{ "title": "Reforming the Financial Landscape After the Crisis", "publication": "IMF Blog, April 13, 2010", "sourceUrl": "https://www.imf.org/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis", "canonical": "https://www.imf.org/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis", "overlayPath": "/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/index.md", "summary": "Title: Reforming the Financial Landscape After the Crisis", "sections": [ { "heading": "Publication and release", "content": "- Title: Reforming the Financial Landscape After the Crisis\n- Date: April 13, 2010\n- Format: Three analytical chapters from the upcoming Global Financial Stability Report released (Chapter 2 published on April 13, 2010; Chapter 1 comes out next week; Chapter 3 and Chapter 4 referenced).\n- Institutional context: IMF blog post on IMFBlog." }, { "heading": "Chapter 2 — central questions and framing", "content": "- Focus: Two questions for policymakers reforming the financial landscape:\n - Whether systemic risk would be reduced by placing all regulatory functions under the purview of one entity—be that a single agency or an overseeing council?\n - If capital surcharges on financial institutions were used to limit systemic risk associated with domino-like failures, how would such surcharges be constructed?\n- Analytical stance:\n - \"we do not have “the” answer to these difficult questions, but we think we have been able to frame the debate in a constructive way and provide guidance to policymakers on these important issues.\"\n - Capital surcharges on systemically important institutions are presented as one method within a multipronged approach, not necessarily the only solution.\n- Policy implication:\n - There is a need to examine a number of approaches to determine which one or combination will best reduce systemic risk." }, { "heading": "Chapter 3 — market infrastructure and OTC derivatives", "content": "- Focus: Improving market infrastructure to help limit systemic risk.\n- Specific market examined: over-the-counter derivatives market, with attention to problems revealed by Lehman’s bankruptcy and AIG’s near miss in the credit default swap market.\n- Analytical point: The IMF examines how central counterparties for clearing these contracts can act as shock-absorbers in the financial system.\n- Multimedia: The chapter release is accompanied by a video (YouTube link embedded in the source)." }, { "heading": "Chapter 4 — global liquidity and capital inflows", "content": "- Focus: Vulnerabilities that may be building up in some countries partly as a result of low interest rates and ample liquidity in the main advanced economies’ monetary policy stances.\n- Key findings:\n - The chapter documents that global liquidity plays a role in capital inflows to emerging and some other advanced countries where interest rates are higher and growth prospects are stronger.\n - An increase in capital inflows is positive following their dramatic decline during the height of the crisis, but excessive inflows can exacerbate inflation pressures or asset price bubbles.\n- Policy recommendations and options for liquidity-receiving economies:\n - First-best solution: macroeconomic policies, including flexible exchange rates, and enhanced prudential regulations for the financial sector, can go a long way in managing a surge of capital inflows.\n - The chapter also reviews international experience with capital controls as part of the policy toolkit.\n- Multimedia: The chapter release is accompanied by a video (YouTube link embedded in the source)." }, { "heading": "Overarching messages and guidance to policymakers", "content": "- The released chapters aim to frame debates and provide guidance on systemic risk reduction, market infrastructure improvement, and management of capital inflows.\n- Emphasis on a multipronged approach: capital surcharges are one tool among several; flexible macroeconomic policies and prudential regulation are highlighted as first-best responses to surges in capital inflows." }, { "heading": "About the blog and institutional note", "content": "- IMFBlog is a forum for the views of IMF staff and officials on pressing economic and policy issues of the day.\n- The IMF is based in Washington D.C. and is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.\n- Disclaimer: The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.\n\nSource: Reforming the Financial Landscape After the Crisis — IMFBlog, April 13, 2010.