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International Monetary Fund Annual Report 1996
The Annual Report to the Board of Governors reviews the IMF's activities, policies, and organization, as well as the world economy, with emphasis on balance of payments problems, international and emerging capital markets, fiscal considerations in policymaking, data issues, and the debt situation. As part of the IMF's ongoing efforts to improve transparency in its operations, the 1996 Report continues the expanded coverage of economic developments in selected countries and gives details about policy objectives in member countries using Fund resources. The 1996 Report also provides information on the IMF's new data dissemination standard. Appendices include a report on international reserves, details of the IMF's financial operations, major decisions taken by the Executive Board during the year, communiques of the Interim and Development Committees, a list of Executive Directors and their voting power, capital and administrative budgets and information on staffing, and audited financial statements of all IMF accounts and facilites. Published in September.
Bulletin
None
How Should Credit Gaps Be Measured? An Application to European Countries
Assessing when credit is excessive is important to understand macro-financial vulnerabilities and guide macroprudential policy. The Basel Credit Gap (BCG) – the deviation of the credit-to-GDP ratio from its long-term trend estimated with a one-sided Hodrick-Prescott (HP) filter—is the indicator preferred by the Basel Committee because of its good performance as an early warning of banking crises. However, for a number of European countries this indicator implausibly suggests that credit should go back to its level at the peak of the boom after the credit cycle turns, resulting in large negative gaps that might delay the activation of macroprudential policies. We explore two different approaches—a multivariate filter based on economic theory and a fundamentals-based panel regression. Each approach has pros and cons, but they both provide a useful complement to the BCG in assessing macro-financial vulnerabilities in Europe.
Finland
Updated from the 1981 edition to include works from after Finland joined the European Union in 1995. Cites and briefly describes sources on geography, history, population, religion, politics and government, economy and finance, employment, the environment, education, languages, literature, arts, periodicals, and other aspects of the country. Also cites children's books, encyclopedias, and other bibliographies. Annotation copyrighted by Book News, Inc., Portland, OR
Investment Risk Management
Investment Risk Management provides an overview of developments in risk management and a synthesis of research on the subject. The chapters examine ways to alter exposures through measuring and managing risk exposures and provide an understanding of the latest strategies and trends within risk management.
Financial Sector Assessment
In the wake of the financial crises of the late 1990s, there was a surge of interest in the systematic assessment of financial sectors, with a view to identifying vulnerabilities and evaluating the sector's developmental needs. Consequently, there has been an increased demand from financial sector authorities in many countries for information on key issues and sound practices in the assessment of financial systems and the appropriate design of policy responses. In response, Financial Sector Assessmsnet presents a general analytical framework and broad guidance on approaches, methodologies and key techniques for assessing the stability and development needs of financial systems. It synthesizes current global sound practices in financial sector assessment.
The Industrial Organization of Banking
This book aims to provide a thoroughly updated overview and evaluation of the industrial organization of banking. It examines the interplay among bank behavior, market structure, and regulation from the perspective of a variety of public policy issues, including bank competition and risk, market discipline, antitrust issues, and capital regulation. New to this edition are discussions of the economic foundations of international banking, macroprudential regulation, and international coordination of banking policies. The book can serve as a learning tool and reference for graduate students, academics, bankers, and policymakers with interests in the industrial organization of the banking sector and the impacts of banking regulations.
Cyprus
Various indicators place Cyprus’s banking system soundness ahead of emerging countries but behind advanced economies. This report discusses financial sector stability in Cyprus, using a combination of accounting-based and market-based indicators, and stress tests. Cypriot commercial banks are weaker than their counterparts in Greece and also less stable than cooperative banks in Cyprus. Credit risk appears as the main source of risk in the banking sector, with demand for real estate slowing, declining property price growth as well as Cyprus’s high household indebtedness.
