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Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management

Al-Hassan, Abdullah; Papaioannou, Michael G; Skancke, Martin - International Monetary Fund (IMF) - 2013

This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and investment management that can ensure its efficient operation and enhance its financial performance. In this context, it distinguishes among the...

Persistent link: https://www.econbiz.de/10010790296

Liquidity and Transparency in Bank Risk Management

Ratnovski, Lev - International Monetary Fund (IMF) - 2013

accumulate a buffer of liquid assets, or strengthen transparency to communicate solvency. While a liquidity buffer provides … complete insurance against small shocks, transparency covers also large shocks but imperfectly. Due to leverage, an unregulated … bank may choose insufficient liquidity buffers and transparency. The regulatory response is constained: while liquidity …

Persistent link: https://www.econbiz.de/10010790317

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Guzman, Juan Pablo Medina; Soto, Claudio - International Monetary Fund (IMF) - 2014

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the … credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the …-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output …

Persistent link: https://www.econbiz.de/10010790403

Inflation Reports and Models: How Well Do Central Banks Really Write?

Bulir, Ales; Hurník, Jaromír; Smidkova, Katerina - International Monetary Fund (IMF) - 2014

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation factors reported by the central banks with ex-post...

Persistent link: https://www.econbiz.de/10011142061

Country Transparency and the Global Transmission of Financial Shocks

Marques, Luís Brandão; Gelos, Gaston; Melgar, Natalia - International Monetary Fund (IMF) - 2013

This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the presence of ambiguity (uncertainty about the probability distribution of returns), prices in emerging...

Persistent link: https://www.econbiz.de/10011142117

Credibility and Crisis Stress Testing

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 the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar...

Persistent link: https://www.econbiz.de/10011142183

Islamic Banking Regulation and Supervision: Survey Results and Challenges

Song, Inwon; Oosthuizen, Carel - International Monetary Fund (IMF) - 2014

The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and...

Persistent link: https://www.econbiz.de/10011105395

Transparency and Monetary Policy with Imperfect Common Knowledge

Roca, Mauro - International Monetary Fund (IMF) - 2010

, will have negative effects on welfare. This paper studies the welfare effects of varying levels of transparency in a model …

Persistent link: https://www.econbiz.de/10008470401

Imperfect Central Bank Communication; Information Versus Distraction.

Orphanides, Athanasios; Dale, Spencer; Österholm, Pär - International Monetary Fund (IMF) - 2008

Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....

Persistent link: https://www.econbiz.de/10005248250