This 2007 Article IV Consultation highlights that following an extended boom led by strong domestic demand, the slowdown in the United States has largely reflected a drag from residential investment as the housing market has weakened substantially. Unexpected weakness in business investment and...

The U.S. economy continued to grow strongly over the year even in the face of a withdrawal of monetary stimulus and high oil prices. Executive Directors commended the Federal Reserve for its monetary tightening. They recognized that the financial sector has proven innovative and resilient. They...

This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation (FSSR) for Monaco. Since the 2002 Offshore Financial Center assessment, the Principality of Monaco has taken important steps to further strengthen an already comprehensive legal framework,...

This 2009 Article IV Consultation highlights that the global financial crisis and the contraction of world trade have pulled the French economy into a severe recession and put its financial sector under strain. Structural features combined with early policy action have helped soften the...

South Africa has made substantial progress in addressing the recommendations of the Financial Sector Assessment Program and is continuing to build upon these accomplishments. The Financial Services Board and Department of Trade and Industry both are organizations with the legal authority to...

Luxembourg’s 2006 Article IV Consultation reports that the dominant financial sector has supported a steady rebound in economic activity. Growth is projected to remain healthy in the near term, but trend growth may decline as the rapid financial sector expansion may decelerate. The...

The financial turmoil of the late 1990s prompted a broad search for tools and techniques for detecting and preventing financial crises, and more recent episodes of instability have high lighted the importance of continuous monitoring of financial systems as a tool for preventing crises. This...

A characteristic of hedge funds is not only an active portfolio management, but also the allocation of portfolio performance between different accounts, which are the accounts for the external investors and an account for the management firm, respectively. Despite a lack of transparency in hedge...

In addition to active portfolio management, hedge funds are characterized by the allocation of portfolio performance between the external investors and the management firm accounts. This allocation can take different forms, such as the Loss Carry Forward scheme, and some of them can be coupled...

In this paper we examine the dependence between the liquidation risks of individual hedge funds. This dependence can result either from common exogenous shocks (shared frailty), or from contagion phenomena, which occur when an endogenous behaviour of a fund manager impacts the Net Asset Values...