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Law > Business and Financial

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Cover IMF Staff Country Reports
Panama: 2017 Article IV Consultation-Press Release; and Staff Report for Panama
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights Panama’s economy as the fastest growing in Latin America over the past two decades. It is expected to remain among the most dynamic in the region, with stable and low inflation, sustainable public debt, a declining current account deficit, and a stable financial sector. Economic growth moderated to 4.9 percent in 2016 in the face of external headwinds, and inflation and unemployment remain subdued but have risen slightly. Fiscal consolidation continues in line with fiscal rule targets, and public debt is sustainable. Credit growth remains strong, but has begun to slow recently. The outlook is favorable despite heightened external uncertainty.
Keywords:
ISCR; CR; deficit; Panama; financing; authority; IMF staff estimate; disaster risk management program; Fondo de Ahorro; NFPS deficit; Medium-term growth prospect; Panama energy diagnostic; Anti-money laundering and combating the financing of terrorism (AML/CFT); Commercial banks; Global; Central America
Cover IMF Staff Country Reports
El Salvador: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of financial sector stability in El Salvador. The findings reveal that the financial system of El Salvador was resilient in the face of the global shocks and political uncertainty that took a toll on the economy in 2009. The new stand-by arrangement with the IMF bolstered confidence in the new authority’s policies and eased concern over the limited lender-of-last-resort capacity of the central bank. Despite the adverse economic environment of 2009, banks’ capitalization and liquidity remain high, and stress tests indicate that most banks could withstand severe shocks. Regulated nonbanks are also sound, but pension funds’ poor profitability could pose a problem in the longer term.
Keywords:
ISCR; CR; central bank; capital adequacy ratio; banking law; financial system; interest rate; commercial bank; simulation exercise; resolution process; real GDP; financial crisis; problem bank Resolution; external borrowing; credit risk; Loans; Credit; State-owned banks; Financial Sector Assessment Program; Central America; Global
Cover IMF Staff Country Reports
Costa Rica: Technical Assistance Report-Macroprudential Policy and Modeling
International Monetary Fund. Monetary and Capital Markets Department
This technical assistance project on macroprudential policy and modeling, which took place in August 2012, provided advice to the Costa Rican authorities on improving the institutional arrangements for conducting macroprudential policy, while also assessing the preconditions for dynamic loan-loss provisioning and improving the central bank’s macroeconomic projection model. Based on its analyses, the mission team specifically recommended establishing a financial stability unit in the central bank to strengthen systemic risk analysis, strengthening the coordination between supervisory agencies, enhancing the central bank’s quarterly macroeconomic projection model by integrating financial sector frictions and other elements, taking specific measures to enhance financial sector regulation, adopting a dynamic loan-loss provisioning to offset rising provisioning cost during economic downturns, and implementing specific macroprudential tools and policies to address financial system risks.
Keywords:
macroprudential policy; financial stability; macroeconomic modeling; financial sector oversight; systemic risk.; BCCR official; IMF's Monetary; provisioning cost; World Bank staff; assistance mission; Financial sector stability; Systemic risk; Systemic risk assessment; Global
Cover IMF Working Papers
Building Blocks for Effective Macroprudential Policies in Latin America: Institutional Considerations
Patrick A. Imam, Erlend Nier, and Mr. Luis Ignacio Jácome
An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.
Keywords:
WP; financial system; issues regulation; a number of crises country; monetary policy; section III; Macrorpudential policy; financial stability; systemic crises; central banks; banking supervision; supervisory agency; deposit guarantee; response policy; Financial sector stability; Macroprudential policy; Systemic risk; Global
Cover IMF Working Papers
Developments in Financial Supervision and the Use of Macroprudential Measures in Central America
Mr. Mynor Meza and Mr. Fernando L Delgado
Improvements in financial regulation and supervision in the Central American region (CAPDR) have strengthened financial stability. Prudential instruments with potential macroeconomic effects have been introduced. Nonetheless, compared with the larger Latin American and selected industrial countries, there is still important scope for CAPDR to enhance financial supervision and regulation. Based on two surveys, and the analysis of the Basel Core Principles, the paper determines that some weaknesses exist in risk-based supervision, and that macroprudential measures have scarcely been deployed.
Keywords:
WP; CAPDR; BCP compliance index; foreign exchange; BCP assessment; BCP principle; capital; financial regulation; financial supervision; Basel Core Principles; Basel III; macroprudential policy; Central America; Latin America; CAPDR country; financial activity; Risk-based supervision; Macroprudential policy instruments; Consolidated banking supervision; Global
Cover IMF Staff Country Reports
Costa Rica: Staff Report for the Second Review Under the Stand-By Arrangement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Costa Rica
International Monetary Fund
This paper discusses key findings of the IMF staff report for Costa Rica for the Second Review Under the Stand-By Arrangement (SBA). Performance under the SBA has remained strong. All quantitative performance criteria for end-September were met, most with considerable margins. The authorities have continued to treat the SBA as precautionary. The outlook for a gradual recovery amid domestic and external stability remains the central scenario. Program risks have declined further and now appear broadly balanced. The main threat to the growth outlook is the possibility of a slower-than-expected global recovery.
Keywords:
ISCR; CR; inflation outlook warrant; core inflation; inflation expectation; balance of payments current account; deficit; cyclical downturn well; target band; Public sector; Government debt management; Global
Cover IMF Working Papers
The Challenge of Enforcement in Securities Markets: Mission Impossible?
Ana Carvajal and Ms. Jennifer A. Elliott
Weaknesses in the enforcement of regulation have been targeted by the G-20 as a priority concern for reform. But enforcement efforts in securities markets have proven difficult and uneven. The recent scandal in the United States, wherein a Ponzi scheme orchestrated by Bernard Madoff went undetected by the U.S. authorities for more than two decades, has once again highlighted the importance of effective enforcement of securities regulation, as well as the challenges that securities regulators around the world face in implementing credible enforcement programs. While in many instances it is individuals who bear the losses, we show that noncompliance with securities law can have serious system-wide impact and that the credibility of the system as a whole rests on the existence of effective discipline-the probability of real consequences for failure to obey the law. This paper explores the elements of enforcement, why it is so challenging, why it is important, and whether its effects can be measured. Through an analysis of the data gathered in the World Bank/IMF Financial Sector Assessment Program (FSAP), the paper examines how enforcement is being carried out around the world and draws conclusions regarding how countries are meeting the challenge of effective enforcement.
Keywords:
WP; securities regulator; regulators surveillance systems; court order; enforcement capacity; insider trading; U.K. FSA
Cover IEO Report on the Evaluation of the Financial Sector Assessment Program
IEO Report on the Evaluation of the Financial Sector Assessment Program
International Monetary Fund. Independent Evaluation Office

Abstract

The Financial Sector Assessment Program (FSAP) is a joint IMF–World Bank initiative to provide countries with comprehensive evaluations of their financial systems.The IEO evaluation assessed the effectiveness of the FSAP from the perspective of the IMF. The main findings address the following areas: the nature of priority setting under the FSAP; the efficiency of FSAP processes and quality of the main diagnostic tools; the overall quality of FSAP content; how well the IMF has used FSAP results in its surveillance, technical assistance, and program activities; and evidence on the overall impact of the FSAP on the domestic policy dialogue, changes in policies and institutions, and market participants.

Keywords:
IEOR; IEO; FSAP; FSAP update; country; FSAP exercise; staff statement; capital markets work; FSAP program; Financial Sector Assessment Program; Financial sector; Stress testing; Financial sector risk; Financial sector stability; Global; Africa; Southeast Asia; FSAP initiative; FSAP process; FSAP result