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European Union; Publication of Financial Sector Assessment Program Documentation—Technical Note on Macroprudential Oversight and the Role of the ESRB
International Monetary Fund (IMF); International … - 2013
This article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union. The ESRB is the reason for macroprudential oversight of financial systems. Macroprudential policy is used to identify and reduce financial risks and limit financial...
Persistent link: https://www.econbiz.de/10011245046
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Stress Testing At the IMF
Swinburne, Mark; Stolz, Stéphanie Marie; Moretti, Marina - International Monetary Fund (IMF) - 2008
For almost a decade, the IMF has been using stress tests to identify vulnerabilities across institutions that could undermine the stability of a country's financial system. This working paper focuses on the IMF's experience with stress testing in the Financial Sector Assessment Program (FSAP)....
Persistent link: https://www.econbiz.de/10005599429
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United States; Selected Issues
International Monetary Fund (IMF); International … - 2008
This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used...
Persistent link: https://www.econbiz.de/10011245114
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Spain; Financial Sector Reform: First Progress Report
International Monetary Fund (IMF); International … - 2012
The report analyses Spain’s financial sector reform program and throws light on the role that the European Financial Stability Facility (EFSF) played in supporting the restructuring and recapitalization of its financial sector. It stated that the two major areas that have been looked at...
Persistent link: https://www.econbiz.de/10011245135
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Euro Area Policies; 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Direct...
International Monetary Fund (IMF); International … - 2007
The Euro Area Policies’ 2007 Article IV Consultation reports that the economy is poised for a sustained upswing because of cyclical considerations and policies, which have had a forward-looking cast. The area’s external position and the real effective exchange rate of the euro are...
Persistent link: https://www.econbiz.de/10011245374
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Macroprudential Policy; What Instruments and How to Use them? Lessons From Country Experiences
International Monetary Fund (IMF); International … - 2011
This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The...
Persistent link: https://www.econbiz.de/10009369434
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The Use of Mortgage Covered Bonds
Avesani, Renzo G.; Ribakova, Elina; Pascual, Antonio Garcia - International Monetary Fund (IMF) - 2007
The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability … concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via … movements in covered bond prices can be used to analyze the credit developments of the underlying issuer and the quality of its …
Persistent link: https://www.econbiz.de/10005826294
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Stress Testing Financial Systems; What to Do When the Governor Calls
Hilbers, Paul Louis Ceriel; Jones, Matthew T.; Slack, … - International Monetary Fund (IMF) - 2004
Stress testing is becoming a widely used tool to assess potential vulnerabilities in a financial system. This paper is intended to answer some of the basic questions that may arise as part of the process of stress testing. The paper begins with a discussion of stress testing in a financial...
Persistent link: https://www.econbiz.de/10005826600
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Transmission of Liquidity Shocks; Evidence From the 2007 Subprime Crisis
Hesse, Heiko; Frank, Nathaniel; González-Hermosillo, Brenda - International Monetary Fund (IMF) - 2008
We examine the linkages between market and funding liquidity pressures, as well as their interaction with solvency issues surrounding key financial institutions during the 2007 subprime crisis. A multivariate GARCH model is estimated in order to test for the transmission of liquidity shocks...
Persistent link: https://www.econbiz.de/10005769187
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A Framework for Financial Market Development
Chami, Ralph; Sharma, Sunil; Fullenkamp, Connel - International Monetary Fund (IMF) - 2009
The paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and...
Persistent link: https://www.econbiz.de/10008528687