Welcome to our book review site go-pdf.online!
You may have to Search all our reviewed books and magazines, click the sign up button below to create a free account.
Law & Financial Stability
This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in implementing the financial regulatory reforms adopted since the global financial crisis and highlights the role of the IMF in advancing these reforms and charting the course for a future reform agenda, including the development of a coherent international policy framework for resolution and resolution planning. The book’s unique perspective on the role of the law in promoting financial stability comes from the contribution of selected experts and representatives from our membership who share their views on this subject.
Digital Tokens: A Legal Perspective
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
Luxembourg
This paper evaluates the stability of the financial system of Luxembourg. Financial soundness indicators for Luxembourg’s financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years. Following rising asset prices and inflows, the investment fund industry has enjoyed strong growth in assets under management, while exposure to liquid assets has remained steady. An assessment of the financial system’s ability to withstand severe but plausible shocks suggests a good deal of resilience, albeit with some risks. Insurance stress test results indicate that strong initial levels of capital and low guaranteed product exposure offer insulation against market shocks.
E-Money: Prudential Supervision, Oversight, and User Protection
This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on...
United Kingdom: Financial Sector Assessment Program-Financial System Stability Assessment
The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled appropriately as the U.K. and EU authorities and the financial industry collaborate to prevent undesirable financial stability outcomes. The endpoint of the pandemic remains unclear, as does the actual impact on the financial system once support measures wane. At this juncture, therefore, financial stability conditions in the United Kingdom are being shaped by three key considerations: (i) the evolving U.K.-EU relationship on financial services; (ii) securing a sustainable and robust post-pandemic economic recovery; and (iii) successfully managing ongoing structural transitions.
Vietnam
After a strong post-pandemic recovery, the economy faces strong headwinds. A weaker external environment led to a sizable decline in exports. In addition, amidst high private debt and rising global interest rates, a liquidity crunch distressed highly leveraged sectors (in particular, real estate), the corporate bond came to a halt, and nonperforming loans rose. As a result, economic activity decelerated sharply in the first half of 2023. While the government managed to stabilize the markets, risks remain elevated.
Central Banks and Climate Change: Key Legal Issues
Well-designed legal frameworks and institutional arrangments support the legitimacy of central banks’ autonomous decision-making when grounded on sound legal basis and can prevent over-stepping in the remit of other authorities. This paper explores the key legal intersections of climate change and central banks. Climate change could impact price and finanical stability, which are at the core of a central bank’s mandate. While central banks’ legal frameworks can support climate change efforts they also determine the boundaries of the measures they can adopt. Central banks need to assess their mandate and authority under their current legal frameworks when considering measures to contribute to the global response to climate change, while taking actions to fulfill their legal mandates.
The Rise and Impact of Fintech in Latin America
In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation and compliance. This paper examines this development by focusing on both fintech services and regulation. Exploring fintech’s macro-critical impact using country- and bank-level data, we find that booming financial technologies in Latin America have helped boost competition in the banking sector and inclusion. Additionally, we demonstrate that fintech firms in Latin America experienced robust growth even during the pandemic supported by external funding. Finally, we discuss how regulators are addressing the risks associated with financial technologies and how they are leveraging fintech tools in their supervisory activities.
Lebanon
Lebanon’s severe and multifaceted crisis, triggered by sizable deposit outflows and followed by the country’s first ever external public debt default, has been raging for more than three years. It was aggravated by the COVID-19 crisis and the Beirut port explosion in August 2020, but also allowed to persist and deepen by a failure to take much needed policy action, hampered by a lasting political crisis and resistance from vested interests to reforms. The economic and social impact of the crisis has been staggering: output contracted by an estimated 40 percent over 2019–22, the lira lost about 98 percent of its value in the parallel market, triple digit inflation has decimated real incomes, and unemployment and poverty have increased sharply. After three years, the public sector is failing, the provision of public services is almost nonexistent, and the banking sector has collapsed. Informality and the shadow economy have increased sharply.
Ukraine
Russia’s invasion of Ukraine continues to have a devastating social and economic impact on the country. Civilian casualties are mounting, over a third of the population has been displaced, and access to basic needs such as electricity, water, and heating are at risk while winter is coming. Macroeconomic management has been exceedingly difficult. The fiscal deficit has ballooned to accommodate a large expansion of defense spending, financed by a combination of external support and monetization, with multiple supplementary budgets since the start of the war. The inflation targeting regime was replaced by a hard peg to the US dollar, supported by FX controls and a sizeable increase in policy interest rates. The exchange rate has come under episodic pressure (and was devalued by 25 percent in July), despite sizable external financing. Notwithstanding all these strains, the authorities have largely managed to maintain macroeconomic and financial stability, and they are committed to take necessary measures to preserve stability.
