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Since the 1970s, the world has embarked on a new financial globalization era. Cross-country capital flows have significantly increased in developed and developing countries. However, the characteristics of financial globalization differ from what was originally expected. Various examples illustrate this point. Although the literature predicted large gains from financial globalization (such as additional funding, broad diversification, and deeper financial systems), the positive effects have been more limited. In developed and developing countries, financial globalization has manifested in increasing gross capital flows (inflows and outflows) rather than larger net flows. Capital markets are segmented and only a few large firms access international markets. International institutional investors do not seem to have played a stabilizing role, helping to exacerbate and transmit crises across countries. Although financial globalization has brought several beneficial changes, its net effects and spillovers to the overall economies participating in it have yet to be understood.

Capital Flows --- Developing Countries --- Emerging Markets --- Institutional Investors --- International Capital Markets --- International Integration

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This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for the Netherlands on the insurance and pension sectors. The governance, accountability, and internal processes of the supervisors, operating under a well-functioning twin-peaks model, are robust. With two-tier boards that include independent members, and an internal audit department, the governance structure of both supervisors is vigorous. Detailed documentation supports the internal processes. Discussions are underway to determine a new structure for the pension system, which may include shifting risks to the participants.

Finance --- Finance: General --- Insurance --- Labor --- Public Finance --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Social Security and Public Pensions --- Bankruptcy --- Liquidation --- Insurance Companies --- Actuarial Studies --- Nonwage Labor Costs and Benefits --- Private Pensions --- Pensions --- Insurance & actuarial studies --- Insurance companies --- Pension spending --- Solvency --- Expenditure --- Financial institutions --- Financial sector policy and analysis --- Debt --- Netherlands, The

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This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Japan in the areas of insurance sector regulation and supervision. The Japanese insurance sector is characterized by a mature market, high concentration, and the predominance of life insurance products with interest guarantees. It is recommended that the Japan Financial Services Agency (JFSA) should take further steps to implement an economic-value-based solvency regime as soon as practicable. A risk assessment methodology needs to be completed as part of the risk-based supervision framework. The risk and impact assessment will enable JFSA to determine the appropriate supervisory intensity for each insurer, and a holistic supervisory plan.

Finance: General --- Insurance --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Insurance Companies --- Actuarial Studies --- Bankruptcy --- Liquidation --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Insurance & actuarial studies --- Insurance companies --- Solvency --- Financial Sector Assessment Program --- Financial services --- Financial institutions --- Financial sector policy and analysis --- Financial services industry --- Debt --- Japan

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We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, “PSIs”). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck – thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- E-books --- Financial Risk Management --- Inflation --- Investments: Stocks --- Macroeconomics --- Investment --- Capital --- Intangible Capital --- Capacity --- Price Level --- Deflation --- International Monetary Arrangements and Institutions --- Economic Growth and Aggregate Productivity: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Crises --- Education: General --- Investment & securities --- Economic & financial crises & disasters --- Education --- Stocks --- Financial crises --- Consumer price indexes --- Prices --- Financial institutions --- Price indexes --- Cabo Verde

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This paper presents an assessment of financial system stability in the Netherlands. The country is home to a global systemically important bank and a global systemically important insurer. The banking system comprises half of the financial sector and is concentrated in four domestic banks. Major reforms, driven by the European Union and global developments, have significantly strengthened financial sector oversight. The authorities’ response to the global financial crisis was far-reaching and addressed many deficiencies. The Single Supervisory Mechanism has enhanced bank supervision, as have strengthened capital and liquidity regulations. Insurance supervision is also stricter thanks to Solvency II, and there is a new framework for the pension sector.

Finance --- Financial institutions --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- State supervision --- Banks and Banking --- Finance: General --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Social Security and Public Pensions --- Banking --- Pensions --- Stress testing --- Insurance companies --- Pension spending --- Financial sector policy and analysis --- Expenditure --- Commercial banks --- Banks and banking --- Financial risk management --- Netherlands, The