2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Preempting and Mitigating Spillovers

Policy Papers, May 18, 2021

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Canonical URL: 2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Preempting and Mitigating Spillovers

The Fund has a range of modalities and tools to cover spillovers.
There remains scope to enhance synergies between global and country-specific spillover coverage and to foster cross-country dialogue.
Practical guidance and enhanced information-sharing would allow for more systematic surveillance of spillovers.
The COVID-19 pandemic has underscored the need to continue expanding the research frontier covering new spillovers and channels and developing new tools and data sets.
Filling the remaining gaps in the Fund’s spillover work would allow for a more coordinated and evenhanded surveillance of spillovers.

Existing modalities and tools enable coverage of spillovers at global and country-specific levels.
Synergies between global and country-specific spillover coverage are not fully realized.
Cross-country dialogue on spillovers is insufficiently fostered under current practices.
Information-sharing practices are fragmented, limiting systematic surveillance.

Need for practical guidance to standardize and systematize spillover surveillance.
Enhanced information-sharing mechanisms are required to improve cross-country spillover analysis.
Expansion of the research frontier to identify new spillovers and channels is necessary.
Development of new tools and data sets is needed to better capture emerging spillover dynamics, especially in light of COVID-19.

Enhance synergies between global and country-specific spillover coverage.
Foster cross-country dialogue to improve coordination and mutual understanding of spillover risks.
Provide practical guidance to operational teams to enable more systematic surveillance of spillovers.
Strengthen information-sharing frameworks to facilitate timely and comprehensive spillover analysis.
Expand research efforts to cover new spillovers and channels revealed or amplified by the COVID-19 pandemic.
Develop and deploy new analytical tools and data sets to support the expanded research and improved surveillance.