2013年-IMF国际货币组织全球_Mandatory_Financial_Stability_Assessments_Under_the_Financial_Sector_Assessment_Program_37页_3mb

Summary of Mandatory Financial Stability Assessments Under the Financial Sector Assessment Program (FSAP): Update

Core Content

This document outlines the updated approach to determining jurisdictions with systemically important financial sectors and the integration of mandatory financial stability assessments under the FSAP into Article IV surveillance. It builds on the 2010 Executive Board decision that made such assessments a regular and mandatory part of surveillance for 25 jurisdictions, and proposes an expanded list of 29 jurisdictions based on a revised methodology that better reflects the complexities of financial interconnectedness and systemic risk.

Main Points

• Mandatory FSAP Assessments: In September 2010, the Executive Board mandated financial stability assessments under the FSAP as part of bilateral surveillance under Article IV for 25 jurisdictions with systemically important financial sectors. This marked a shift to a more risk-based and integrated approach to financial sector monitoring.

• Implementation Success: By November 2013, 24 out of the 25 jurisdictions had undergone or were planned to undergo mandatory FSAP assessments. The remaining jurisdiction, Ireland, was expected to complete its assessment in late 2014 or early 2015. The implementation was smooth, with good cooperation from country authorities and effective integration with Article IV missions.

• Legal Framework: The legal basis for the 2010 decision is rooted in Article IV of the Fund's Articles, which mandates members to collaborate on exchange arrangements and promote systemic stability. The 2012 Integrated Surveillance Decision (ISD) expanded the scope of surveillance to include spillovers from domestic financial policies on the international monetary system, which the updated methodology aligns with.

• Methodology Update: The original 2010 methodology was based on a composite index of size and interconnectedness, using 2008 data. However, it was limited by its focus on size and bilateral interbank exposures. The new methodology incorporates a more comprehensive view of interconnectedness, includes price contagion and market sentiment, and uses the most recent available data (2012). It is based on the Clique Percolation Method (CPM) and is designed to be relevant, transparent, and even-handed.

• New Jurisdictions List: Using the updated methodology, 29 jurisdictions are now considered to have systemically important financial sectors, including Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Hong Kong SAR, India, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, Norway, Poland, Russia, Singapore, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.

Key Information

• The original methodology used a weighted average of size and interconnectedness indices, with weights of 0.7 and 0.3 respectively, and cluster analysis to identify jurisdictions with similar systemic importance.

• The new methodology expands the range of exposures and considers non-bank linkages, such as sovereign debt holdings, and market sentiment. It also allows for a more nuanced analysis of financial interconnectedness using advanced modeling techniques.

• The updated list of jurisdictions is based on 2012 data, reflecting the dynamic nature of systemic importance and the lessons learned from the global financial crisis and the European sovereign debt crisis.

• The revised decision proposes that financial stability assessments under the FSAP be conducted every five years for these 29 jurisdictions, as part of both bilateral and multilateral surveillance.

Operational Implications

• The updated methodology and list have implications for the allocation of FSAP resources and expertise, as assessments now require more detailed analysis of financial systems and spillover effects.

• The integration of financial stability assessments into Article IV missions enhances the Fund's ability to monitor and address risks that may affect the global financial system.

• The methodology is designed to be objective and data-driven, minimizing subjective judgment and ensuring uniformity in the selection process.

Conclusion

The document emphasizes the importance of adapting the FSAP to better reflect the evolving nature of financial systems and their interconnectedness. It advocates for a more comprehensive and risk-based approach to financial stability assessments, ensuring that the Fund can effectively monitor systemic risks and their potential spillovers on the global economy. The proposed changes are aimed at improving the relevance, transparency, and effectiveness of the FSAP in the context of modern financial systems.