Most banks in Paraguay appear resilient to shocks, although the exposure to large borrowers is high. The mission strongly recommends the adoption of measures that would moderate credit growth and induce financial institutions to build cushions that can protect them and their clients from a...

This Selected Issues paper discusses the impact of global financial turmoil on Japan. It describes how close integration in global financial markets has deepened and expanded the channels for spillovers. The paper discusses options for increasing the consumption tax to finance the public pension...

This paper reviews assessment of financial market infrastructures (FMIs) and authorities' responsibilities in Canada. The report shows that the FMIs have operated normally under a well-established legal and oversight framework that is distinct for Canada. The Bank of Canada (BOC) has issued a...

This Technical Note on Oversight of Fintech explains that Ireland's fintech sector is growing in importance through the entry of innovative new players and digital transformation of incumbents' business models and products. This note seeks to identify risks arising from fintech as well as policy...

Switzerland is affected by the global crisis through the stock effect, the flow effect, and the trade effect. Along with a sharp contraction in exports, investments are now being postponed. Consumption has held up well so far, but as unemployment rises, household spending will lose momentum. The...

Malta weathered the global recession relatively well. Real estate prices and collateral values experienced some correction and appear to have stabilized more recently, but excess supply likely remains in segments of the market. Continued progress with structural reforms will also be important to...

This Article IV Consultation reports that Malta’s economy continues to perform well amidst considerable turbulence in the euro area. While spillovers have remained contained to date, Malta’s large financial sector and highly open economy heighten contagion and financial stability...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

The staff report on Canada’s 2009 Article IV Consultation examines economic developments and policies. Canadian banks have weathered the crisis better than major-country peers, but the credit cycle will be challenging, particularly given high household debt. Financial instability is a...

This 2009 Article IV Consultation highlights that the U.S. economy has experienced the worst financial crisis since the Great Depression. In the second half of 2008, financial pressures intensified and came to a head with the failure of Lehman Brothers in September. Executive Directors have...