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Financial Sector Surveillance and the IMF

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  • Carlo Gola
  • Francesco Spadafora
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    Abstract

    The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund''s activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund''s research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first "official" phase of the Fund''s involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues "up to par" with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund''s analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries'' financial systems, the international community''s response to the global crisis may mark the beginning of a new phase of FSS.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/247.

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    Length: 74
    Date of creation: 01 Nov 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/247

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    Keywords: IMF; Article IV consultations; Asia; Exchange rate policy surveillance; Financial sector; Financial soundness indicators; Fund role; Global Financial Crisis 2008-2009; Multilateral surveillance; Reports on the Observance of Standards and Codes; financial stability; financial system; financial systems; financial markets; financial institutions; international financial architecture; international standards; international capital; international financial system; financial sector liberalization; financial policies; international capital markets; financial deregulation; international financial community; financial vulnerabilities; financial sector problems; financial market; financial sector crises; financial liberalization; financial instability; international banks; international financial markets; financial regulation; human capital; financial sector development; international trade; domestic financial systems; domestic capital; financial globalization; financial turbulences; financial reforms; domestic financial sector; comparative advantage; financial contracts; financial intermediaries; access to international capital; money market; financial instruments; financial cycles; domestic capital markets; international finance; deposit insurance; financial fragility;

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    1. Robert Lavigne & Lawrence Schembri, 2009. "Strengthening IMF Surveillance: An Assessment of Recent Reforms," Discussion Papers 09-10, Bank of Canada.
    2. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters," IMF Working Papers 08/169, International Monetary Fund.
    3. Peter B. Kenen, 2001. "International Financial Architecture: What's New? What's Missing?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 335.
    4. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts?," Economic Policy, CEPR & CES & MSH, vol. 24, pages 653-700, October.
    5. Paul Louis Ceriel Hilbers & Matthew T. Jones & Graham L. Slack, 2004. "Stress Testing Financial Systems," IMF Working Papers 04/127, International Monetary Fund.
    6. Jack Boorman, 2007. "An Agenda for the Reform of the International Monetary Fund," Papers Presented at Global Meetings of the Emerging Markets Forum 2007imfreform, Emerging Markets Forum.
    7. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
    8. Paul Louis Ceriel Hilbers & Alfredo Mario Leone & Mahinder Singh Gill & Owen Evens, 2000. "Macroprudential Indicators of Financial System Soundness," IMF Occasional Papers 192, International Monetary Fund.
    9. Burkhard Drees & Ceyla Pazarbasioglu, 1995. "The Nordic Banking Crises," IMF Working Papers 95/61, International Monetary Fund.
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