 demise of Banca Romana
    Author: Pani, Marco
    Published: December 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    More than a century later, the Banca Romana crisis still provides useful insights on the challenges of preserving financial stability. This paper reviews the case and discusses implications that can be relevant today. The crisis was spurred by an... more

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    More than a century later, the Banca Romana crisis still provides useful insights on the challenges of preserving financial stability. This paper reviews the case and discusses implications that can be relevant today. The crisis was spurred by an unsustainable credit expansion encouraged by capital inflows, which provoked an asset price bubble and other imbalances. A system of corruption and collusion with politicians and journalists enabled the bank managers to run risky and illegal operations - effectively, asset-stripping - undetected and unhindered. As a result, it would not have been easy for an observer not endowed with investigative powers to detect the mounting risks, while the government, which had these powers, failed to take action when needed and concealed critical information from the public. When the crisis erupted, its resolution was facilitated by a previous, decade-long debate on the reform of the banking system which had led to the exploration and development of possible solutions that could then be rapidly implemented

     
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  11. Sovereign risk and bank risk-taking
    Author: Ari, Anil
    Published: December 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form... more

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    I propose a dynamic general equilibrium model in which strategic interactions between banks and depositors may lead to endogenous bank fragility and slow recovery from crises. When banks' investment decisions are not contractible, depositors form expectations about bank risk-taking and demand a return on deposits according to their risk. This creates strategic complementarities and possibly multiple equilibria: in response to an increase in funding costs, banks may optimally choose to pursue risky portfolios that undermine their solvency prospects. In a bad equilibrium, high funding costs hinder the accumulation of bank net worth, leading to a persistent drop in investment and output. I bring the model to bear on the European sovereign debt crisis, in the course of which under-capitalized banks in defaultrisky countries experienced an increase in funding costs and raised their holdings of domestic government debt. The model is quantified using Portuguese data and accounts for macroeconomic dynamics in Portugal in 2010-2016. Policy interventions face a trade-off between alleviating banks' funding conditions and strengthening risk-taking incentives. Liquidity provision to banks may eliminate the good equilibrium when not targeted. Targeted interventions have the capacity to eliminate adverse equilibria

     
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  12. Quantitative easing and long-term yields in small open economies
    Author: Díez de los Ríos, Antonio; Shamloo, Maral
    Published: September 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We... more

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    We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global, and (iii) a country specific term premium to analyze two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, furthermore, they have had limited, but significant, effect in lowering long-term yields

     
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  13. Understanding correspondent banking trends
    a monitoring framework
    Author: Grolleman, Dirk Jan; Jutrsa, David
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial... more

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    The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial inclusion, and the stability and integrity of the financial system. Building on existing initiatives and IMF technical assistance, this paper discusses a framework that can be readily used by central banks and supervisory authorities to effectively monitor the developments of CBRs in their jurisdiction. The working paper explains the monitoring framework and includes the necessary reporting templates and an analytical tool for the collection of data and analysis of CBRs

     
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  14. How financial conditions matter differently across Latin America
    Author: Brandao Marques, Luis; Pérez Ruiz, Esther
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper develops comparable financial conditions indices (FCIs) for the six large and most financially-integrated Latin American economies (LA6) by following Korobilis (2013) and Koop and Korobilis (2014). The main findings are as follows. First,... more

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    This paper develops comparable financial conditions indices (FCIs) for the six large and most financially-integrated Latin American economies (LA6) by following Korobilis (2013) and Koop and Korobilis (2014). The main findings are as follows. First, the estimated FCIs are influenced by a commodity cycle, a global financial cycle, as well as country-specific episodes of financial distress. Second, by early 2017, financial conditions remained favorable in most LA6 economies relative to historical standards. Third, the impact of financial shocks on economic activity widely varies across LA6 and is otherwise found to be stronger in periods of financial stress. Fourth, exposure to regional financial spillovers also differs across LA6

