This Selected Issues paper for the Russian Federation reviews trends in private capital flows to Russia by decomposing the flows into its subcomponents. Russia became a net lender to the international banking system, as a complement to the prolonged period of large current account surpluses. The...

This 2004 Article IV Consultation highlights that Israel’s economic recovery is under way after a prolonged recession. Growth is being supported by more favorable global economic conditions, an improvement in the security situation, and appropriate policies, which have included tightening...

In today's financial system, complex financial institutions are connected through an opaque network of financial exposures. These connections contribute to financial deepening and greater savings allocation efficiency, but are also unstable channels of contagion. Basel III and Solvency II should...

Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development....

This technical note on Investor Protection, Disclosure, and Financial Literacy for Portugal explains investor protection and corporate governance. Comissão do Mercado de Valores Mobiliários (CMVM) is the regulator in charge on ensuring compliance with disclosure issues as well as the corporate...

In this study, China’s economic developments and policies are discussed. Economic growth has been increased by expanding infrastructure and real estate construction. The policy measures outlined in the twelfth five-year plan and implementation of financial reform are important for...

This technical note focuses on the stress testing exercise in 2010 for the financial sector assessment program based on the existing approaches of the Central Bank of Russia, as well as a separate bottom-up exercise. The tests covered broad ranges of risk factors. The single factor tests...

Israel’s compliance with International Organization of Securities Commissions’ objectives and Principles of Securities Regulation has been assessed. The regulatory regime is well developed and in most respects is comparable with that of major jurisdictions. For the most part, it is...

This technical note discusses the structure of the Danish capital market and related issues. The focus is on the organization and functioning of domestic securities markets. The note provides a regional perspective on these markets. It reviews the prudential framework for capital markets, and...