Author: Antonio Garcia Pascual Publisher: International Monetary Fund ISBN: 1513593951 Category : Business & Economics Languages : en Pages : 73
Book Description
The paper’s analysis underscores the importance of the ongoing Financial Stability Board-led process of identifying policy options, involving national authorities and the International Organization of Securities Commissions and other standard setters. In this context, the global nature of the investment fund business and fungibility of financial flows makes it vital to ensure consistency of global policy choices that can secure financial stability by precluding regulatory arbitrage.
Author: Mr.Udaibir S. Das Publisher: International Monetary Fund ISBN: 1589069277 Category : Business & Economics Languages : en Pages : 330
Book Description
The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.
Author: Mr.Garry J. Schinasi Publisher: International Monetary Fund ISBN: 9781589063563 Category : Business & Economics Languages : en Pages : 32
Book Description
Spurred by advances in information and computer technologies, financial liberalization and innovation took off inthe late 1970s. Although the changes in financial markets have been beneficial overall, our understanding of the new risks to financial stability lags behind, as demonstrated by the financial crises of the past couple of decades. The study of international financial stability - a public good - is still in its infancy. This pamphlet, aimed at stimulating further debate on the subject, proposes a definition of financial stability and a broad framework for safeguarding it without inhibiting its dynamic development or limiting its benefits.
Author: Publisher: ISBN: 9789294723468 Category : Languages : en Pages : 0
Book Description
This issues note describes a high-level approach to addressing risks in investment funds that invest in assets which are either inherently illiquid or might become illiquid in times of stress. In particular, the note focuses on investment funds with large exposures to corporate debt and real estate. This reflects the priority areas meriting enhanced scrutiny from a financial stability perspective that the European Systemic Risk Board (ESRB) has identified.Considerations presented in this note, as well as policy options discussed, could also be applied to other fund types with vulnerabilities similar to those present in corporate debt funds and real estate funds.
Author: Abdullah Al-Hassan Publisher: International Monetary Fund ISBN: 1475514476 Category : Business & Economics Languages : en Pages : 34
Book Description
This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and investment management that can ensure its efficient operation and enhance its financial performance. In this context, it distinguishes among the various governing bodies and analyzes key aspects of the investment policy and setting of the risk tolerance level in order to ensure consistent risk-bearing capacity and greater accountability. Further, it discusses the important role of SWFs in macroeconomic management and the need for close coordination with other macroeconomic and financial policies as well as their role in global financial stability.
Author: Tobias Adrian Publisher: International Monetary Fund ISBN: 1484371992 Category : Business & Economics Languages : en Pages : 47
Book Description
Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 1498334903 Category : Business & Economics Languages : en Pages : 39
Book Description
Sovereign Wealth Funds (SWFs) are becoming increasingly important in the international monetary and financial system, attracting growing attention. SWFs are government-owned investment funds, set up for a variety of macroeconomic purposes. They are commonly funded by the transfer of foreign exchange assets that are invested long term, overseas. SWFs are not new, and some of the longer-established funds—for example those of Kuwait, Abu Dhabi, and Singapore—have existed for decades. However, high oil prices, financial globalization, and sustained, large global imbalances have resulted in the rapid accumulation of foreign assets particularly by oil exporters and several Asian countries. As a result, the number and size of SWFs are rising fast and their presence in international capital markets is becoming more prominent.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 1498324029 Category : Business & Economics Languages : en Pages : 109
Book Description
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
Author: Mirzha De Manuel Publisher: ISBN: Category : Languages : en Pages : 216
Book Description
Fresh prospects are opening for asset managers as Europe seeks to reduce its historical reliance on banking and to promote capital markets. But following the financial crisis, the industry faces a dual challenge: regaining investors' trust and coping with the post-crisis regulatory reform. Much rides on its ability to make investment funds deliver better results to its investors. Distribution remains the major stumbling block, but action is also needed to promote the contribution of asset management to the real economy and to preserve financial stability. In response to these challenges, CEPS and ECMI formed a Task Force composed of market participants, international experts, regulators and academics who met regularly throughout 2011 to closely examine the workings of the asset management industry and its role in the EU economy. This report draws the link between asset management and several key issues: financial stability, product integrity, investor protection and the real economy. It evaluates the discussions on product integrity in UCITS and 'shadow banking', as well as the many legislative proposals that are currently under consideration - including implementation of the alternative investment fund managers Directive (AIFMD), the review of the markets in financial instruments Directive (MiFID II) and packaged retail investment products (PRIPS). In an effort to make these complex issues comprehensible to a broad group of readers, the report combines clear language and straightforward introductions with detailed analysis and technical illustrations.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1513569678 Category : Business & Economics Languages : en Pages : 92
Book Description
Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Author: Antonio Garcia Pascual
Author: Mr.Udaibir S. Das
Author: Mr.Garry J. Schinasi
Author: 
Author: Abdullah Al-Hassan
Author: Tobias Adrian
Author: International Monetary Fund. Monetary and Capital Markets Department
Author: International Monetary Fund. Monetary and Capital Markets Department
Author: Mirzha De Manuel
Author: International Monetary Fund