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Over the last decade, stress testing has become a central aspect of the Fund’s bilateral and multilateral surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national practices and the experiences from Fund’s FSAP program with the aim of providing practical guidelines for the coherent and consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress testing approaches and presentation of results.

Financial risk management. --- Insurance -- Evaluation. --- Risk assessment. --- Finance --- Business & Economics --- Insurance --- Evaluation. --- Assurance (Insurance) --- Coverage, Insurance --- Indemnity insurance --- Insurance coverage --- Insurance industry --- Insurance protection --- Mutual insurance --- Underwriting --- Financial risk management --- Risk assessment --- Evaluation --- E-books --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Risk management --- Finance: General --- Industries: Financial Services --- Insurance Companies --- Actuarial Studies --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Bankruptcy --- Liquidation --- General Financial Markets: Government Policy and Regulation --- Insurance & actuarial studies --- Stress testing --- Insurance companies --- Solvency --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial institutions --- Debt --- Financial services industry --- United States

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In an environment in which growth and employment prospects in many countries remain subdued and a number of high-profile corruption cases have fueled moral outrage, and amid a growing consensus that corruption can seriously undermine a country’s ability to deliver inclusive economic growth in a number of different areas, addressing corruption globally—in both developed and developing countries—has become increasingly urgent. When corruption impairs government functions, it can adversely affect a number of important determinants of economic performance, including macrofinancial stability, investment, human capital accumulation, and total factor productivity. Moreover, when systemic corruption affects virtually all state functions, distrust of government can become so pervasive that it can lead to violence, civil strife, and conflict, with devastating social and economic implications. This Staff Discussion Note focuses on corruption that arises from the abuse of public office for private gain, whether it manifests itself transactionally (for example, a bribe) or through powerful networks between business and government that effectively result in the privatization of public policy. While designing and implementing an anticorruption strategy requires change on many different levels, the IMF's experience in assisting member countries suggests that several elements need to be given priority: transparency, rule of law, and economic reform policies designed to eliminate excessive regulation. Perhaps most important, however, addressing corruption requires building effective institutions, with the clear objective of developing a competent civil service that takes pride in being independent of both private influence and public interference.

BUSINESS & ECONOMICS / Economics / Macroeconomics. --- BUSINESS & ECONOMICS / Money & Monetary Policy. --- Administrative Processes in Public Organizations --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Bureaucracy --- Civil service & public sector --- Corporate crime --- Corruption --- Crime --- Criminology --- Economic sectors --- Finance --- Finance, Public --- Finance: General --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial services industry --- General Financial Markets: Government Policy and Regulation --- Illegal Behavior and the Enforcement of Law --- Institutions and the Macroeconomy --- International Monetary Arrangements and Institutions --- Legal support in revenue administration --- Macroeconomics --- Money laundering --- Public Enterprises --- Public finance & taxation --- Public Finance --- Public sector --- Public-Private Enterprises --- Revenue administration --- Revenue --- Tax Evasion and Avoidance --- Tax evasion --- Taxation --- Taxation, Subsidies, and Revenue: General --- White-collar crime --- Ukraine

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This Technical Note discusses the results of stress testing of the banking sector and systemic risk analysis for New Zealand. The banking sector, which dominates the financial system, has significant exposure to real estate. A sharp decline in the real estate market, a prolonged period of low dairy prices, deterioration in global economic conditions, and a tightening in financial markets would adversely impact the system. Despite these risks, the banking system is resilient to severe shocks. Results of stress tests and sensitivity analysis indicate that the solvency and liquidity of the banking system can withstand adverse and severe shocks.

New Zealand --- Economic conditions. --- Economic policy. --- Financial institutions. --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Banks and Banking --- Finance: General --- Industries: Financial Services --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Finance --- Financial services law & regulation --- Monetary economics --- Stress testing --- Credit risk --- Commercial banks --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial regulation and supervision --- Loans --- Financial institutions --- Credit --- Money --- Banks and banking --- Financial risk management --- Financial services industry --- Financial Risk Management --- Macroeconomics --- Financial Crises --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Economic & financial crises & disasters --- Deposit insurance --- Bank resolution framework --- Global financial crisis of 2008-2009 --- Insurance companies --- Financial crises --- Crisis management framework --- Crisis management --- Global Financial Crisis, 2008-2009 --- Public Finance --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Crisis Management --- Public finance & taxation --- PFM information systems --- Payment systems --- Public financial management (PFM) --- Financial markets --- Principles for Financial Market Infrastructures --- Finance, Public --- Clearinghouses --- State supervision --- Business and Financial --- International Financial Markets --- Financial services --- Asset management --- Asset valuation --- Liquidity risk --- Asset and liability management --- Asset-liability management --- Law and legislation --- Accounting --- Insurance --- Criminology --- Insurance Companies --- Actuarial Studies --- Bankruptcy --- Liquidation --- Illegal Behavior and the Enforcement of Law --- Insurance & actuarial studies --- Corporate crime --- white-collar crime --- Financial reporting, financial statements --- Solvency --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Financial statements --- Crime --- Debt --- Money laundering --- Infrastructure --- Real Estate --- Financial Markets and the Macroeconomy --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Property & real estate --- Macroprudential policy --- Housing prices --- Prices --- National accounts --- Financial sector stability --- Economic policy --- Saving and investment --- White-collar crime --- Pfm information systems