This paper discusses a Detailed Assessment of the Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies—Securities Regulation for Italy. The paper discusses that in the area of securities regulation, the objectives and responsibilities of the two...

This paper discusses the Financial Sector Assessment Program focusing on Detailed Assessment of Implementation of the International Organization of Securities Commission (IOSCO) Objectives and Principles of Securities Regulation for Italy. The IOSCO Principles list a number of preconditions to...

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

Capital flows can deliver substantial benefits for countries, but also have the potential to contribute to a buildup of systemic financial risk. Benefits, such as enhanced investment and consumption smoothing, tend to be greater for countries whose financial and institutional development enables...

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF's...