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This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The study’s conclusions are the basis of an ongoing policy dialogue with IMF member countries, standard-setters in the financial area, and academia. The paper is part of the policy development work conducted by the IMF’s Monetary and Financial Systems Department.

Money. Monetary policy --- Dollar, American --- Monetary policy --- Banks and banking --- Banks and banking. --- Dollar, American. --- Monetary policy. --- 330.05 --- 332.46 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- American dollar --- Banks and Banking --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Policy --- Monetary economics --- Currency --- Foreign exchange --- Financial services law & regulation --- Currencies --- Bank deposits --- Dollarization --- Exchange rates --- Financial services --- Real exchange rates --- State supervision --- Argentina

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This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.

Finance --- Globalization --- 339 --- 336.71 --- -Globalization --- -Developing Countries. --- croissance economique --- globalisation --- investissements --- pays en voie de developpement --- 330.05 --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Funding --- Funds --- Economics --- Currency question --- Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5} --- Bankwezen --- economische groei --- globalisering --- investeringen --- ontwikkelingslanden --- Globalización. --- Países en desarrollo. --- 336.71 Bankwezen --- 339 Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5} --- Globalización. --- Países en desarrollo. --- Finance - Developing countries --- Globalization - Developing countries --- Exports and Imports --- Finance: General --- Financial Risk Management --- Macroeconomics --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- Globalization: General --- Financial Crises --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Economic & financial crises & disasters --- Financial integration --- Capital flows --- Foreign direct investment --- Consumption --- Financial markets --- Balance of payments --- National accounts --- Capital movements --- International finance --- Investments, Foreign --- United States

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This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.

Money. Monetary policy --- Currency boards --- Foreign exchange administration --- -Monetary policy --- Foreign exchange --- 336.74 --- monetair beleid --- institutions monetaires internationales --- politique monetaire --- commerce mondial --- marche international des capitaux --- taux de change --- AA* / International - Internationaal --- 333.825 --- 333.480 --- 331.32 --- 333.450 --- 333.451.1 --- 330.05 --- 332.414 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Monetary management --- Economic policy --- Money supply --- Financial institutions --- Monetary policy --- Cost effectiveness --- Geld. Geldwezen. Monetaire sector. --- internationale monetaire instellingen --- wereldhandel --- internationale kapitaalmarkt --- wisselkoers --- Deviezenpolitiek. Interventies. --- Geldstelsel. --- Structuur van de economie. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Wisselkoersen. --- Working papers --- Currency boards. --- Foreign exchange administration. --- Money. --- 336.74 Geld. Geldwezen. Monetaire sector. --- Money --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Structuur van de economie --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Wisselkoersen --- Geldstelsel --- Deviezenpolitiek. Interventies --- Geld. Geldwezen. Monetaire sector --- Banks and Banking --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Price Level --- Deflation --- Banking --- Monetary economics --- Macroeconomics --- Economic & financial crises & disasters --- Public finance & taxation --- Exchange rates --- Currencies --- International reserves --- Commercial banks --- Central banks --- Exchange rate arrangements --- Foreign exchange reserves --- Interest rates --- Prices --- Hong Kong Special Administrative Region, People's Republic of China

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Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.

International finance --- Capital movements --- 339.72 --- financiën --- markteconomie --- monetair beleid --- mouvements internationaux des capitaux --- economie de marche libre --- AA* / International - Internationaal --- 333.602 --- 382.242.0 --- 333.454.0 --- 382.20 --- 330.05 --- 332.46 --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- internationaal kapitaalverkeer --- vrije markteconomie --- Activiteiten en evolutie van de financiële markten. --- Balans van het kapitaalverkeer: algemeenheden. --- Deviezencontrole: algemeenheden. --- Internationale betalingen en betalingsbalans: algemeenheden. --- Working papers --- 339.72 Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt. --- Deviezencontrole: algemeenheden --- Activiteiten en evolutie van de financiële markten --- Internationale betalingen en betalingsbalans: algemeenheden --- Balans van het kapitaalverkeer: algemeenheden --- Internationaal betalingsverkeer. Valutahandel. Wisselmarkten. Deviezenhandel. Internationale kapitaalmarkt. Flow and funds analysis. Betalingsbalans. Internationale geldmarkt --- Capital movements. --- Banks and Banking --- Exports and Imports --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Financial Risk Management --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Finance --- Banking --- Monetary economics --- Economic & financial crises & disasters --- Capital account liberalization --- Capital account --- Capital controls --- Commercial banks --- Financial institutions --- Banks and banking --- Investments, Foreign --- Financial services industry --- Foreign exchange market --- United States

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By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.

Private finance --- Europe --- Finance --- Capital market --- Financial institutions --- Finances --- Marché financier --- Institutions financières --- European Union --- Economic integration. --- Business & Economics --- Economic History --- 339.7 --- eenheidsmarkt --- europa --- financiele markten --- 333.102 --- 333.602 --- 333.610 --- 334.151.28 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- -Finance --- -332.094 --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Funding --- Funds --- Economics --- Currency question --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- marché unique --- europe --- marchés financiers --- Bankconcentratie. --- Activiteiten en evolutie van de financiële markten. --- Effectenbeurzen: algemeenheden. --- Kredietinstellingen in de Europese Gemeenschappen. --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Marché financier --- Institutions financières --- Capital markets --- Market, Capital --- E.U. --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- 332.094 --- Bankconcentratie --- Activiteiten en evolutie van de financiële markten --- Effectenbeurzen: algemeenheden --- Kredietinstellingen in de Europese Gemeenschappen --- European Union countries --- Banks and Banking --- Finance: General --- Financial Risk Management --- Investments: Stocks --- Industries: Financial Services --- Accounting --- Investments: General --- Insurance --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Bankruptcy --- Liquidation --- Banking --- Investment & securities --- Economic & financial crises & disasters --- Insurance & actuarial studies --- Macroeconomics --- Financial reporting, financial statements --- Stock markets --- Financial sector stability --- Financial integration --- Financial services --- Financial markets --- Financial sector policy and analysis --- Competition --- Banks and banking --- Financial services industry --- Stock exchanges --- International finance --- United States