|
Bank
Supervision
 Addressing weaknesses in the global financial markets: The Report of the President's Working Group on Financial Markets
Speech by Chairman Ben S. Bernanke at the World Affairs Council of Greater Richmond 's Virginia Global Ambassador Award Luncheon, Richmond , Virginia . April 10, 2008.
In recent months, the Federal Reserve has been intensely focused on the continuing strains in financial markets. Even as we have worked to resolve the current crisis, however, the Federal Reserve has also been part of a national and international effort to draw at least some preliminary conclusions about the sources of the current turmoil as well as the implications for public policy. In the United States , policymakers' efforts to identify the sources of the financial turmoil and the appropriate public- and private-sector responses have been coordinated through the President's Working Group on Financial Markets (PWG), chaired by the Secretary of the Treasury. In my remarks today I will discuss some of these conclusions and, in the process, identify some measures that should be taken to strengthen the global financial system in light of the recent experience.
 Remarks on the recent turbulences in global financial markets
Keynote address by Mr Jean-Claude Trichet, President of the European Central Bank, at the Policy Discussion "Global Economic Policy Forum 2008", New York University , New York . April 14, 2008.
I share my thoughts on the nature of the current market turmoil, and in doing so clarifying the rationale behind the response of the central banking community – and the European Central Bank in particular – since its outset early in the summer of 2007. I trust that in the process of characterizing the nature of the turmoil it will also become clear how the consensus is being built on the key policy lessons and initiatives.
The importance of fundamentals in risk management
Speech by Mr. Randall S Kroszner, Member of the Board of Governors of the US Federal Reserve System, at the American Bankers Association Spring Summit Meeting, Washington DC. March 11, 2008 .
The focus of my remarks today – the importance of fundamentals in risk management – should still resonate with all of you, whether you are part of a large global bank or a smaller community bank. Unfortunately, recent market events have shown us that banking institutions still face some risk management challenges, including a need to refocus on some key fundamentals. The good news, however, is that we also have many examples of sound risk management practices during the recent disruptions.
 Helping hand or grabbing hand? Supervisory architecture, financial structure and market view
Donato Masciandaro and Marc Quintyn. International Monetary Fund. February 2008..
The literature stresses the importance of financial market characteristics in determining the supervisory architectures. In the real world it is not always clear to what extent market features are taken into account. We present two complementary approaches to gain insights in the above relationship.
 Risk-based supervision of pension funds: A review of international experience and preliminary assessment of the first outcomes
Gregory Brunner, Richard Hinz and Roberto Rocha. Policy Research Working Paper. The World Bank. Financial Systems Department. Financial Policy Development Unit. January 2008.
This paper provides a review of the design and experience of risk-based pension fund supervision in several countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries including pension funds and insurers, which is closely associated with movement toward the integration of pension supervision with that of banking and other financial services into a single national authority.
Top
Recommended
Readings
 Delving in to country risk
Silvia Iranzo. Documentos Ocasionales. N.º 0802. Bank of Spain.
This report will successively address the concept of country risk, the agents involved, the methods for assessing country risk, the payments crises, risk prevention, assessment of country risk in the present world and country risk regulation.
 The impact of global financial turbulence on financial markets in Latin America – the monetary policy response
Remarks by Mr Martín Redrado, Governor of the Central Bank of Argentina, at the 2008 Annual Meeting of Latin American Chief Executives of the Institute of International Finance (IIF), hosted by Corpbanca, Santiago, 2 April 2008.
Latin America faces definitely a hostile international financial scenario. However, Latin American countries in particular seem to be better prepared to face this new financial turmoil, although they are not fully immune. In my view, the region will not be affected in 2008 while some slight impact on growth rates would take place next year. Tighter financing conditions will marginally affect both the corporate and sovereign sectors.
The economic outlook
Testimony of Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, before the Joint Economic Committee, US Congress, Washington DC, 2 April 2008.
Ben S. Bernanke offers his views on conditions in financial markets, the outlook for the U.S. economy and discusses the recent actions taken by the Federal Reserve.
 Financing trends in Latin America
Myriam Quispe Agnoli and Diego Vilan. Document prepared for the BIS-FRB Atlanta meeting “Recent financing trends in Latin America: a bumpy ride towards stability”.
The most important developments experienced by Latin American financial markets during the period 1990–2005 are documented. These sections focus on three of the four main components of financial markets in Latin America : equity markets (both portfolio equity investments and FDI), the domestic banking sector and the more recent phenomenon of remittances. The development of bond markets is also covered.
The financial market crisis and risks for Latin America
Presentation by Anoop Singh, Director, Western Hemisphere Department, IMF, at the Conference on "The Euro: Global Implications and Relevance for Latin America", Sao Paulo , Brazil , March 17, 2008.
Over the past four years, Latin America has generally done well in taking advantage of a very favorable global environment to strengthen policy frameworks and lower long-standing vulnerabilities. However, the external environment has abruptly changed, led by mutually reinforcing financial sector shocks in the United States, that are spilling over into the global economy. Thus far, our baseline forecasts show Latin American growth holding up pretty well. However, how robust is the region to the exceptional downside risks that still affect the U.S. and global outlook? To address this question, we need to look closely at the various elements of the downside risks facing the world today and what they could portend for emerging markets in general and Latin America in particular.
Top
ASBA
Events
Top |
