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Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498339336 Category : Business & Economics Languages : en Pages : 48
Book Description
The Standards and Codes Initiative (“Initiative”) has been identified as one of several building blocks for the overhaul of the global financial architecture after the Asian crisis in the late 1990s. Twelve policy areas were selected as key for sound financial systems and a framework for Reports on the Observance of Standard and Codes (ROSCs) was established and has been implemented by the Bank and the Fund for about a decade. Since the Initiative’s inception, a majority of member countries have had one or more ROSCs, although—in part due to the voluntary nature of ROSCs—the coverage is not fully complete. After peaking in 2003, the annual number of ROSCs completed has declined considerably. In particular, the number of fiscal transparency and data ROSCs has dropped, reflecting the downsizing of the Fund, and changes in departmental priorities. The reduction in financial sector ROSCs—generally done as a part of the Financial Sector Assessment Program (FSAP)—has been less, although fewer ROSCs have been done per FSAP. Revisions to the standards to incorporate the lessons from the crisis, the initiatives of the Financial Stability Board (FSB), and changes to financial surveillance are likely to have important implications for the future of the Initiative. In particular, the commitment by FSB members to undergo FSAPs every 5 years and the FSB’s framework to enhance adherence to international financial standards are likely to boost demand for financial sector ROSCs. These resource pressures impose a greater burden on the prioritization process, and strategic decisions will have to be made to augment resources for the Initiative or on where the resource cuts could come from in order to maintain adequate coverage of non-G20 countries.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498339336 Category : Business & Economics Languages : en Pages : 48
Book Description
The Standards and Codes Initiative (“Initiative”) has been identified as one of several building blocks for the overhaul of the global financial architecture after the Asian crisis in the late 1990s. Twelve policy areas were selected as key for sound financial systems and a framework for Reports on the Observance of Standard and Codes (ROSCs) was established and has been implemented by the Bank and the Fund for about a decade. Since the Initiative’s inception, a majority of member countries have had one or more ROSCs, although—in part due to the voluntary nature of ROSCs—the coverage is not fully complete. After peaking in 2003, the annual number of ROSCs completed has declined considerably. In particular, the number of fiscal transparency and data ROSCs has dropped, reflecting the downsizing of the Fund, and changes in departmental priorities. The reduction in financial sector ROSCs—generally done as a part of the Financial Sector Assessment Program (FSAP)—has been less, although fewer ROSCs have been done per FSAP. Revisions to the standards to incorporate the lessons from the crisis, the initiatives of the Financial Stability Board (FSB), and changes to financial surveillance are likely to have important implications for the future of the Initiative. In particular, the commitment by FSB members to undergo FSAPs every 5 years and the FSB’s framework to enhance adherence to international financial standards are likely to boost demand for financial sector ROSCs. These resource pressures impose a greater burden on the prioritization process, and strategic decisions will have to be made to augment resources for the Initiative or on where the resource cuts could come from in order to maintain adequate coverage of non-G20 countries.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498339328 Category : Business & Economics Languages : en Pages : 85
Book Description
This paper serves as background reference to the paper, "2011 Review of the Standards and Codes Initiative." The Initiative, which covers standards in 12 policy areas relevant for Bank and Fund work, was created as an integral part of a global response to promote financial stability in the aftermath of the Asian crisis in the 1990s. This paper discusses developments since the Initiative’s last review in 2005. In particular, it covers the evolution of standards in the 12 policy areas, progress in implementing measures to improve the effectiveness of the Initiative, the role that the Initiative played in the recent global crisis, and perceptions of major stakeholders reflected in survey responses and bilateral consultations conducted by staff.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 149833931X Category : Business & Economics Languages : en Pages : 58
Book Description
This report is part of the 2011 ROSC Initiative review. It focuses on generating additional inputs for an informed assessment of the effectiveness of the Initiative in strengthening institutions in member countries. In particular, it analyses in detail a sample of twenty-two specific country experiences—at least two for each standard currently included in the Initiative. The review of specific country experiences with ROSC exercises—diagnosis and implementation of recommendations and follow-up—contributes to evaluate the extent to which ROSCs have been instrumental in identifying institutional weaknesses and contributed to promote financial reform and reduce financial vulnerability. This is an independent review prepared by an external consultant.
Author: International Monetary Fund. Strategy, Policy, & Review Department Publisher: International Monetary Fund ISBN: 1498346456 Category : Social Science Languages : en Pages : 169
Book Description
The standards and codes (S&C) initiative was launched in the aftermath of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture, with a focus on emerging markets. The initiative has aimed at promoting international standards and codes to improve economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work. The four previous reviews confirmed a fairly high appreciation of the overall initiative, while also raising questions about the initiative’s link to surveillance and capacity development efforts, weak uptake by market participants, as well as a need to improve traction with policy makers. This review reaffirms the country authorities’ appreciation for S&C work, and its focus and scope are guided by the February 2017 paper.
Author: International Monetary Fund. Legal Dept. Publisher: International Monetary Fund ISBN: 1475595999 Category : Business & Economics Languages : en Pages : 1048
Book Description
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Author: International Monetary Fund. Legal Dept. Publisher: International Monetary Fund ISBN: 1475548656 Category : Business & Economics Languages : en Pages : 1088
Book Description
The Thirty-Seventh Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes documents relating to the IMF, the United Nations, and other international organizations.
Author: International Monetary Fund. Legal Dept. Publisher: International Monetary Fund ISBN: 1513540890 Category : Business & Economics Languages : en Pages : 1026
Book Description
This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.
Author: International Monetary Fund. Strategy, Policy, & Review Department Publisher: International Monetary Fund ISBN: 1498346529 Category : Social Science Languages : en Pages : 77
Book Description
Following the request of the IMFC, this paper represents a first step in reassessing the Fund’s approach to tackling governance issues, the guidelines for which are contained in a 1997 Guidance Note. The paper examines the record of implementation of these guidelines in the period since the last such review was conducted in 2004, focusing on the handling of issues relating to corruption.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1475563256 Category : Business & Economics Languages : en Pages : 114
Book Description
During the past financial year, the IMF’s 189 member countries faced a number of pressing challenges. IMF work on these challenges - slower trade, declining productivity, gender inequality, inclusive growth, and debt management - is a central focus of this 2017 Annual Report.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498342841 Category : Business & Economics Languages : en Pages : 49
Book Description
The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.
Author: International Monetary Fund
Author: International Monetary Fund
Author: International Monetary Fund
Author: International Monetary Fund
Author: International Monetary Fund. Strategy, Policy, & Review Department
Author: International Monetary Fund. Legal Dept.
Author: International Monetary Fund. Legal Dept.
Author: International Monetary Fund. Legal Dept.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Author: International Monetary Fund
Author: International Monetary Fund