Narrow Your Choices

Refine By Countries

Refine By Topic

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
  • Investments: Futures x
Clear All Modify Search
Cover IMF Staff Country Reports
The People's Republic of China: Financial Sector Assessment Program; Systemic Oversight of Financial Market Infrastructures - Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note analyzes financial stability issues related to financial market infrastructures (FMIs) in China. Since the previous Financial Sector Assessment Program, the supervision and oversight of FMIs has strengthened through the adoption of the CPSS–IOSCO (Committee on Payment and Settlement Systems/International Organization of Securities Commissions) Principles for FMIs (PFMI). The public adoption of the PFMI by the authorities in 2013 and the establishment of an interagency platform to assess FMIs are commendable. Full implementation of the principles by FMIs is the next step and is expected to enhance the resilience and stability of the FMIs.
Keywords:
ISCR; CR; PBC law; PBC payment system participant; central bank; PBC's Accounting Department; credit risk; private sector liquidity; liquidity provider; oversight of the PBC; PBC's regulation; FMIs in China; CSRC's supervision; derivatives OTC derivative; oversight FMIs; chairman of the board; PFM information systems; Principles for Financial Market Infrastructures; Payment systems; Futures; Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Brazil: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This paper assesses the importance of financial market developments for the business cycle in Brazil. The results underscore the importance of macro-financial linkages and highlight risks to the recovery going forward. Although some of the rise in credit growth in Brazil can be attributed to financial deepening and rising income levels, it may have implications for economic activity going forward. Cross-country evidence suggests that periods of easy financial conditions can amplify economic fluctuations and possibly lead to adverse economic outcomes. To explore the nexus between the financial cycle and business cycle, cycles are estimated using a variety of commonly-used statistical methods and with a small, semi-structural model of the Brazilian economy. An advantage of using the model-based approach is that financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way. Financial sector developments are found to be an important source of macroeconomic fluctuations. Financial accelerator models highlight the role of credit and asset prices in shaping the business cycle.
Keywords:
ISCR; CR; futures intervention; credit; central bank; income; consumption growth; interest income; inflation expectation; growth model; state debt; Pension spending; Futures; Exchange rates; Inflation; Aging; Global; Central America; Africa; Europe
Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Observance
International Monetary Fund. Monetary and Capital Markets Department
This Financial Sector Assessment Program report on People’s Republic of China–Hong Kong Special Administrative Region highlights that it has developed a sound framework for the regulation of securities markets, which exhibits a high level of implementation of the International Organization of Securities Commissions Principles. Both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are sophisticated regulators and have been able to leverage from domestic and international expertise to develop sound supervisory practices. Further, while traumatic, the Lehman minibond experience has led to material improvements in conduct supervision that have permeated both the SFC and the HKMA. Continuing efforts by the SFC to build up its capacity to identify and monitor emerging risks should increase the SFC’s ability to react in a timely manner to an evolving landscape, marked by an increased interconnection with the Mainland China, an active presence by international players and increased regional competition as an international finance center. It is important to consider translating the operational independence that the regulators have enjoyed into de-jure independence, through modifications in the current legal governance arrangements for both SFC and HKMA.
Keywords:
ISCR; CR; disciplinary action; beneficial owner; futures exchange; stock market; chief executive; short position; Listing rule; insider dealing; holding company; business plan; odd lot; senior management; investment strategy; Securities; Auditing; Futures; Financial statements; Accounting standards; Global
Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report-CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties
International Monetary Fund
A detailed assessment report on the observance of the Committee on Payment and Settlement Systems-International Organization of Securities Commissions recommendations for China’s Securities Settlement Systems and Central Counterparties is presented. The bond market comprises the interbank bond market, the exchange bond market, and the bank counter market. The two stock exchanges, the Shanghai Stock Exchange and the Shenzhen Stock Exchange, have been established in 1990 and offer trading in the same type of securities, being shares, bonds, funds, and warrants.
Keywords:
ISCR; CR; bond market; futures trading; market participant; securities registration; cash settlement; securities law; margin requirement; bond trading; book entry; Securities; Securities markets; Securities regulation; Futures; Bonds; Global
Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper discusses a detailed assessment report on the observance of China’s compliance with the International Organization of Securities Commission's objectives and principles of securities regulation. The reform of nontradable shares introduced a market-based pricing system for so-called nontradable shares in listed companies closely held by government and semigovernment authorities. The China Securities Regulatory Commission has the ability to share public and nonpublic information with both domestic and foreign counterparts without other external process, for the purpose of performing regulatory and supervisory functions.
Keywords:
ISCR; CR; futures company; securities law; futures trading; insider trading; net capital; CSRC staff; investment fund; capital market; Securities; Futures; Securities regulation; Stock markets; Administration in revenue administration; Global
Cover IMF Staff Country Reports
United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This paper presents Detailed Assessment of the United States’s implementation of the International Organization of Securities Commissions’ Objectives and Principles of Securities Regulation. The general preconditions for effective securities regulation in the United States are present. The legal and accounting system supports the implementation of requirements and effective regulation of market participants. The legislation regarding bankruptcy, insolvency, and winding up in the jurisdiction and the professionals associated with those matters are sophisticated.
Keywords:
ISCR; CR; CFTC regulation; insider dealing; SEC staff; material information; net capital; insider trading; beneficial owner; Securities; Futures; Securities regulation; Futures markets; Securities markets; Global
Cover IMF Staff Country Reports
Mexico: Financial Sector Assessment Program Update: Technical Note: Derivatives Market: Overview and Potential Vulnerabilities
International Monetary Fund
This technical note provides an overview of Mexico’s derivatives markets, and describes concisely the derivatives regulatory framework and risk management practices in financial institutions active in these markets. The most important derivatives market in Mexico is the over-the-counter (OTC) derivatives market, which is fully integrated with the global derivatives market. The origin of the OTC derivatives market can be traced back to the 1994 Mexican crisis that forced Mexico to abandon its fixed exchange rate regime.
Keywords:
ISCR; CR; derivatives market; market participant; interest rate options market; derivatives contract; Mexican peso; derivatives dealer; U.S. dollar; exchange-traded derivative; repo market; interest rate derivative; Mexican OTC derivatives market; derivatives transaction; swap market; TIIE swap market; Derivative markets; Options; Over-the-counter markets; Futures; Pension spending; Global
Cover IMF Staff Country Reports
Gabon: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues and Statistical Appendix paper on Gabon reviews management of oil revenues, competitiveness, and growth. The nature of Gabon’s problems has not changed during the past 15 years. The need to diversify the economy and the export base; control fiscal expenditure and the wage bill; carefully assess capital expenditure; and reform public sector enterprises are the challenges that the Gabonese need to be prepared to implement adequately. Gabon faces huge medium-term fiscal constraints imposed by the expected steady decline in oil production and its depletion.
Keywords:
ISCR; CR; oil revenue; oil; Gabon; oil windfall; revenue; oil GDP; stumpage tax; long-standing membership; data availability; Oil; gas and mining taxes; Agroindustries; Futures; Consumption; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program—Detailed Assessments of Observance of Standards and Codes—International Organization of Securities Commission (IOSCO)—Objectives and Principles of Securities Regulation
International Monetary Fund
This paper evaluates the Observance of Standards and Codes on the International Organization of Securities Commission (IOSCO) Objectives and Principles of Securities Regulation for New Zealand. New Zealand equity markets are comparatively small with market capitalization of about 44 percent of GDP. Reflecting a preference for property investment, ownership of New Zealand-listed equities remains mostly in the hands of offshore investors and domestic institutional investors, with only about one-fourth held directly by households. Securities market intermediaries include sharebrokers, futures dealers, investment advisers, and managers of collective investment schemes, including contributory mortgage brokers.
Keywords:
ISCR; CR; NZX firm; securities regulator; futures exchange; insider trading; conduct rule; market intermediary; material information; NZX business rule; Securities; Securities regulation; Securities markets; Financial statements; Futures
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund
This Selected Issues paper examines a number of potential factors that may have influenced the short-term behavior of the exchange rate between the Chilean peso and the U.S. dollar during the period of floating exchange rate, including the possible impact of developments in Argentina during 2001. The paper investigates whether copper prices can be successfully forecasted over medium-term horizons, emphasizing the properties of copper prices most relevant in the Chilean context, including for fiscal policymaking. The paper also provides a snapshot of the Chilean banking and corporate sectors.
Keywords:
ISCR; CR; firm; bank; chapter III; copper price; dollar rate; price shock; market interest rate differential; Metal prices; Corporate sector; Exchange rates; Futures; Commercial banks; Global; East Asia; Western Hemisphere; South Asia