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Implementation Of Macroprudential Policy In Peru
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Book Synopsis Key Aspects of Macroprudential Policy - Background Paper by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Key Aspects of Macroprudential Policy - Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-10-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund
Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Download or read book Peru written by Alejandro M. Werner and published by International Monetary Fund. This book was released on 2015-09-16 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
Book Synopsis The Effects of Higher Bank Capital Requirements on Credit in Peru by : Xiang Fang
Download or read book The Effects of Higher Bank Capital Requirements on Credit in Peru written by Xiang Fang and published by International Monetary Fund. This book was released on 2018-09-28 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers novel evidence on the impact of raising bank capital requirements in the context of an emerging market: Peru. Using quarterly bank-level data and exploiting the adoption of bank-specific capital buffers, we find that higher capital requirements have a short-lived, negative impact on bank credit in Peru, although this effect becomes statistically insignificant in about half a year. This finding is robust to estimating different specifications to address concerns about the exogeneity of capital requirements. The fact that the reform was gradual and pre-announced and that banks were highly profitable at the time could explain the short-lived effects on credit.
Book Synopsis Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by : Otaviano Canuto
Download or read book Dealing with the Challenges of Macro Financial Linkages in Emerging Markets written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-10-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the challenges of macro financial linkages in the emerging markets.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484337085 Total Pages :199 pages Book Rating :4.4/5 (843 download)
Book Synopsis India by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book India written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-01-19 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates the Observance of the Basel Core Principles for Effective Banking Supervision in India. It highlights that the supervision and regulation by the Reserve Bank of India remain strong and have improved in recent years. A key achievement is implementation of a risk-based supervisory approach that uses a complex supervisory assessment framework to guide the intensity of supervisory actions and the allocation of supervisory resources. Also, most of the Basel III framework has been implemented and cooperation arrangements, both domestically and cross-border, are now firmly in place. The system-wide asset quality review and the strengthening of prudential regulations in 2015 testify to the authorities’ commitment to transparency and a more accurate recognition of banking risks.
Book Synopsis Challenges for Central Banking by : Luis I. Jacome H.
Download or read book Challenges for Central Banking written by Luis I. Jacome H. and published by International Monetary Fund. This book was released on 2016-10-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.
Book Synopsis Macro-Prudential Policies to Mitigate Financial System Vulnerabilities by : Mr.Stijn Claessens
Download or read book Macro-Prudential Policies to Mitigate Financial System Vulnerabilities written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-08-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.
Book Synopsis Institutional Models for Macroprudential Policy by :
Download or read book Institutional Models for Macroprudential Policy written by and published by . This book was released on 2012 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A number of countries are reviewing their institutional frameworks for financial stability so as to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory agencies, or the setting up of dedicated policymaking committees. In others, efforts are underway to enhance cooperation within the existing institutional structure. Effective arrangements enabling the authorities to take preventive action are strongly desirable for all countries, emerging or advanced. This paper therefore lays out some basic guidance for the review of institutional arrangements supporting macroprudential policies. It identifies a distinct set of stylized institutional models, sets out criteria for assessing different models, examines their strengths and weaknesses, and explores ways to improve existing institutional setups."--Executive summary.
Book Synopsis Peru by : International Monetary Fund
Download or read book Peru written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-02-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru’s fiscal framework embedded in the Fiscal Responsibility and Transparency Law (FRTL) has proved to be effective in reducing debt. The FRTL embodies some countercyclical elements in response to output or commodity price shocks. The combination of a provision for a moderate deficit on the downside, and a current expenditure cap on the upside, allows for some countercyclical policy. It still has pockets of procyclicality in the face of large shocks to output or commodity prices.
Book Synopsis Central Banking in Latin America by : Mr.Luis Ignacio Jácome
Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1513526111 Total Pages :76 pages Book Rating :4.5/5 (135 download)
Book Synopsis Peru by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2020-01-13 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation discusses that Peru’s economic performance continues to be strong, however, external and domestic headwinds, including the fallout from Lava Jato corruption investigations, have reduced growth momentum and raised concerns about long-term growth prospects. Policy responses have been appropriate, but further reforms have been delayed by a political stalemate between the executive and legislative powers. After President Vizcarra dissolved Congress in September 2019, new parliamentary elections will be held in January 2020. The current slowdown in activity and heightened uncertainty justify policy stimulus. However, the fiscal stance is procyclical owing to higher-than-expected revenues and low execution of public investment. Against this background, monetary policy easing is particularly appropriate given the absence of inflationary pressures, while accelerated budget execution would mitigate the procyclical fiscal policy stance. In the medium term, additional fiscal space from tax revenues and effective expenditure control is needed to address priorities in infrastructure and social spending while a gradual transition to greater exchange rate flexibility would foster financial market development. In addition to infrastructure investment, key reforms are needed to improve governance and fight corruption, boost competitiveness, and reduce informality.
Book Synopsis Macroprudential and Microprudential Policies by : Jacek Osinski
Download or read book Macroprudential and Microprudential Policies written by Jacek Osinski and published by International Monetary Fund. This book was released on 2013-06-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective arrangements for micro and macroprudential policies to further overall financial stability are strongly desirable for all countries, emerging or advanced. Both policies complement each other, but there can also be potential areas of overlap and conflict, which can complicate this cooperation. Organizing their very close interactions can help contain these potential tensions. This note clarifies the essential features of macroprudential and microprudential policies and their interactions, and delineates their borderline. It proposes mechanisms for aligning both policies in the pursuit of financial stability by identifying those elements that are desirable for effective cooperation between them. The note provides general guidance. Actual arrangements will need take into account country-specific circumstances, reflecting the fact that that there is no “one size fits all.”
Book Synopsis Macroprudential Policies and Housing Price by : Mr.Jerome Vandenbussche
Download or read book Macroprudential Policies and Housing Price written by Mr.Jerome Vandenbussche and published by International Monetary Fund. This book was released on 2012-12-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis The Use and Effectiveness of Macroprudential Policies by : Mr.Eugenio Cerutti
Download or read book The Use and Effectiveness of Macroprudential Policies written by Mr.Eugenio Cerutti and published by International Monetary Fund. This book was released on 2015-03-17 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
