This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

Multilateral Consultations are a new tool of multilateral surveillance for the IMF, designed to foster action-oriented debate and policy actions on a problem of systemic or regional importance. The first multilateral consultation focused on facilitating the resolution of global imbalances while...

These Technical Notes on France explain integration of global financial markets. The stress tests for the France Financial Sector Assessment Program (FSAP) were designed to yield as comprehensive and detailed a picture as possible within the constraints of the approach. Retail activity by...

Efficient and stable payments systems are of fundamental importance in maintaining an orderly international monetary system. Major disruptions of national and international payments systems would have highly adverse effects on international trade, capital flows, and real activity. A key...

This paper presents the functional responsibilities of a central bank which is required to maintain systemic financial stability without having supervisory oversight of individual financial institutions. Although the Financial Services Authority (FSA) has responsibility for supervising...

This paper examines the generation of financial crises in developing economies and shows that the microeconomic structure of the financial sector is a crucial factor in creating the conditions for a crisis. Structural problems of the financial system in developing countries, including implicit...

Financial sector reform in the Baltic countries is reviewed in light of the banking crises that emerged during the reform period. It is argued that the crises had their roots in the structural deficiencies specific to planned economies and the financial environment that developed before and...