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Law > Business and Financial

You are looking at 1 - 4 of 4 items for :

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Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: 2023 Article IV Consultation Discussions-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2023 Article IV Consultation discusses that the economic recovery in Hong Kong Special Administrative Region (SAR) stalled in 2022 following a major coronavirus disease 2019 outbreak and U.S. monetary policy tightening. However, in 2023, real gross domestic product is projected to grow by 3.5 percent. The financial system remains resilient and continues to serve as an international financial center, supported by strong institutional frameworks and substantial capital and liquidity buffers. The Linked Exchange Rate System continues to function smoothly, providing a solid anchor to the economy and the financial system, allowing the latter to perform its role as an international financial center. Housing prices, which declined by about 16 percent by end-2022 from the peak in September 2021, have started to recover in early 2023. Near-term risks to the growth outlook are balanced, with systemic risk in the financial sector manageable given significant buffers. A sharper-than-expected global growth slowdown as well as escalation of regional conflicts and resulting disruptions in trade could derail the recovery. A sharp rise in global risk premia amid renewed stress in the global banking system and further tightening of monetary policy in major advanced economies could have adverse spillovers through financial channels.
Keywords:
Hong Kong SAR economy; exchange rate system; rate of HK; GDP compilation; transparency policy; household expenditure survey; Hong Kong SAR authority; Hong Kong SAR official; return on equity; expenditure measure; Housing; External sector statistics; Housing prices; Credit; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Aruba: Technical Assistance Report-Financial Stability Diagnostic and Scoping Mission
International Monetary Fund. Western Hemisphere Dept.
This technical assistance report on Aruba highlights the financial stability diagnostic and scoping mission. The economy of Aruba is tourist dependent, which is an important source of vulnerability. The major source of risk comes from lending. Banks are increasingly exposed to the real estate market and compete with nonregulated lenders. Residential house prices have increased significantly in some regions since the start of the pandemic driven by strong demand from nonresidential buyers as well as higher construction costs due to coronavirus disease-related supply constraints. The future Financial Stability Department (FSD) is advised to develop a strategy on Macroprudential Policy (MaP). Based on the macroprudential strategy, the FSD should prepare the methodology for the introduction of the MaP instruments chosen as well as ensure the necessary preparations in terms of data collection for this purpose. The data available to the Central Bank of Aruba is sufficient for starting systemic risk monitoring, but some data gaps should be addressed. The monitoring of systemic risk and the development of macroprudential tools requires more granular, frequent, and timely data.
Keywords:
CARTAC mission; staff team of the International Monetary Fund; bank FIS; mortgage bank; bank data; c. CBA; lending portfolio; Financial sector stability; Mortgages; Commercial banks; Housing prices; Loans; Caribbean
Cover IMF Staff Country Reports
Australia: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Financial System Stability Assessment of Australian financial systems. The report highlights that financial supervision and systemic risk oversight have been enhanced. And the authorities have taken successful policy action to calm rapid growth in riskier segments of the mortgage market. Restrictions on the growth of investor loans and the share of interest-only mortgages, as well as the introduction of stronger lending standards, appear to have led to a slowdown in mortgage credit growth, and the housing market is now cooling. Financial supervision shows generally high conformity to international best practices, although there are opportunities to close identified gaps and strengthen arrangements. Steps are recommended to bolster the independence and resourcing of the regulatory agencies, by removing constraints on their policy making powers and providing additional budgetary autonomy and flexibility. The paper explains that greater formalization and transparency of the work of the Council of Financial Regulators would further buttress the financial stability framework.
Keywords:
ISCR; CR; financial system; banking sector; housing market; monetary policy; financial condition; capital requirement; mid-sized bank; resolution modality; asset quality; loan portfolio; bank exposure; Systemic risk; Financial sector stability; Credit; Housing prices; Global
Cover IMF Staff Country Reports
People's Republic of China-Hong Kong Special Administrative Region: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Asia and Pacific Dept
Hong Kong SAR’s economy benefitted from a strong cyclical upswing through the first half of 2018, supported by the continued global recovery, buoyant domestic sentiment, and the booming property market. However, near-term risks have significantly increased – including those from trade tensions, tighter global financial conditions, and capital outflows from emerging markets. Also, long-term challenges, including from aging, elevated inequality, and the persistent housing shortage, need to be tackled. Prudent macroeconomic policies and ample buffers are in place to help smoothen the transition and ensure continued stability.
Keywords:
ISCR; CR; SAR.; HK dollar; China; authority; convertibility undertaking; IMF staff calculation; business cycle; rate of HK; FX reserve; Housing; Housing prices; External sector statistics; Global; Asia and Pacific