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A Simple Macroprudential Liquidity Buffer
A mechanism is proposed that aims to reduce the risk of a banking sector liquidity crisis—which is a quintessentially systemic event and thus the object of macroprudential policy—and moderate the effects of a crisis should one occur. The instrument would give banks more incentive to build up buffers of systemically liquid assets as a proportion of their total liabilities, yet these buffers would be usable in times of stress. The modalities of the instrument are considered with a view to making it effective, efficient, and robust.
Republic of Armenia
Armenia has committed to the adoption of the OECD’s Crypto-Asset Reporting Framework. To give effect it will need to enact legislation. An eight-step roadmap for implementation was developed. It sets out each activity, assigns responsibilities and sets timelines.
Bank Resolution Costs, Depositor Preference, and Asset Encumbrance
Depositor preference and collateralization of borrowing may reduce the cost of settling the conflicts among creditors that arises in case of resolution or bankruptcy. This net benefit, which may be capitalized into the value of the bank rather than affect creditors’ expected returns, should result in lower overall funding costs and thus a lower probability of distress despite increasing encumbrance of the bank’s balance sheet. The benefit is maximized when resolution is initiated early enough for preferred depositors to remain fully protected.
Research Bulletin, March 2015
Articles in the March 2015 Research Bulletin focus on the oil market, energy subsidies, and output. The Research Summary on "An Exploration in Deep Corners of the Oil Market," authored by Rabah Arezki, Douglas Laxton, Armen Nurekyan, and Hou Wang, examines fluctuations in oil prices. "The State Budget May Afford It All," by Christian Ebeke and Constant Lonkeng Ngbouana, reviews energy subsidies and their fiscal, distributional, and environmental costs. In the “Q&A” column Pau Rabanal takes a look at “Seven Questions on Potential Output.” The Bulletin includes a listing of recent IMF Working Papers, Staff Discussion Notes, recommended readings from IMF Publications, and a call for papers for the next Annual Research Conference. A link with information and free access to IMF Economic Review is also included.
Baierscher Eilbote
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Münchener Amtsblatt
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Zukunft gestalten mit Sozialen Innovationen
Sozialen Innovationen kommt heute – noch verstärkt durch die Corona-Pandemie – immer mehr Aufmerksamkeit zuteil. In Deutschland hat es einige Zeit gebraucht, bis das Konzept und seine Bedeutung ins politische Bewusstsein gerückt ist. Dieser Band spiegelt die interdisziplinären Perspektiven auf Soziale Innovationen wider und fragt nach deren Potenzial, die großen gesellschaftlichen Herausforderungen, etwa soziale Ungleichheit oder Klimawandel, zu bewältigen. Dabei nehmen die Beiträge auch förderpolitische Ansätze auf nationaler und internationaler Ebene und Kriterien zur Bewertung und Wirkung von Sozialen Innovationen in den Blick. https://creativecommons.org/licenses/by-nc-nd/4.0
A Simple Macroprudential Liquidity Buffer
A mechanism is proposed that aims to reduce the risk of a banking sector liquidity crisis—which is a quintessentially systemic event and thus the object of macroprudential policy—and moderate the effects of a crisis should one occur. The instrument would give banks more incentive to build up buffers of systemically liquid assets as a proportion of their total liabilities, yet these buffers would be usable in times of stress. The modalities of the instrument are considered with a view to making it effective, efficient, and robust.
