scholarly journals Financial-Stability Challenges in European Emerging-Market Countries

2011 ◽  
Author(s):  
Garry Schinasi
Keyword(s):  
Financial Stability ◽  
Emerging Market ◽  
Emerging Market Countries

Review of the Financial Sector Assessment Program—Further Adaptation to the Post-Crisis Era

Policy Papers ◽  
2014 ◽  
Vol 2014 (66) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Financial Stability ◽  
Emerging Market ◽  
Financial Sector ◽  
System Stability ◽  
Stability Assessment ◽  
Assessment Program ◽  
The World Bank ◽  
Emerging Market Countries ◽  
The World

The Financial Sector Assessment Program (FSAP), established in 1999, is an in-depth assessment of a country’s financial sector. It is an important element of the Fund’s surveillance and provides input to the Article IV consultations. In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report. Since the program’s inception, 144 member countries have requested and undergone FSAPs, most of them more than once. In recent years, the Fund has been conducting 14–16 FSAPs per year at an annual cost of US$13–15 million. The last review of the FSAP in 2009, in the aftermath of the global financial crisis, introduced a number of far-reaching reforms that have clarified the responsibilities of the Fund and the Bank in developing and emerging market countries, where assessments usually take place jointly, established institutional accountability, strengthened the analytical focus and coverage of FSAPs, and introduced the option of modular assessments that has afforded the Fund and national authorities greater flexibility on the scope and timing of assessments. In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.In 2010, the financial stability assessment under the FSAP in 25 jurisdictions with financial sectors deemed by the Fund to be systemically important became a mandatory part of Article IV surveillance, expected to take place every five years. The list was expanded to 29 jurisdictions in 2013. For all other jurisdictions, FSAP participation continues to be voluntary.

Book Reviews

2011 ◽  
Vol 49 (3) ◽  
pp. 740-743
Keyword(s):  
Financial Stability ◽  
Emerging Market ◽  
Central Banking ◽  
London School ◽  
Recent Experience ◽  
Yale University ◽  
Emerging Market Countries ◽  
Financial Infrastructure ◽  
London School Of Economics

Rakesh Mohan of Yale University reviews “Banking on the Future: The Fall and Rise of Central Banking” by Howard Davies and David Green. The EconLit Abstract of the reviewed work begins “Explores what central banks are for, their role in the functioning of market economies and how they can best fulfill that role, and whether recent experience and historic perspective point to the need for further reappraisal and reform, focusing on the wider political and institutional framework in which they operate. Discusses what central banking is and why it is important; monetary stability; financial stability; financial infrastructure; asset prices; structure, status, and accountability; Europe--a special case; central banking in emerging market countries; financial resources, costs, and efficiency; international cooperation; leadership; and an agenda for change. Davies is Director of the London School of Economics and Political Science. Green has worked for nearly forty years as a central banker and financial regulator. Index.”

Harinder S. Kohli (ed.). Growth and Development in Emerging Market Economies: International Private Capital Flows, Financial Markets and Globalisation. New Delhi: Sage Publication 2008. 369 pages. Hardbound. Indian Rs 695.00.

2008 ◽  
Vol 47 (3) ◽  
pp. 304-305
Author(s):  
Henna Ahsan
Keyword(s):  
Capital Flows ◽  
Growth And Development ◽  
Global Economy ◽  
Emerging Market ◽  
Balance Sheet ◽  
Emerging Market Economies ◽  
New Delhi ◽  
Infrastructure Development ◽  
Market Economies ◽  
Emerging Market Countries

The book discusses the different experiences in Asia and Latin America, while covering the closely related areas under the purview of Emerging Market Economies (EMEs). The first chapter, “Introduction and Overview” has written by Harinder S. Kohli gives an excellent review of the existing literature on the subject. The book discusses six related topics which include nine papers presented at the Emerging Markets Forum Meeting held in Jakarta, Indonesia, in September 2006. The book highlights the main factors of growth and development in Emerging Market Economies (EMEs) now closely related with international capital flows, development of financial market, the countries’ ability to integrate successfully with the global economy through trade and investment and their ability to forge public-private partnerships including infrastructure development. Chapter 2, of the book is an article titled “Global Imbalances, Oil Revenues and Capital Flows to Emerging Market Countries” by Jack Boorman explains the favourable global environment and its impact on capital flows to Emerging Market Countries (EMCs). The EMCs got advantage from this benign global economic environment, such as high economic growth rate, increase in exports, better national balance sheet and increase in foreign exchange reserves, but due to high oil prices the situation has been changed.

Resource Endowments in Emerging Market Countries

2021 ◽  
pp. 097491012110043
Author(s):  
Liu Qingjie
Keyword(s):  
Food Security ◽  
Water Use ◽  
Carbon Emissions ◽  
Emerging Market ◽  
Fossil Energy ◽  
Consumption Structure ◽  
Strategic Resources ◽  
Emerging Market Countries ◽  
Consumption Reduction ◽  
Per Capita

This article examines the emerging market countries on their national strategic resources—farmland, fresh water, and fossil energy—which are analyzed from the perspectives of distribution, status of development, and existing issues. The study draws the following conclusions: Emerging market countries have abundant farmland resources yet inadequate per capita resources; because of extensive operation on farmland, grain yield is low, which threatens food security; emerging market countries are saliently short in water resources per capita and face imbalances and low productivity over water use, and their agriculture practices are water-intensive; emerging market countries are growing as global centers for production, consumption, and trade of fossil energy, with a long, coal-dominated consumption structure that has a growing momentum, which subjects them to a greater pressure to reduce carbon emissions; and emerging market countries are inefficient in the use of energy, though they have huge potential for energy conservation and consumption reduction.

Economic Structural Transformation in Emerging Market Countries

2021 ◽  
pp. 097491012110046
Author(s):  
Kunling Zhang
Keyword(s):  
Economic Development ◽  
Labor Force ◽  
Structural Transformation ◽  
Service Sector ◽  
Agricultural Sector ◽  
Emerging Market ◽  
Value Added ◽  
Industrial Sector ◽  
Trade Structure ◽  
Emerging Market Countries

This article analyzes the structural transformation in 30 emerging market countries (E30) on the dimensions of industry, trade, and urbanization. It finds that first, in the agricultural sector, E30 have contributed greatly to the increase of the global agricultural productivity and the transfer of labor force from the agricultural sector to industry or the service sector. However, these countries still feature a high percentage of agricultural employment, which means there is vast room for shifting the agricultural labor force. Second, in the industrial sector, E30 have made remarkable contributions to the world’s industrial development but have also displayed a trend of premature “deindustrialization.” Third, the service sector has picked up speed and gradually turned into a new driver of economic development in E30. Against this backdrop, E30 face the major challenge of how to cope with the premature deindustrialization and smoothly shift the economic growth engine from the industrial sector to the service sector. Fourth, E30 have become an important force in the world trade, with their trade structure switching from simple, primary, low-value-added goods to sophisticated, high-grade, and high-value-added goods and services. However, some emerging market countries are more susceptible to the impacts of the anti-globalization trend because of their high reliance on foreign trade and improper trade structure. Therefore, how to diversify the economy and enhance its economic resilience holds the key to the sustainable economic development of E30. Fifth, E30 have contributed greatly to world urbanization. As urbanization relies more on the service sector than on the industrial sector, it is vital to properly strike a balance between industrialization and urbanization, and between industrialization and service sector development.

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