IDEAS home Printed from https://ideas.repec.org/p/imf/imfwpa/2009-247.html
   My bibliography  Save this paper

Financial Sector Surveillance and the IMF

Author

Listed:
  • Carlo Gola
  • Francesco Spadafora

Abstract

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first "official" phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues "up to par" with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS.

Suggested Citation

  • Carlo Gola & Francesco Spadafora, 2009. "Financial Sector Surveillance and the IMF," IMF Working Papers 2009/247, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2009/247
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=23401
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3870, April.
    2. Mr. Paul Louis Ceriel Hilbers & Mr. Alfredo Mario Leone & Mr. Mahinder Singh Gill & Mr. Owen Evens, 2000. "Macroprudential Indicators of Financial System Soundness," IMF Occasional Papers 2000/007, International Monetary Fund.
    3. Fabrizio Saccomanni, 2000. "Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s," Open Economies Review, Springer, vol. 11(1), pages 15-41, August.
    4. Robert Lavigne & Lawrence L. Schembri, 2009. "Strengthening IMF Surveillance: An Assessment of Recent Reforms," Discussion Papers 09-10, Bank of Canada.
    5. Peter B. Kenen, 2001. "International Financial Architecture: What's New? What's Missing?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 335, April.
    6. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19, April.
    7. Mr. Burkhard Drees & Ceyla Pazarbasioglu, 1995. "The Nordic Banking Crises: Pitfalls in Financial Liberalization?," IMF Working Papers 1995/061, International Monetary Fund.
    8. Mr. Paul Louis Ceriel Hilbers & Mr. Matthew T Jones & Mr. Graham L Slack, 2004. "Stress Testing Financial Systems: What to Do When the Governor Calls," IMF Working Papers 2004/127, International Monetary Fund.
    9. Jack Boorman, 2007. "An Agenda for the Reform of the International Monetary Fund," Papers Presented at Global Meetings of the Emerging Markets Forum 2007imfreform, Emerging Markets Forum.
    10. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts? [Business cycles for G-7 and European countries]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 24(60), pages 653-700.
    11. Mr. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters: Empirical Evidence on U.S. Macro-Financial Linkages," IMF Working Papers 2008/169, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kern Alexander, 2012. "Rebuilding International Financial Regulation and Basel III," Chapters, in: Joseph E. Harrington Jr & Yannis Katsoulacos (ed.), Recent Advances in the Analysis of Competition Policy and Regulation, chapter 16, Edward Elgar Publishing.
    2. János Kálmán, 2016. "Bank resolution as a new MNB function – resolution of MKB BankAdministrative law aspects of the macroprudential regulation and supervision of the financial intermediary system – normativity, organisat," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 15(3), pages 27-50.
    3. Pablo Moreno, 2013. "The Metamorphosis of the IMF (2009-2011)," Estudios Económicos, Banco de España, number 78.
    4. Mr. Marco Committeri & Francesco Spadafora, 2013. "You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending," IMF Working Papers 2013/020, International Monetary Fund.
    5. Bumba Mukherjee & Benjamin E. Bagozzi, 2013. "The IMF, Domestic Public Sector Banks, and Currency Crises in Developing States," International Interactions, Taylor & Francis Journals, vol. 39(1), pages 1-29, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Robert Brown, 2010. "Measuring Delegation," The Review of International Organizations, Springer, vol. 5(2), pages 141-175, June.
    2. Sieglinde Gstöhl, 2007. "Governance through government networks: The G8 and international organizations," The Review of International Organizations, Springer, vol. 2(1), pages 1-37, March.
    3. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    4. Mr. Subir Lall & Mr. Roberto Cardarelli & Mr. Selim A Elekdag, 2009. "Financial Stress, Downturns, and Recoveries," IMF Working Papers 2009/100, International Monetary Fund.
    5. Julien Reynaud & Fabien Lange & Łukasz Gątarek & Christian Thimann, 2011. "Proximity in Coalition Building," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 3(3), pages 111-132, September.
    6. Olivier Blanchard & Mark Griffiths & Bertrand Gruss, 2013. "Boom, Bust, Recovery: Forensics of the Latvia Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(2 (Fall)), pages 325-388.
    7. Zhang Jiaming, 2015. "Imf’S Reforms And Brics’ New International Financial Institutions: Progress And Policies," Romanian Economic Business Review, Romanian-American University, vol. 10(3), pages 133-149, September.
    8. Julie McKay & Ulrich Volz & Regine Wölfinger, 2011. "Regional Financing Arrangements and the IMF," Chapters, in: Ulrich Volz (ed.), Regional Integration, Economic Development and Global Governance, chapter 10, Edward Elgar Publishing.
    9. John Williamson, 2006. "A worldwide system of reference rates," International Economics and Economic Policy, Springer, vol. 3(3), pages 341-352, December.
    10. Reynaud, Julien & Vauday, Julien, 2009. "Geopolitics and international organizations: An empirical study on IMF facilities," Journal of Development Economics, Elsevier, vol. 89(1), pages 139-162, May.
    11. Luisa Carpinelli, 2009. "Real effects of banking crises: a survey of the literature," Questioni di Economia e Finanza (Occasional Papers) 55, Bank of Italy, Economic Research and International Relations Area.
    12. Masahiro Kawai & Peter A. Petri & Elif Sisli Ciamarra, 2010. "Asia in Global Governance: A Case for Decentralized Institutions," Chapters, in: Masahiro Kawai & Jong-Wha Lee & Peter A. Petri & Giovanni Capanelli (ed.), Asian Regionalism in the World Economy, chapter 13, Edward Elgar Publishing.
    13. Sudip Chakraborty, 2018. "Significance of BRICS: Regional Powers, Global Governance, and the Roadmap for Multipolar World," Emerging Economy Studies, International Management Institute, vol. 4(2), pages 182-191, November.
    14. Bagliano, Fabio C. & Morana, Claudio, 2012. "The Great Recession: US dynamics and spillovers to the world economy," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 1-13.
    15. Stephen B. Kaplan & Sujeong Shim, 2020. "The IMF's Financial Catch 22: Global Banker or Lender of Last Resort?," Working Papers 2020-18, The George Washington University, Institute for International Economic Policy.
    16. Olivier Blanchard & Mark Griffiths & Bertrand Gruss, 2013. "Boom, Bust, Recovery Forensics of the Latvia Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(2 (Fall)), pages 325-388.
    17. Biswa N. Bhattacharyay & Dennis Dlugosch & Benedikt Kolb & Kajal Lahiri & Irshat Mukhametov & Gernot Nerb, 2009. "Early Warning System for Economic and Financial Risks in Kazakhstan," CESifo Working Paper Series 2832, CESifo.
    18. McKay Julie & Volz Ulrich & Wölfinger Regine, 2011. "Regional Financing Arrangements and the Stability of the International Monetary System," Journal of Globalization and Development, De Gruyter, vol. 2(1), pages 1-33, August.
    19. Buti, Marco & Giudice, Gabriele & Leandro, José (ed.), 2020. "Strengthening the Institutional Architecture of the Economic and Monetary Union," Vox eBooks, Centre for Economic Policy Research, number p331.
    20. Jean-Pierre Allegret & Philippe Dulbecco, 2009. "Enforcing the IMF in the Global Economy: An Institutional Analysis," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Monetary Policy and Financial Stability, chapter 6, pages 117-133, Edward Elgar Publishing.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:2009/247. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.