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This publication aims to provide policy makers in emerging market and developing economies with inputs to better understand, envision, and implement a macroprudential policy framework. It presents the basic concepts, issues, and challenges, and encourages them to ask the right questions to design an optimal institutional framework,
Korea experienced significant financial distress in the late 1990s along with some of its Asian neighbors. The authorities’ experience in handling this crisis and the experience in handling the fallout from the global financial crisis in 2007–08 helped them establish a broad crisis management framework in Korea. Improving and formalizing the framework for crisis management would help preserve and build upon institutional memory. Authorities can consider formally setting up an apex forum for leading the inter-agency cooperation and coordination work on crisis preparedness and crisis management. With a view to avoid duplication, the authorities may consider upgrading the Macroeconomic Fina...
This paper discusses key findings of the Financial System Stability Assessment on Algeria. The global crisis has had virtually no impact on Algeria’s financial system, which remains stable overall but thoroughly underdeveloped. Pervasive exchange controls, widespread public ownership, and an abundance of domestic funding have protected banks from external shocks. Financial sector reforms have been pushed to the backburner by the emergence of global financial and regional political turmoil, with privatization of banks halted and consumer lending suspended. The authorities have also made progress in a number of areas implementing the recommendations of the 2007 Financial Sector Assessment Program update.
This publication aims to provide policy makers in emerging market and developing economies with inputs to better understand, envision, and implement a macroprudential policy framework. It presents the basic concepts, issues, and challenges, and encourages them to ask the right questions to design an optimal institutional framework,
The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools—within or beyond their statutory constraints—capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact—and conflict—with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.
Résumé analytique. La crise mondiale n'a eu quasiment aucune incidence sur le système financier de l'Algérie qui reste stable dans l'ensemble mais très insuffisamment développé. L’important contrôle des changes, la forte participation du secteur public et l'abondance du financement intérieur ont protégé les banques des chocs externes. Les réformes du secteur financier sont passées à l'arrière-plan en raison des turbulences financières dans le monde et des troubles politiques dans la région ; le programme de privatisation des banques a été interrompu et les prêts à la consommation suspendus. S'agissant la mise en œuvre des recommandations du PESF de 2007, les autorité...
The main theme of this year's congress is 'Animal lives worth living'. This theme focuses on our responsibility for all animals kept or influenced by humans, to ensure that we can provide a life for them that takes into account all relevant aspects of animal welfare, aided by applied ethology as the key scientific discipline. This not only means avoiding and alleviating suffering but also promoting resilience and positive experiences. By monitoring and interpreting animal behaviour, we gain important insights into each of these aspects of quality of life.
The book also includes an extended section of criticism by and about women writers.
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