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There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The "SysMo" project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current systemic risk monitoring tools on the basis of six key questions policymakers are likely to ask. It provides "how-to" guidance to select and interpret monitoring tools; a continuously updated inventory of key categories of tools ("Tools Binder"); and suggestions on how to operationalize systemic risk monitoring, including through a systemic risk "Dashboard." In doing so, the project cuts across various country-specific circumstances and makes a preliminary assessment of the adequacy and limitations of the current toolkit.

Financial risk management. --- Macroeconomics. --- Economics --- Risk management --- Financial risk management --- Macroeconomics --- E-books --- Finance: General --- Financial Risk Management --- Financial Institutions and Services: Other --- Model Construction and Estimation --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- Price Level --- Inflation --- Deflation --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Economic & financial crises & disasters --- Systemic risk --- Financial crises --- Asset prices --- Systemic risk assessment --- Stress testing --- Prices

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To mitigate the risks of contagion from problems arising in the banking sector, many countries operate some form of banking sector safety net. Such safety nets generally involve a judicious mixture of transparency and ambiguity. This ambiguity may be important to counter moral hazard effects but may lead to excessive forbearance in the face of banking problems. While the scope for ambiguity has been declining, some ambiguity in the handling of individual institutions remains. In any case, ex post transparency is essential for reviewing the propriety of any assistance and preserving the authorities’ future reputation and policy credibility.

Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: Other --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Banking --- Finance --- Economic & financial crises & disasters --- Deposit insurance --- Commercial banks --- Moral hazard --- Distressed institutions --- Financial institutions --- Financial sector policy and analysis --- Financial crises --- Banking safety nets --- Banks and banking --- Crisis management --- Financial risk management --- Financial services industry --- New Zealand

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This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.

Banking --- Banks and Banking --- Cement --- Central banks --- Ceramics --- Commodities --- Commodity exchanges --- Commodity markets --- Derivative securities --- Economic History: Agriculture, Natural Resources, Environment, and Extractive Industries: General, International, or Comparative --- Finance --- Finance: General --- Financial Institutions and Services: Other --- Financial institutions --- Financial Instruments --- Financial markets --- Foreign exchange reserves --- General Financial Markets: General (includes Measurement and Data) --- Glass --- Gold prices --- Gold reserves --- Gold --- Institutional Investors --- Investment & securities --- Investments: Metals --- Investments: Options --- Macroeconomics --- Metals and Metal Products --- Mining, Extraction, and Refining: Other Nonrenewable Resources --- Monetary Policy --- Non-bank Financial Institutions --- Options --- Pension Funds --- Prices --- United Kingdom

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Climate change presents risks and opportunities for the real economies and financial sectors of the IMF’s global membership. Understanding the risks is key to prepare for a successful transition to a lower carbon global economy. This will unlock the many opportunities for technological progress and structural transformation along the path that financial sectors around the world will need to adapt to and support. This note lays out the IMF staff’s emerging approach to assessing the impact of climate change on banking sector stability risks conducted in the context of the IMF’s Financial Sector Assessment Program (FSAP). The note starts with a primer on climate change risk, both transition and physical, explaining some of the technical terms and concepts used in this work. It explains the approach to standard risk analysis in FSAPs, and how this would be modified in broad terms to incorporate climate risk. The note then discusses different approaches to the analysis of physical versus transition risk, their implications for the macro-economy and across sectors in the real economy and different geographies, and how all these effects map into the banking sector. The note illustrates concepts with examples of applications from recent FSAPs and takes note of the many challenges confronting this work, including data gaps and uncertainty regarding climate projections and long simulation horizons in conducting the climate risk analysis. As such the note is focused on methods that IMF staff are deploying to raise awareness of the risks, and adaptation needs, including need for banks to develop tools to manage climate risks and for financial sector supervisory authorities to adequately supervise this risk.

Climate --- Risk assessment. --- Temperature. --- Carbon tax --- Climate change --- Climatic changes --- Currency crises --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Emissions trading --- Energy: Government Policy --- Environment --- Environmental Economics --- Environmental economics --- Environmental impact charges --- Environmental Taxes and Subsidies --- Finance --- Finance: General --- Financial crises --- Financial Forecasting and Simulation --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: Other --- Financial risk management --- Financial sector policy and analysis --- Financial services industry --- General Financial Markets: Government Policy and Regulation --- Global Warming --- Informal sector --- Macroeconomics --- Natural Disasters and Their Management --- Nonrenewable Resources and Conservation: Demand and Supply --- Nonrenewable Resources and Conservation: Government Policy --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Public finance & taxation --- Redistributive Effects --- Stress testing --- Taxation and Subsidies: Externalities --- Taxation --- Taxes --- France