     
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  15. Liquidity stress tests for investment funds
    a practical guide
    Author: Bouveret, Antoine
    Published: October 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper outlines a framework to perform liquidity stress tests for investment funds. Practical aspects related to the calibration of the redemption shock, the measurement of liquidity buffers and the assessment of the resilience of investment... more

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    This paper outlines a framework to perform liquidity stress tests for investment funds. Practical aspects related to the calibration of the redemption shock, the measurement of liquidity buffers and the assessment of the resilience of investment funds are discussed. The integration of liquidity stress tests with banking sector stress tests and possible bank-fund interlinkages are also covered

     
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  16. A generalized framework for the assessment of household financial vulnerability
    Author: Leika, Mindaugas; Marchettini, Daniela
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Household financial fragility has received considerable attention following the global financial crisis, but substantial gaps remain in the analytical underpinnings of household financial vulnerability assessment, as well as in data availability.... more

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    Household financial fragility has received considerable attention following the global financial crisis, but substantial gaps remain in the analytical underpinnings of household financial vulnerability assessment, as well as in data availability. This paper aims at integrating the contributions in the literature in a coherent fashion. The study proposes also analytical and estimation extensions aimed at improving the quality of estimates and allowing the assessment of household financial vulnerability in presence of data limitations. The result of this effort is a comprehensive framework, that has wide applicability to both advanced and developing economies. For illustrative purposes the paper includes a detailed application to one developing country (Namibia)

     
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  17. Problem loans in the Caribbean
    determinants, impact and strategies for resolution
    Author: Beaton, Kimberly; Dowling, Thomas; Kovtun, Dmitriy; Loyola, Franz; Myrvoda, Alla; Okwuokei, Joel Chiedu; Ötker-Robe, İnci; Turunen, Jarkko
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well as to structural obstacles to their... more

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    The high level of nonperforming loans (NPLs) in the Caribbean has been, in large part, a legacy of the global financial crisis, but their persistence owes much to the weak economic recovery in the region, as well as to structural obstacles to their resolution. A comprehensive strategy is needed to address these impediments to sever the adverse feedback loops between weak economic activity and weak asset quality. This paper finds that NPLs are a drag on Caribbean growth and macro-financial links are strong: a deterioration in asset quality hinders bank lending and dampens economic activity, undermining, in turn, efforts to resolve problem loans. A multifaceted approach is needed, involving a combination of macro- economic policies to support growth and employment; strong supervisory frameworks to ensure macro-financial stability and create incentives for resolution; efforts to address informational gaps and deficiencies in insolvency and debt-enforcement frameworks; and development of markets for distressed loans. The institutional capacity constraints require coordination of reforms within the region and support from international organizations through capacity-building

     
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  18. Luxembourg
    financial sector assessment program : detailed assessment of observance : assessment of observance of the CPSS-IOSCO principles for financial market infrastructures : clearstream banking luxembourg
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems-International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market... more

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    This report assesses the risk management practices of Clearstream Banking Luxembourg (CBL) based on the Committee on Payment and Settlement Systems-International Organization of Securities Commissions (CPSS-IOSCO) Principles for Financial Market Infrastructures. The findings reveal that a range of principles are in broad observance. A key priority is to reduce CBL dependence on commercial banks in its daily operations. There is significant dependence on a limited number of depository and cash correspondent banks, in particular for the US and UK markets. This dependence could be actively mitigated through an increase in the number of contracted banks or, where possible, the establishment of direct links with local central securities depositories and central banks

     
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  19. Luxembourg
    financial sector assessment program : technical note : fund management: regulation, supervision, and systemic risk monitoring
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of regulation, supervision, and systemic risk monitoring of fund management. Certain structural elements of... more

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    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of regulation, supervision, and systemic risk monitoring of fund management. Certain structural elements of the Luxembourg fund management industry, particularly the extensive use of delegation and concentration of fund directorships, merit increased supervisory analysis and attention beyond the current activities. The Luxembourg framework for liquidity management tools compares favorably with its peers at both the EU and international level. Information on leverage of funds is of potential relevance from a systemic risk perspective. The Luxembourg authorities have also been actively monitoring and contributing to discussions on the EU money market funds regulation

