In this paper, the structure of Colombia’s financial sector is analyzed and various risks of the financial sector are studied. Supervision of the financial system can be performed by supervisory architecture, banking supervision, various securities, and insurance policies. Systemic...

This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements, derivatives reforms, and higher taxes and fees. Overall, average lending rates in...

The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, macro-prudential frameworks will have weaknesses that make it hard to implement policy. And dealing with the political economy is also likely to be...

This paper provides country-specific information on fiscal rules in use in 81 countries from 1985 to end-September 2012. It serves as background material and update of the July 2012 Working Paper “Fiscal Rules in Response to the Crisis—Toward the ‘Next Generation’...

Armenia’s growing financial system is dominated by banks, and its regulatory and supervisory system is robust. The Executive Board of the International Monetary Fund (IMF) has recommended the Central Bank of Armenia (CBA) to develop a program to gather information and monitor the hedging...

This Selected Issues paper discusses capital and liquidity regulations in Sweden. It recaps the recent debates on capital and liquidity buffers, and discusses a way to consider appropriate levels of capital and liquidity buffers in the case of Sweden. The paper estimates the government’s...

This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The...

This 2007 Article IV Consultation highlights that Tonga’s real GDP growth is estimated to turn negative in FY06/07, declining by 3½ percent. The economy will continue to be subject to uncertainty and shocks. While economic growth should return to positive, albeit low, levels in the...