Front Matter

Front Matter

Author(s):
Paul Hilbers, Alfredo Leone, Mahinder Gill, and Owen Evens
Published Date:
April 2000
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© 2000 International Monetary Fund

Production: IMF Graphics Section

Typesetting: Alicia Etchebarne-Bourdin

Library of Congress Cataloging-in-Publication Data

Macroprudential indicators of financial system soundness/by a staff team led

by Owen Evans…[et al.].

p. cm.—(Occasional paper; no. 192)

  • Includes bibliographical references.
  • ISBN 1-55775-891-3

1. Financial institutions—Auditing. 2. Bank examination. I. Evans, Owen, date. II. International Monetary Fund. III. Occasional paper (International Monetary Fund); no. 192.

HF5686.F46 M333 2000

657’.8333045—dc21

00-037013

CIP

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Contents

The following symbols have been used throughout this paper:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (for example, 1998–99 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (for example, 1998/99) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Preface

The international financial turmoil of the second half of the 1990s has provoked much reflection and analysis within the international community on ways to strengthen the international financial system. Together with other international organizations, national authorities, and the private sector, the IMF has been working on a series of initiatives intended to contribute to a more stable and efficient financial system, and toward better preparedness to address future systemic problems. Among these initiatives are the ongoing efforts to develop and use macroprudential indicators—defined broadly as indicators of the health and stability of financial systems. This paper aims to lake stock of current knowledge in the area of macroprudential indicators—notably, analytical, identification, and measurement issues—with a view to providing reference material for national authorities, the private sector, and other users of macroprudential indicators. The paper also looks at issues related to the use of macroprudential indicators in IMF surveillance, and possible ways to encourage their dissemination through the IMF Special Data Dissemination Standard or in other ways.

The material in this paper was originally prepared for discussion at a September 1999 consultative meeting at the IMF with high-level experts from central banks, supervisory agencies, international financial institutions, academia, and the private sector. A revised paper reflecting the results of the consultative meeting was used in discussions in the IMF’s Executive Board in January 2000. The final paper has further benefited from comments by Executive Directors and colleagues in the IMF.

The paper was prepared under our direction by a joint staff team led by Owen Evans, Alfredo M. Leone, Mahinder Gill, and Paul Hilbers, and consisting of Winfrid Blaschke, Russell Krueger, Marina Moretti, Jun Nagayasu, Mark O’Brien, Joy ten Berge, and DeLisle Worrell. We would like to pay a special tribute to the late Owen Evans, who together with V. Sundararajan, was a major initiator of this project. We would like to thank Helen Chin of the External Relations Department for editing and coordinating production of this Occasional Paper. The views expressed in this paper are those of IMF staff and do not necessarily reflect the views of national authorities or of IMF Executive Directors.

Carol S. Carson

Director

Statistics Department

Stefan Ingves

Director

Monetary and Exchange Affairs

Department

List of Abbreviations

BCBS

Basel Committee on Banking Supervision, BIS

BIS

Bank for International Settlements

BSC

Banking Supervision Committee, ECB

CGFS

Committee on the Global Financial System, BIS

CPSS

Committee on Payment and Settlement Systems, BIS

DSBB

Dissemination Standards Bulletin Board

ECB

European Central Bank

EMU

Economic and Monetary Union, EU

ESA95

European System of Accounts, 1995

ESCB

European System of Central Banks

EU

European Union

FDIC

Federal Deposit Insurance Corporation

FIMS

Financial Institutions Monitoring System

FSA

Financial Sector Assessment

FSAP

Financial Sector Assessment Program

FSF

Financial Stability Forum

FSSA

Financial System Stability Assessment

G-7

Group of Seven

G-10

Group of Ten

GDDS

General Data Dissemination System

GMS

Growth Management System

IAIS

International Association of Insurance Supervisors

IOSCO

International Organization of Securities Commissions

MAE

Monetary and Exchange Affairs Department, IMF

MPI

Macroprudential Indicator

MUFA

Monetary Union Financial Accounts

OCC

Office of the Comptroller of the Currency

OECD

Organization for Economic Cooperation and Development

SDDS

Special Data Dissemination Standard

SNA

System of National Accounts

SNA93

System of National Accounts, 1993

STA

Statistics Department, IMF

UBSS

Uniform Bank Surveillance System

VaR

Value at Risk

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