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Law > Business and Financial

You are looking at 1 - 6 of 6 items for :

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Cover IMF Working Papers
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Jihad Dagher
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Keywords:
WP; central bank; financial market; political economy; banking sector; Financial Regulation; Financial Crises; Boom-Bust Cycles; Glass-Steagall Act; financial bubble; ruling party; share price; joint stock; crony capitalism; plain vanilla; stock index; bubble company; joint-stock bank; incumbent governments policy; government sponsorship; Housing; Global financial crisis of 2008-2009; Banking crises; Global; South America
Cover Policy Papers
Stocktaking the Fund’s Engagement with Regional Financing Arrangements
International Monetary Fund
Following the global financial crisis of 2008-09, regional financing arrangements (RFAs) have been recognized as an important layer of the global financial safety net. This paper summarizes the current landscape of RFAs, and discusses IMF-RFA coordination to date and options for enhancing cooperation going forward. In so doing, it intends to contribute to discussions underway at international fora and solicit views from the Fund and RFA memberships on how to enhance cooperation
Keywords:
PP; Fund resource; Fund financing; Fund involvement; IMF-RFA coordination; lending framework; RFA financing vehicle; financial support; Fund coordination; Fund instrument; Fund staff; envisaged role; Global financial crisis of 2008-2009; Loans; Financial sector stability; Lines of credit; Global; Europe; North America; East Asia
Cover IMF Staff Country Reports
Euro Area Policies: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries
International Monetary Fund
In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory Authority (ESA) are the important framework for financial reforms and macroprudential policies. In this paper, the improvement over the fiscal and structural governance stability and growth pact (SGP) and excessive deficit procedure (SDP) is discussed. Finally, the findings of spillover analysis are outlined.
Keywords:
ISCR; CR; euro; authority; single market; crisis; Euro Area authorities; ECB data; Plus Pact; governance framework; Euro area; financial system; interest rate; area flow; Inflation; Commercial banks; Fiscal consolidation; Global; Europe
Cover IMF Working Papers
Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors
Mr. Marc G Quintyn, Donato Masciandaro, and Ms. María Nieto
In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
Keywords:
WP; government; country; EU country; supervision; independence
Cover IMF Staff Country Reports
Spain: Financial Sector Assessment Program: Technical Note: Supervision of Insurance: Alternative Models for an Independent Agency
International Monetary Fund
This report is the summary of a technical note on Supervision of Insurance of Spain and Alternative Models for an Independent Agency. It reviews the organizational alternatives for insurance supervision and discusses the advantages and disadvantages of alternative institutional arrangements. It presents various alternatives for an independent insurance supervisory agency for Spain.
Keywords:
ISCR; CR; agency; securities; securities supervision; financial markets authority; central bank; insurance supervision; prudential supervision; supervision of insurance; supervisory agency; Insurance supervision; Insurance; Western Europe
Cover IMF Staff Country Reports
Spain: Financial Sector Assessment Program: Detailed Assessment of Observance of the IAIS Insurance Core Principles
International Monetary Fund
This paper presents a detailed assessment of the observance of the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS) in Spain. The IMF, for their assessment, consulted the review of a self-assessment prepared by the General Directorate of Insurance and Pension Funds (DGSFP), comments from Private Insurance Organization and Supervision Law (LOSSP) and other secondary regulations on the insurance activity, and notes and presentations on several regulatory and supervisory issues. Also, discusses the recommended action plan and authorities’ response to the assessment.
Keywords:
ISCR; CR; supervisory authority; board of directors; nonlife insurance business; insurance market; life insurer; insurance supervision; Insurance companies; Insurance; Insurance supervision; Internal controls; Insurance Core Principles; Europe; Global