2024 Review Of The Fund’s Transparency Policy And Open Archives Policy—Background Paper 3 On Key Concepts And Supportive Analysis PDF Download
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Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 18
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Book Description
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 18
Get Book Here
Book Description
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 123
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Book Description
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Author: Reda Cherif
Publisher: International Monetary Fund
ISBN: 1498305563
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn more from miracles than failures. We suggest three key principles behind their success: (i) the support of domestic producers in sophisticated industries, beyond the initial comparative advantage; (ii) export orientation; and (iii) the pursuit of fierce competition with strict accountability.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Author: Ms.TengTeng Xu
Publisher: International Monetary Fund
ISBN: 1484393805
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We first develop a theoretical model of the relationship between bank profitability and financial stability by exploring the role of non-interest income and retail-oriented business models. We then conduct panel regression analysis to examine the empirical determinants of bank risks and profitability, and how the level and the source of bank profitability affect risks for 431 publicly traded banks (U.S., advanced Europe, and GSIBs) from 2004 to 2017. Results reveal that profitability is negatively associated with both a bank’s contribution to systemic risk and its idiosyncratic risk, and an over-reliance on non-interest income, wholesale funding and leverage is associated with higher risks. Low competition is associated with low idiosyncratic risk but a high contribution to systemic risk. Lastly, the problem loans ratio and the cost-to-income ratio are found to be key factors that influence bank profitability. The paper’s findings suggest that policy makers should strive to better understand the source of bank profitability, especially where there is an over-reliance on market-based non-interest income, leverage, and wholesale funding.
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
ISBN: 1589063953
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Author: Adolfo Barajas
Publisher:
ISBN: 9781513553009
Category :
Languages : en
Pages : 51
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Book Description
The past two decades have seen a rapid increase in interest in financial inclusion, both from policymakers and researchers. This paper surveys the main findings from the literature, documenting the trends over time and gaps that have arisen across regions, income levels, and gender, among others. It points out that structural, as well as policy-related, factors, such as encouraging banking competition or channeling government payments through bank accounts, play an important role, and describes the potential macro and microeconomic benefits that can be derived from greater financial inclusion. It argues that policy should aim to identify and reduce frictions holding back financial inclusion, rather than targeting specific levels of inclusion. Finally, it suggests areas for future research.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 50
Get Book Here
Book Description
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Author: Mr.Serkan Arslanalp
Publisher: International Monetary Fund
ISBN: 1475596405
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks’ exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework—sovereign funding shock scenarios (FSS)—to conduct forward-looking analysis to assess sovereigns’ vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA). It also introduces two risk indices—investor base risk index (IRI) and foreign investor position index (FIPI)—to assess sovereigns’ vulnerability to shifts in investor behavior.
Author: Mr.Serkan Arslanalp
Publisher: International Monetary Fund
ISBN: 1484326547
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio.
