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Financial Stability Reports:What Are they Good for?

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  • Sònia Muñoz
  • Samir Jahjah
  • Martin Cihák
  • Sharika Teh Sharifuddin
  • Kalin Tintchev

Abstract

The global financial crisis has renewed policymakers'' interest in improving the policy framework for financial stability, and an open question is to what extent and in what form should financial stability reports be part of it. We examine the recent experience with central banks'' financial stability reports, and find?despite some progress in recent years?that forward-looking perspective and analysis of financial interconnectedness are often lacking. We also find that higher-quality reports tend to be associated with more stable financial environments. However, there is only a weak empirical link between financial stability report publication per se and financial stability. This suggests room for improvement in terms of the quality of financial stability reports.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/1.

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Length: 52
Date of creation: 01 Jan 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/1

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Keywords: Financial stability; Public debt; Data quality assessment framework; banking; financial system; banking system; stock market; banking crises; banking crisis; stock market volatility; financial sector; financial risk; financial strength; financial markets; domestic financial system; financial institutions; foreign exchange; bond; banking sector; financial market; financial instability; international country risk guide; financial strength rating; stock market index; bank of england; capital adequacy; deposit money banks; deposit money; foreign exchange market; systemic banking crises; banking systems; financial conglomerates; bond market; bank act; equity market; domestic bond; bank publications; bank reports; international banks; bond markets; systemic banking crisis; banking stability; sovereign risk; banking operations; central banking; financial vulnerabilities; bond yields; bank staff; financial volatility; bank regulation; equity markets; short term debt; bank of spain; bank distress; stock markets; tier 1 capital; bank policy; financial regulation; bank ratings; liquidity support; bank soundness; resource allocation; financial stocks; deposit takers; financial services; money market; domestic bond markets; stock market indices; financial systems; financial sector development; money markets; financial market development; bank of korea; bank failures; bank credit; bank deposits; domestic bond market; sovereign risk rating; bank stability; stock exchange;

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  1. Oosterloo, Sander & de Haan, Jakob & Jong-A-Pin, Richard, 2007. "Financial stability reviews: A first empirical analysis," Journal of Financial Stability, Elsevier, vol. 2(4), pages 337-355, March.
  2. Benjamin Born & Michael Ehrmann & Marcel Fratzscher, 2014. "Central Bank Communication on Financial Stability," Economic Journal, Royal Economic Society, vol. 124(577), pages 701-734, 06.
  3. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
  4. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  5. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," NBER Working Papers 13932, National Bureau of Economic Research, Inc.
  6. Pierluigi Bologna, 2011. "Is there a role for funding in explaining recent US bank failures?," Questioni di Economia e Finanza (Occasional Papers) 103, Bank of Italy, Economic Research and International Relations Area.
  7. Garry J. Schinasi, 2003. "Responsibility of Central Banks for Stability in Financial Markets," IMF Working Papers 03/121, International Monetary Fund.
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Cited by:
  1. Ianthi Vayid, 2013. "Central Bank Communications Before, During and After the Crisis: From Open-Market Operations to Open-Mouth Policy," Working Papers 13-41, Bank of Canada.
  2. Cihak, Martin & Demirguc-Kunt, Asli & Johnston, R. Barry, 2013. "Incentive audits : a new approach to financial regulation," Policy Research Working Paper Series 6308, The World Bank.
  3. Ales Bul�r & Martin Cih�k & David-Jan Jansen, 2011. "Clarity of Central Bank Communication About Inflation," DNB Working Papers 333, Netherlands Central Bank, Research Department.
  4. Roman Horvath & Dan Vaško, 2012. "Central Bank Transparency and Financial Stability: Measurement, Determinants and Effects," Working Papers IES 2012/25, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Sep 2012.
  5. Yuthika Indraratna, 2013. "Strengthening Financial Stability Indicators in the Midst of Rapid Financial Innovation: Updates and Assessments," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp89, June.
  6. Peeters, Marga & Sabri, Nidal Rachid, 2012. "International financial integration of Mediterranean economies : A bird’s-eye view," MPRA Paper 38081, University Library of Munich, Germany.

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