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In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments have been delayed by more than 18 months, as of December 15, 2019, since the expected deadline for conclusion.
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In line with the framework for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for whom the Article IV consultation has been delayed by more than 18 months as of December 15, 2018.
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In line with the framework for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for whom the Article IV consultation has been delayed by more than 18 months as of December 15, 2018.
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In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments have been delayed by more than 18 months, as of December 15, 2019, since the expected deadline for conclusion.
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This paper presents a summary of the report by the Independent Evaluation Office (IEO) that evaluates IMF multilateral surveillance. Owing to the substantial cost to IMF of multilateral surveillance, and the key role that the IMF plays in ensuring a more stable world economy, the IEO conducted an evaluation of the IMF’s multilateral surveillance activities for 2000–05. Its evaluation report commends the analytical quality of the individual components of multilateral surveillance but sees considerable scope for better coordinating these components. It also offers several suggestions for improving the effectiveness of multilateral surveillance.
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This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become increasingly important for future economic development. Some exploratory evidence further suggests that deviations of a country's actual financial structure-the mixture of banks and markets operating in an economy-from the estimated optimal structure are associated with lower levels of economic activity.
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This paper reports the main findings of a pilot project launched in July 2014 by the IMF’s Statistics Department to test augmenting the IMF’s financial soundness indicators (FSIs) with concentration and distribution measures (CDMs) to capture tail risks, concentrations, variations in distributions, and the volatility of indicators over time that simple averages can miss. Volunteer participants reported a trial set of CDMs to assess analytical usefulness and identify concerns such as confidentiality and reporting burden. The results of the pilot suggests that CDMs can help detect financial sector risks, justifying the additional reporting burden but that further input from participating countries and potential data users should be sought; indeed further refinement of the reporting requirements and the CDMs themselves may be needed.
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The paper assesses the degree of banking competition and efficiency in Italy?over time as well as compared to that in other countries, such as France, Germany, Spain, the United Kingdom, and the United States. The paper finds competition in the Italian banking sector has intensified in loan and deposit markets in recent years, but banks still operate in a highcost, high-income system, particularly with respect to retail/services, and efficiency gains have yet to fully materialize. The degree of competition falls within the range of estimates for a set of comparator countries. Greater contestability should act as a powerful force to drive banks to become more competitive and efficient. Competition policy will also continue to be an important consideration, both in enforcing Italy's antitrust laws and in ensuring that the procedures for dealing with weak banks and other merger and acquisition reviews focus on stability and competition objectives.
Banks and Banking --- Finance: General --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Personal Income, Wealth, and Their Distributions --- General Financial Markets: Government Policy and Regulation --- Banking --- Finance --- Competition --- Commercial banks --- Personal income --- Financial sector stability --- Banks and banking --- Income --- Financial services industry --- Italy
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This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientation—debt management is most effective when it is independent of monetary and exchange rate policies; and financial infrastructures should be patterned on the standards of liquidity, transparency, issuing and trading efficiency, and tax treatment. The same degree of consensus does not exist for corporate debt securities markets. The paper identifies six regulatory and market-created factors that help explain why the U.S. corporate debt market has flourished, while corporate debt securities markets elsewhere have only recently begun to develop.
Finance: General --- Investments: General --- Investments: Bonds --- General Financial Markets: Government Policy and Regulation --- Corporate Finance and Governance: General --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Securities markets --- Securities --- Government securities --- Corporate bonds --- Money markets --- Financial markets --- Financial institutions --- Capital market --- Financial instruments --- Bonds --- Money market --- United States
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The large and growing international linkages of big Irish banks expose them to idiosyncratic shocks arising in other countries. We analyze international interdependencies of Irish banks-during both normal times and in periods of large shocks or extreme events-using an existing methodology with distance to default (DD) data constructed from the banks' equity prices. The data covers daily observations from January 1994 to November 2005. We first construct rolling correlations between DDs of Irish banks and those of banks from other European countries and the U.S. to analyze trends in cross-country interdependencies. We then use a multinomial logit model to estimate the number of banks in Ireland that experience a large shock on the same day as banks in other countries ("coexceedances"), controlling for Ireland-specific and global factors. We find evidence of increasing cross-border interdependencies over time; differing interlinkage patterns in the pre-Euro, post-Euro, and the post-September 11th periods; and significant cross-border contagion risk from the United Kingdom, the United States, and the Netherlands. This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
Banks and Banking --- Finance: General --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Banking --- Finance --- Stock markets --- Asset valuation --- Commercial banks --- Systemic risk --- Banks and banking --- Stock exchanges --- Asset-liability management --- Financial risk management --- United States --- Bank failures --- Risk.
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