Ong, Li L.; Pazarbasioglu, Ceyla - International Monetary Fund (IMF) - 2013
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by … certainelements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for … constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case …