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The Fund's Institutional View (IV) recognizes the benefits of and risks associated with capital flows. Since the IV was adopted, a growing literature has provided additional insights into the benefits and risks from capital flows. This note summarizes the insights from the recent literature and the experiences of staff since the adoption of the IV that have informed this review.

Capital market

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This paper discusses progress on post-global financial crisis (GFC) reforms and the emerging challenges in the area of capital markets regulation and supervision, drawing on the analysis and insights from the IMF's Financial Sector Assessment Program (FSAP). FSAP analyses sheds light on the implementation of post-GFC reforms to strengthen prudential and conduct supervision of capital markets and highlights new regulatory and supervisory challenges arising from several factors such as the growth of bond markets, benchmark transition, digitalization, and climate change. Key takeaways regarding implementation of post-GFC reform include significant progress with respect to oversight of market intermediaries and infrastructures and a case for further regulatory and supervisory action to address vulnerabilities arising from the high and rising interconnectedness of the asset management sector with the global economy, especially to foster stronger liquidity risk management. Emerging priority areas underscore the importance of ensuring the adequacy of issuer disclosures and quality of auditing; of examining and appropriately calibrating the regulatory perimeter in light of market developments; and of proactively safeguarding the operational independence of supervisory authorities and adequacy of their resources for implementation of regulatory frameworks that are fit-for-purpose in light of market developments and evolution.

Capital market.

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Capital market

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Capital market. --- Capital market --- History.

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This paper proposes a framework for updating the PRGT eligibility list, based on transparent criteria and a regular review process, including policies for phasing in changes in eligibility. The premise is that access to scarce resources for concessional Fund financing should be preserved for members with a low level of income and related economic and financial vulnerabilities. From this perspective, there are several potential anomalies in the current eligibility list, which has been established primarily on the basis of IDA eligibility, and was last reviewed in 2003.

Capital market --- Financial institutions.