     
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  20. Luxembourg
    financial sector assessment program : technical note : macroprudential framework and policies
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a... more

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    This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a significant share of GDP and is globally interconnected. The institutional arrangement is broadly appropriate for effective macroprudential policy, but some areas should be strengthened. The monitoring and analysis of systemic risks by the Banque Centrale du Luxembourg is appropriate and performed on a timely basis. The authorities are encouraged to continue to increase efforts to monitor risks related to the investment fund industry

     
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  21. Luxembourg
    financial sector assessment program : technical note : risk analysis
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note reviews the stability of Luxembourg's financial system. The financial soundness indicators for Luxembourg's financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in... more

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    This Technical Note reviews the stability of Luxembourg's financial system. The financial soundness indicators for Luxembourg's financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years. Household stress test results suggest that households' solvency would be significantly affected by a drop in income and housing prices and a rise in unemployment. Bank liquidity displays broad resilience, but would be weakened should wholesale funding dry up or funding stress emerge in foreign currencies. Banks were found to be less vulnerable to direct contagion risk through bilateral exposure; however, most banks have considerable cross-border exposure

     
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  22. Luxembourg
    financial sector assessment program : technical note : selected issues in banking supervision
    Published: August 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer responsible for the granting or revocation of banking licenses, the Commission for the Supervision of the Financial Sector (CSSF) is no longer charged with promoting industry, resources have increased substantially, and there has been a significant increase in the implementation of sanctioning powers. There still exists potential for government or industry interference in the operational independence of the CSSF. The frequency of on-site inspections of Luxembourg subsidiaries of significant institutions is also on the low side

     
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  23. Portugal
    2017 Article IV consultation : press release; staff report; and statement by the Executive Director for Portugal
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This 2017 Article IV Consultation highlights that Portugal has made notable progress over the past year in reducing uncertainty over near-term risks. The exit from the Excessive Deficit Procedure in 2017, together with a marked improvement in... more

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    This 2017 Article IV Consultation highlights that Portugal has made notable progress over the past year in reducing uncertainty over near-term risks. The exit from the Excessive Deficit Procedure in 2017, together with a marked improvement in stability and confidence in the banking system, have helped bolster investor confidence and contributed to a sharp narrowing in sovereign debt spreads since mid-March. The near-term growth outlook has also improved considerably as the ongoing recovery continues to gain momentum, with a pickup in exports and investment alongside the continued growth in private consumption. Tourism remains a key driver of growth, but has also been accompanied by a broad-based pickup in exports of goods in recent quarters

     
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  24. Uganda
    technical assistance report : managing and preventing expenditure arrears
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Assistance Report discusses recommendation for managing and preventing expenditure arrears in Uganda. There is need to reconcile the verified stock of arrears with those reported in the annual financial statements. The verification for... more

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    This Technical Assistance Report discusses recommendation for managing and preventing expenditure arrears in Uganda. There is need to reconcile the verified stock of arrears with those reported in the annual financial statements. The verification for Budgetary Central Government must be completed, and mechanisms for regular reporting and verification of arrears by local government and the broader public sector must be established. It is also recommended to develop and publish an arrears clearance strategy including prioritization criteria, liquidation policy and institutional responsibility for monitoring and clearance of arrears

     
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  25. Japan
    financial sector assessment program : technical note : insurance sector regulation and supervision
    Published: September 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of insurance sector regulation and supervision. The Japanese insurance sector is characterized by a mature market,... more

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    This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of insurance sector regulation and supervision. The Japanese insurance sector is characterized by a mature market, high concentration, and the predominance of life insurance products with interest guarantees. It is recommended that the Japan Financial Services Agency (JFSA) should take further steps to implement an economic-value-based solvency regime as soon as practicable. A risk assessment methodology needs to be completed as part of the risk-based supervision framework. The risk and impact assessment will enable JFSA to determine the appropriate supervisory intensity for each insurer, and a holistic supervisory plan

     
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