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The October 2013 Global Financial Stability Report examines current risks facing the global financial system at it undergoes a series of transitions along the path toward greater financial stability. The United States may soon move to less accommodative monetary policies and higher long-term interest rates as its recovery gains ground. Emerging markets face a transition to more volatile external conditions and higher risk premiums. Japan is moving toward the new "Abenomics" policy regime, and the euro area is moving toward a more robust and safer financial sector. Finally, the global banking system is phasing in stronger regulatory standards. Chapter 1 examines the challenges and risks of each of these transitions. Chapter 2 looks at efforts by policymakers to revive weak credit growth, which has been seen by many as a primary reason behind the slow economic recovery. The chapter argues that policies are most effective if they target the constraints that underlie the weakness in credit. But it cautions policymakers to be aware of the fiscal costs and implications for financial stability of credit-supporting policies. Chapter 3 examines how banking funding structures matter for financial stability and the potential impact of various regulatory reforms. It concludes that careful implementation of reform efforts are important to ensure that financial stability benefits are realized.
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The Precautionary and Liquidity Line (PLL) was introduced in the context of the Board discussion on the Fund's Financing Role: Reform Proposals on Liquidity and Emergency Assistance in November 2011, replacing and broadening the scope of the previously established Precautionary Credit Line (PCL). The following note provides operational guidance to staff and further background information on the PLL. SPR (the Emerging Markets Division), FIN, and LEG stand ready to clarify any further questions that departments may have on the PLL.
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Reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations and proposes to extend the availability of the rights approach, which expires on August 31, 2005, by another year. The rights approach remains a potentially important element of the intensified collaborative approach for arrears clearance for the three members that remain eligible, Liberia, Somalia, and Sudan.
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activity remained consistent with recent years. 21 assessments were completed during the update period (September 2015-April 2017) and five were in progress at the end of the period. Activity continues to average around 13 assessments per year. While the number of central banks under monitoring decreased slightly from 67 to 63, some monitoring cases required intense engagement due to safeguards challenges that emerged. These related to forensic investigations, governance reforms, and a deterioration in safeguards frameworks of central banks facing difficult external conditions.
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Bhutan's growth was resilient to the financial crisis and the outlook remains positive. Containing fiscal expansion and enhancing liquidity management are necessary to avoid economic overheating. Strengthening bank supervision is also a top priority.
Bank liquidity. --- Bank liquidity --- Management.
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The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas.
Bank liquidity --- Bank liquidity. --- Management. --- Bank licensing --- Bank regulation --- Banking --- Banks and Banking --- Banks and banking --- Banks and banking, Mobile --- Banks --- Commercial banks --- Computer applications in industry & technology --- Depository Institutions --- Financial Economics --- Financial Institutions and Services: Government Policy and Regulation --- Financial institutions --- Financial regulation and supervision --- Financial services law & regulation --- Financial services --- Government and the Monetary System --- Industries: Financial Services --- International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Islamic Banking and Finance --- Islamic banking --- Islamic countries --- Micro Finance Institutions --- Mobile banking --- Monetary economics --- Monetary Policy --- Monetary policy --- Monetary Systems --- Money and Monetary Policy --- Mortgages --- Other Economic Systems: Public Economics --- Payment Systems --- Regimes --- Standards --- State supervision --- Technology --- Somalia
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Does the bank lending channel of monetary transmission work in Turkey? Using the May- June 2006 financial turbulence as an exogenous shock that prompted a significant tightening of monetary policy, this paper examines the loan supply response of Turkey's banks, depending on their balance sheet characteristics. The empirical results indicate that banks can play a role in Turkey's monetary transmission mechanism. Specifically, bank liquidity is found to have a significant effect on loan supply in Turkey. This suggests that the effect of monetary policy in Turkey can be propagated by the banking sector, depending on its liquidity position.
Banks and Banking --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Portfolio Choice --- Investment Decisions --- Monetary economics --- Banking --- Finance --- Bank credit --- Loans --- Liquidity --- Commercial banks --- Credit --- Banks and banking --- Economics --- Turkey --- Monetary policy --- Bank liquidity --- Bank loans --- Transmission mechanism (Monetary policy)
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This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.
Credit control. --- Bank liquidity. --- Financial risk management. --- Risk management --- Liquidity (Economics) --- Credit --- Credit allocation --- Credit policy --- Monetary policy --- Government policy --- Macroeconomics --- Money and Monetary Policy --- Central Banks and Their Policies --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary economics --- Macroprudential policy instruments --- Macroprudential policy --- Consumer credit --- Consumption --- Economic policy --- Economics
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Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions with growing interconnections within and across borders. Common trends that contributed to the recent global crisis included sharp increases in leverage, significant reliance on short-term wholesale funding, growth of off-balance-sheet activities, maturity mismatches, and increased share of revenues from complex products and trading activities. The key objective of the financial sector reforms is to promote a less leveraged, less risky (or better cushioned), and thus a more resilient financial system that supports strong and sustainable economic growth. The recent proposals of the Basel Committee on Banking Supervision (BCBS) on capital standards represent a substantial improvement in the quantity and quality of capital in comparison with the pre-crisis situation. The analysis of this paper suggests that, subject to usual caveats associated with limited data disclosures and availability, phase-in arrangements will allow most banks to move to these higher standards through earnings retention, assuming a modest economic and earnings outlook. It also suggests that should banks generate strong earnings in the coming years, and distribute lower dividends, they could rebuild common equity capital ratios faster than required under the current phase-in periods. The analysis of the paper also suggests that the new capital standards will have a significant impact on investment-banking-type activities, including through tighter requirements for trading book exposures. Investment banking activities will also be affected by a host of other regulatory initiatives, including the new accounting rules and higher standards for securitization, derivatives, and trading businesses, as well as measures to restrain certain activities. Yet, LCFIs with an investment banking focus have flexible business models and can adjust their strategies easily to mitigate the effects of the regulatory reforms, notwithstanding a multitude of regulations affecting their activities. The ultimate effect of the reforms on business models remains to be seen until the regulations take their final shape.
Financial institutions --- Banks and banking --- Bank capital --- Bank liquidity --- Liquidity (Economics) --- Capital --- State supervision --- E-books --- Banks and Banking --- Financial Crises --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Banking --- Financial services law & regulation --- Liquidity requirements --- Investment banking --- Commercial banks --- Capital adequacy requirements --- Financial regulation and supervision --- Financial services --- Countercyclical capital buffers --- Asset requirements --- United States
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