Mandatory Financial Stability Assessments Under The Financial Sector Assessment Program Update
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Mandatory Financial Stability Assessments Under The Financial Sector Assessment Program Update
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-18
Mandatory Financial Stability Assessments Under The Financial Sector Assessment Program Update written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-18 with Business & Economics categories.
In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund’s surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors
Mandatory Financial Stability Assessments Under The Financial Sector Assessment Program
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Author : Internationaler Währungsfonds
language : en
Publisher:
Release Date : 2013
Mandatory Financial Stability Assessments Under The Financial Sector Assessment Program written by Internationaler Währungsfonds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
In September 2010, the Executive Board made financial stability assessments under the Financial Sector Assessment program (FSAP) a regular and mandatory part of bilateral surveillance under Article IV for jurisdictions with systemically important financial sectors. This decision recognized that although financial sector issues were at the core of the Fund's surveillance mandate, the FSAP as designed in the late 1990s had severe limitations as a tool. Voluntary participation, the low frequency of assessments, and their very broad coverage (particularly in emerging market and developing countries, where assessments are typically conducted jointly with the World Bank) limited the usefulness of the FSAP for surveillance. Building on the revamp of the FSAP during the 2009 program review that delineated the institutional responsibilities of the Fund and the World Bank and defined the content of the stability assessment under the FSAP, the Executive Board took the next step in 2010 to make these stability assessments mandatory every five years for members with systemically important financial sectors.
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2010-08-27
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-27 with Business & Economics categories.
Integration of financial sector issues into bilateral surveillance has been a long-standing challenge. Financial stability is a key component of the domestic and external stability of members and is important for the promotion of the “stable system of exchange rates” envisaged under Article IV. But although financial sector issues and policies are at the core of the Fund’s surveillance mandate, their effective integration has been a challenge. To address this challenge, it is proposed to adopt a more risk-based approach to financial sector surveillance by making FSAP stability assessments part of Article IV surveillance for members with systemically important financial sectors.
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Revised Proposed Decision
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2010-08-31
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Revised Proposed Decision written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-31 with Business & Economics categories.
Recognizing the important impact that a member’s domestic economic and financial policies can have on systemic stability, Article IV of the IMF’s Articles of Agreement establishes obligations for members respecting the conduct of these policies, including their financial sector policies. An examination of members’ financial sector policies is important in all cases of bilateral surveillance, and three quarters of the Fund’s membership has already undergone a financial stability assessment. With this Decision, the Fund decides that, taking into account the framework described above and the overall purpose of surveillance, heightened scrutiny should be given in bilateral surveillance to the financial sector policies of those members whose financial sectors are systemically important, given the risk that domestic and external instability in such countries will lead to particularly disruptive exchange rate movements and undermine systemic financial and economic stability. The mandatory financial stability assessments undertaken under this Decision will consist of the following elements: a) an evaluation of the source, probability, and potential impact of the main risks to macro-financial stability in the near-term for the relevant financial sector; b) an assessment of the authorities’ financial stability policy framework; and c) an assessment of the authorities’ capacity to manage and resolve a financial crisis should the risks materialize.
2021 Financial Sector Assessment Program Review Towards A More Stable And Sustainable Financial System
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-28
2021 Financial Sector Assessment Program Review Towards A More Stable And Sustainable Financial System written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-28 with Business & Economics categories.
The Financial Sector Assessment Program (FSAP) Provides In-Depth Assessments Of Financial Sectors. FSAPs Are Usually Conducted Jointly With The World Bank In Emerging Market And Developing Economies And By The Fund Alone In Advanced Economies. Fsaps Provide Valuable Analysis And Policy Recommendations For Surveillance And Capacity Development. Since The Program’s Inception, 157 Fund Members Have Undergone Individual Or Regional Fsaps. In Recent Years, The Fund Has Been Conducting 12–14 Fsaps Per Year At A Cost Of About 3 Percent Of The Fund’s Direct Spending.
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-18
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-18 with Business & Economics categories.
The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Background Material
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Author : Internationaler Währungsfonds
language : en
Publisher:
Release Date : 2010
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Background Material written by Internationaler Währungsfonds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This paper presents the staff analysis underpinning two central elements of the proposal to make financial stability assessments under the FSAP mandatory for members with systemically important financial sectors: the definition of systemic importance used in the paper and the methodology for identifying members with systemically important financial sectors (Section II); and the review of the literature and industry practices that form the basis for the staff proposal to conduct these mandatory financial stability assessments at a frequency of about three years (Section III).
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Background Material
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2010-08-31
Integrating Stability Assessments Under The Financial Sector Assessment Program Into Article Iv Surveillance Background Material written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-31 with Business & Economics categories.
This paper presents the staff analysis underpinning two central elements of the proposal to make financial stability assessments under the FSAP mandatory for members with systemically important financial sectors: the definition of systemic importance used in the paper and the methodology for identifying members with systemically important financial sectors (Section II); and the review of the literature and industry practices that form the basis for the staff proposal to conduct these mandatory financial stability assessments at a frequency of about three years (Section III).
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era
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Author : Internationaler Währungsfonds
language : en
Publisher:
Release Date : 2014
Review Of The Financial Sector Assessment Program Further Adaptation To The Post Crisis Era written by Internationaler Währungsfonds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country's financial sector. It is an important element of the Fund's surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country's Article IV staff report. Since the program's inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14-16 FSAPs per year at an annual cost of USD 13-15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.
Sweden
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-05
Sweden written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-05 with Business & Economics categories.
A rising share of highly indebted households and high housing prices pose serious macrofinancial risks. The impact of a house price decline in Sweden, with an associated loss of confidence in housing collateral, could be amplified by Swedish banks’ reliance on wholesale funding. Given the interconnectedness within the Nordic-Baltic financial systems such a shock could have significant spillover effects across the region. Higher bank capital is not sufficient to mitigate risks. Households should be made more resilient in the short term by the adoption of a maximum debt-to-income ratio; strong political action should be addressed to remove obstacles to increasing housing supply while macroprudential policies should be used to moderate housing demand during the adjustment period; removing tax benefits associated with real estate holdings and funding is also needed to reduce imbalances.