2021 Comprehensive Surveillance Review Overview Paper
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513578421 |
Fund surveillance needs to evolve to face the economic and financial challenges that will shape the global landscape for years to come. This paper first takes stock of the current economic and financial landscape. To better serve the membership in this context, Fund surveillance should be prioritized around four key priorities: (i) confronting risks and uncertainties: policymakers will need to actively manage the risks of a highly uncertain outlook; (ii) preempting and mitigating adverse spillovers: shifting patterns of global economic integration will bring about new channels for contagion and policy spillovers; (iii) fostering economic sustainability: a broader understanding of sustainability to better account for the impact of economic and non-economic developments on stability; and (iv) unified policy advice: better accounting for the trade-offs and synergies among different policy combinations in the face of limited policy space and overlapping priorities, tailored to country-specific circumstances. These priorities should further enhance the traction of Fund surveillance.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513578472 |
Modern Fund surveillance needs to be more targeted, topical and timely, better interconnected and better informed. Modernizing surveillance will likely require additional resources, although estimates are highly uncertain at this stage. The paper offers a tentative costing of new proposals with significant budgetary implications. Other proposals could rely on optimizing processes, while others are underway and funded separately; the resource implications of yet others are being picked up in context of other workstreams. Estimates do not include short-term transition costs or pressures on support services and are subject to a significant degree of uncertainty. A flexible approach to implementing the new modalities, characterized by experimentation and learning-by- doing—a “sandbox” for new modalities—is proposed.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513578618 |
The coverage of risks has become more systematic since the Global Financial Crisis (GFC): staff reports now regularly identify major risks and provide an assessment of their likelihood and economic impact, summarized in Risk Assessment Matrices (RAM). But still limited attention is paid to the range of possible outcomes. Also, risk identification is useful only so much as to inform policy design to preemptively respond to relevant risks and/or better prepare for them. In this regard, policy recommendations in surveillance could be richer in considering various risk management approaches. To this end, progress is needed on two dimensions: • Increasing emphasis on the range of potential outcomes to improve policy design. • Encouraging more proactive policy advice on how to manage risks. Efforts should continue to leverage internal and external resources to support risk analysis and advice in surveillance.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513583174 |
The scenario planning exercises help to draw out the surveillance priorities and stress- test the robustness of those priorities to uncertainties in the decade ahead. To inform the two priorities on confronting risks and uncertainties and mitigating spillovers, the scenarios illustrate how different shocks and alternative policy approaches carry their own risks and can have both positive and negative spillovers. The scenarios also illustrate some of the complex economic and non-economic factors that feed into the priority on economic sustainability and demonstrate how resource constraints and changing economic structures underpin the need for a unified policy approach.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513582712 |
This paper assesses progress made in deepening and integrating systemic risk analysis and macroprudential policy advice in Article IV consultations following up on the findings of the IEO evaluation. The assessment informs the Comprehensive Surveillance Review and the FSAP Review in their recommendations to strengthen these areas in Article IV consultations. The findings point to notable improvements made since the launch of the macrofinancial mainstreaming initiative, particularly in staff reports for advanced economies and in covering bank and credit-related risks.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513577883 |
This note presents key results from the surveys of country authorities, IMF Executive Directors (EDs), and mission chiefs (MCs) to inform the Comprehensive Surveillance Review (CSR). Key takeaways and cross-cutting themes that emerge are Trends, Policy Challenges, Surveillance Priorities, Surveillance modalities and Traction.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 151357891X |
The Fund has a range of modalities and tools to cover spillovers. However, there remains scope to enhance synergies between global and country-specific spillover coverage and to foster cross-country dialogue. Practical guidance and enhanced information-sharing would also allow for more systematic surveillance of spillovers. Furthermore, the COVID-19 pandemic has underscored the need to continue expanding the research frontier covering new spillovers and channels and developing new tools and data sets. Therefore, filling these remaining gaps in the Fund’s spillover work would allow for a more coordinated and evenhanded surveillance of spillovers.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2021-05-18 |
| Genre | : Business & Economics |
| ISBN | : 1513582763 |
This paper presents traction as a multidimensional concept and discusses a comprehensive and complementary set of approaches to attempt to measure it based on the Fund’s value added to policy dialogue and formulation and public debate in member countries.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 98 |
| Release | : 2022-03-30 |
| Genre | : Business & Economics |
| ISBN | : |
The Institutional View (IV) on the Liberalization and Management of Capital Flows, adopted in 2012, provides the basis for consistent advice, and where relevant, assessments on policies related to capital flows. This paper reviews the IV, informed by advances in research, notably the work on an Integrated Policy Framework (IPF), the findings of the 2020 evaluation by the Independent Evaluation Office (IEO) on IMF Advice on Capital Flows, and staff’s experience with the implementation of the IV. The core premises and objectives of the IV remain unchanged. The IV rests on the premises that capital flows are desirable as they can bring substantial benefits for countries, and that capital flow management measures (CFMs) can be useful in certain circumstances but should not substitute for warranted macroeconomic adjustment. With those premises in mind, the IV aims to help countries reap the benefits of capital flows, while managing the associated risks in a way that preserves macroeconomic and financial stability and does not generate significant negative outward spillovers.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 18 |
| Release | : 2022-03-30 |
| Genre | : Business & Economics |
| ISBN | : |
This note outlines the approach of the proposed revision to the Institutional View (IV) when assessing whether systemic financial stability risks are elevated due to foreign currency (FX) mismatches. The approach builds on the staff guidance regarding risk assessments in bilateral surveillance, while allowing for flexibility to draw on future advances in best practice. This note proposes a two-step approach to assess systemic risks from FX mismatches. This note is organized as follows. Section II outlines the sources of systemic risks stemming from FX debt and potential amplification channels. Section III outlines the risk assessment approach in practice and Section IV concludes.
