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Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets—being, a key segment of the LCBM for many emerging markets and developing economies—play a key role in reducing financial vulnerability to shocks and enable governments to finance critical economic and fiscal policy measures in response to them. Policymakers and international organizations have long recognized that developing and strengthening LCBMs is a key policy prescription to sound public debt management. Robust legal and regulatory frameworks are recognized as being critical building blocks for the structure, development and functioning of LCBMs. This Working Paper seeks to outline a strategically anchored methodology that can be applied to design, build and implement the legal and tax foundations for the development of LCBMs that would adequately address common challenges and impediments.

Business and Economics --- Finance: General --- Investments: General --- Investments: Bonds --- Public Finance --- Taxation --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Tax Law --- Investment & securities --- Public finance & taxation --- Taxation & duties law --- Finance --- Securities --- Legal support in revenue administration --- Tax law --- Bonds --- Capital markets --- Financial institutions --- Revenue administration --- Tax policy --- Financial markets --- Financial instruments --- Revenue --- Law and legislation --- Capital market --- Georgia

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This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.

United Kingdom --- Banks and Banking --- Public Finance --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Public finance & taxation --- Financial services law & regulation --- Central bank legislation --- Legal support in revenue administration --- Central bank governance --- Bank supervision --- Central banks --- Revenue administration --- Central bank organization --- Central bank mandate --- Banks and banking --- Revenue --- State supervision

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With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.

E-books --- Latin America --- Economic integration. --- Banks and Banking --- Finance: General --- Insurance --- Public Finance --- Industries: Financial Services --- Exports and Imports --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Social Security and Public Pensions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Insurance Companies --- Actuarial Studies --- General Financial Markets: Government Policy and Regulation --- Finance --- Pensions --- Banking --- Insurance & actuarial studies --- International economics --- Insurance companies --- Financial integration --- Pension spending --- Financial institutions --- Financial markets --- Expenditure --- Regional integration --- Economic integration --- International finance --- Banks and banking --- Financial services industry --- Brazil

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Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the financial system will allow central banks to enhance the execution of various of their core functions, such as currency issuance and payment systems. But some aspects of fintech pose major challenges. Central banks have always been at the cutting edge of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through debits and credits in book-entry accounts, and the successive transitions of interbank payment systems from the telegraph to internet protocols were all transformative innovations. Today, central banks are facing new and unprecedented challenges: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along with a wider spread of mobile access and increased internet speed and bandwidth. The purpose of this note is to discuss the authors’ preliminary views on how, from a legal perspective, central banks can best deal with the impact of fintech on their governance. These preliminary views are based on a review of central banks’ reaction thus far to the challenges posed by fintech to the legal foundations of their governance.

Financial crises. --- Banking --- Banks and Banking --- Central Bank digital currencies --- Central bank governance --- Central bank legislation --- Central Banks and Their Policies --- Central banks --- Clearinghouses --- Computer applications in industry & technology --- Currency crises --- Distributed ledgers --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Finance --- Finance: General --- Financial crises --- Financial markets --- Financial services industry --- Fintech --- Foreign Exchange --- Government and the Monetary System --- Industries: Financial Services --- Informal Economy --- Informal sector --- Macroeconomics --- Monetary Systems --- Payment Systems --- Payment systems --- Regimes --- Standards --- Technological innovations --- Technology --- Underground Econom --- Bahamas, The