Safeguarding Financial Stability: Theory and Practice
International Monetary Fund, 2006 - Business & Economics - 311 pages
This publication examines the links between financial systems and economic processes and seeks to develop a practical framework for safeguarding financial stability which encompasses both prevention and resolution of problems. Other issues discussed include: the role of central banks, the challenges to financial stability posed by the globalisation of finance and risk, the systemic challenges posed by a greater reliance on over-the-counter derivatives markets, the market for credit risk transfer vehicles, and financial market activities of insurance and reinsurance companies.
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allocation assessment asset prices banking supervision billion bonds central bank challenges Chapter cial collateral costs counterparty counterparty risk countries credit default swaps credit derivatives credit exposures credit risk transfer crises crisis currency default deposits effective efficiency enhance Enron ensuring financial stability equity example exchange externalities facilitate fiat money financial activities financial markets financial risks financial-stability framework global financial hedge funds human trust imbalances important incentives infrastructure instability instruments insurance companies interest rate intertemporal investment investors involvement issues liquidity loans Long-Term Capital Management losses LTCM market discipline market imperfections market liquidity market participants ment monetary monitoring options OTC derivatives activities OTC derivatives markets percent positions potential private-collective real economic regulation regulatory reinsurance requirements risk management risk-taking risks and vulnerabilities role safeguarding financial stability Schinasi sector store of value structural supervisory swaps systemic risk tion trading transactions U.S. dollar uncertainty underlying volatility
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