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This paper sets out Management's response to the Independent Evaluation Office's (IEO) evaluation of IMF Response to the Financial and Economic Crisis. The implementation plan proposes specific actions focusing on the three of the four recommendations that received broad support from the...
Persistent link: https://www.econbiz.de/10014408547
The IMF Executive Board has been considering reforms to strengthen the Fund's mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund's surveillance mandate and modalities. This paper focuses on selected...
Persistent link: https://www.econbiz.de/10014409973
The past five years have seen an expansion of the scope of FSAPs to assess countries' macroprudential policy (MaPP) frameworks. This note documents this increase and offers some suggestions on how the treatment of MaPP issues in FSAPs can be further strengthened and better integrated into the...
Persistent link: https://www.econbiz.de/10014410563
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...
Persistent link: https://www.econbiz.de/10014410567
The COVID-19 pandemic has created severe disruption in the global financial system, with many emerging market and developing countries (EMDCs) facing liquidity shortages. In the context of intensified demand for liquidity and heightened global uncertainty, staff has revisited the 2017 proposal...
Persistent link: https://www.econbiz.de/10014408787
, France, Japan, the Netherlands, Norway, Spain, Sweden and the United Kingdom. Together, these agreements provide a total of …
Persistent link: https://www.econbiz.de/10014408897
Spain (Spain), amendments to the 2010 NPA with the Government of Japan (Japan), and a new note purchase agreement (NPA) with … the People's Bank of China (China). The new borrowing agreement with Spain, the amendments to the NPA with Japan, and the … February 22, 2017, for Spain; April 20, 2017, for Japan; and April 21, 2017, for China. Pursuant to Section III, paragraph 2 of …
Persistent link: https://www.econbiz.de/10014408739
This note outlines the approach of the proposed revision to the Institutional View (IV) when assessing whether systemic financial stability risks are elevated due to foreign currency (FX) mismatches. The approach builds on the staff guidance regarding risk assessments in bilateral surveillance,...
Persistent link: https://www.econbiz.de/10015060526
The issue of using monetary policy for financial stability purposes is hotly contested. The crisis was a reminder that price stability is not sufficient for financial stability, financial crises are costly, and policy should aim to decrease the likelihood of crises, not only rely on dealing with...
Persistent link: https://www.econbiz.de/10014408540
Economic and financial developments in the GCC economies are interwoven with oil price movements. GCC economies are highly dependent on oil and gas exports. Oil price upturns lead to higher oil revenues, stronger fiscal and external positions, and higher government spending. This boosts...
Persistent link: https://www.econbiz.de/10014408585