Financial Stability Reports:What Are they Good for?
Ms. Sònia Muñoz, Mr. Samir Jahjah, Mr. Martin Cihák, Ms. Sharika Teh Sharifuddin, Mr. Kalin Tintchev
International Monetary Fund, Dec 1, 2001 - Business & Economics - 52 pages
The global financial crisis has renewed policymakers'' interest in improving the policy framework for financial stability, and an open question is to what extent and in what form should financial stability reports be part of it. We examine the recent experience with central banks'' financial stability reports, and find?despite some progress in recent years?that forward-looking perspective and analysis of financial interconnectedness are often lacking. We also find that higher-quality reports tend to be associated with more stable financial environments. However, there is only a weak empirical link between financial stability report publication per se and financial stability. This suggests room for improvement in terms of the quality of financial stability reports.
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aggregated banking ratios aims Assumptions Bank Financial Strength bank’s banking crises banking system box article central bank Cihak clarity consistent control of corruption credit risk definition of financial discussion domestic financial system elements and characteristics ESRB Expected Default Frequency financial markets financial risk rating financial sector financial stability reports Financial Strength Rating FSR publication FSRs reviewed global financial crisis GLS panel government effectiveness Granular Heckman Iceland ICRG IMF Working Paper indicate better governance institutions International Monetary Fund issues Korea Kraay and Mastruzzi Latvia link between FSRs liquidity risk macroeconomic macroprudential policy measures methodology Moody’s Bank Financial overall assessment percent political stability probit model publish an FSR published FSRs reﬂects regulatory quality Riksbank’s sample selection bias significant South Africa sovereign financial risk standard stock market index stock market volatility stress test results systemic risks trends underlying data variables voice and accountability Weighted average Worldwide Governance Indicators