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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Central Banks and Their Policies --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Finance --- Banking --- Public finance & taxation --- Macroprudential policy --- Systemic risk --- Risk mitigation in revenue administration --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration --- Central bank organization --- Central banks --- Economic policy --- Financial risk management --- Banks and banking --- Financial services industry --- United Kingdom
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Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool, which is already used in major jurisdictions, may also help mitigate systemic risk. Here we develop and apply a methodology to investigate whether swing pricing does in fact help dampen flows out of funds, especially during periods of market stress. Drawing on evidence of first-mover advantage within a group of ‘swinging’ corporate bond funds, we provide policy considerations for enhancing the tool’s effectiveness as a systemic risk mitigant.
Banks and Banking --- Finance: General --- Financial Risk Management --- Public Finance --- Model Construction and Estimation --- Quantitative Policy Modeling --- Financial Crises --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- International Financial Markets --- Taxation, Subsidies, and Revenue: General --- Portfolio Choice --- Investment Decisions --- Finance --- Financial services law & regulation --- Public finance & taxation --- Systemic risk --- Liquidity risk --- Asset management --- Risk mitigation in revenue administration --- Liquidity management --- Financial sector policy and analysis --- Financial regulation and supervision --- Asset and liability management --- Revenue administration --- Financial risk management --- Asset-liability management --- Liquidity --- Economics --- United States
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