\n\n---\n\n Content in this bundle\n\n- Chap2\n - Chap2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chap2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- chapter 3 MakIng over-the-counter derIvatIves saFer: the role oF central counterpartIes\n - chapter 3 MakIng over-the-counter derIvatIves saFer: the role oF central counterpartIes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - chapter 3 MakIng over-the-counter derIvatIves saFer: the role oF central counterpartIes (PDF){rel=\"external\" type=\"application/pdf\"}\n- chapter 4 global lIquIdIty expansIon: eFFects on “receIvIng” econoMIes and polIcy response optIons\n - chapter 4 global lIquIdIty expansIon: eFFects on “receIvIng” econoMIes and polIcy response optIons (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - chapter 4 global lIquIdIty expansIon: eFFects on “receIvIng” econoMIes and polIcy response optIons (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- These chapters\n\nSource: https://www.imf.org/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis" } ], "bullets": [ "[Markdown version](/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/index.md)", "[Structured JSON version](/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/index.json)", "[Bundle manifest](/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/bundle-manifest.json)", "Published: April 13, 2010", "Title: Reforming the Financial Landscape After the Crisis", "Date: April 13, 2010", "Format: Three analytical chapters from the upcoming Global Financial Stability Report released (Chapter 2 published on April 13, 2010; Chapter 1 comes out next week; Chapter 3 and Chapter 4 referenced).", "Institutional context: IMF blog post on IMFBlog.", "Focus: Two questions for policymakers reforming the financial landscape:", "Analytical stance:", "Policy implication:", "Focus: Improving market infrastructure to help limit systemic risk.", "Specific market examined: over-the-counter derivatives market, with attention to problems revealed by Lehman’s bankruptcy and AIG’s near miss in the credit default swap market.", "Analytical point: The IMF examines how central counterparties for clearing these contracts can act as shock-absorbers in the financial system.", "Multimedia: The chapter release is accompanied by a video (YouTube link embedded in the source).", "Focus: Vulnerabilities that may be building up in some countries partly as a result of low interest rates and ample liquidity in the main advanced economies’ monetary policy stances.", "Key findings:", "Policy recommendations and options for liquidity-receiving economies:", "Multimedia: The chapter release is accompanied by a video (YouTube link embedded in the source).", "The released chapters aim to frame debates and provide guidance on systemic risk reduction, market infrastructure improvement, and management of capital inflows.", "Emphasis on a multipronged approach: capital surcharges are one tool among several; flexible macroeconomic policies and prudential regulation are highlighted as first-best responses to surges in capital inflows.", "IMFBlog is a forum for the views of IMF staff and officials on pressing economic and policy issues of the day.", "The IMF is based in Washington D.C. and is an organization of 191 countries, working to foster global monetary cooperation and financial stability around the world.", "Disclaimer: The views expressed are those of the author(s) and do not necessarily represent the views of the IMF and its Executive Board.", "**Chap2**", "**chapter 3 MakIng over-the-counter derIvatIves saFer: the role oF central counterpartIes**", "**chapter 4 global lIquIdIty expansIon: eFFects on “receIvIng” econoMIes and polIcy response optIons**", "[These chapters](http://www.imf.org/external/pubs/ft/survey/so/2010/NEW041310A.htm)" ], "related": [ { "title": "Chap2", "role": "document", "sourceUrl": "http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap2.pdf", "summary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap2.pdf", "mime": "application/pdf" } }, { "title": "chapter 3 MakIng over-the-counter derIvatIves saFer: the role oF central counterpartIes", "role": "document", "sourceUrl": "http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap3.pdf", "summary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap3.pdf", "mime": "application/pdf" } }, { "title": "chapter 4 global lIquIdIty expansIon: eFFects on “receIvIng” econoMIes and polIcy response optIons", "role": "document", "sourceUrl": "http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap4.pdf", "summary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap4.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/gfsr/2010/01/pdf/chap4.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/index.md", "json": "/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/index.json", "bundleManifest": "/en/blogs/articles/2010/04/13/reforming-the-financial-landscape-after-the-crisis/bundle-manifest.json" }, "generatedAtUtc": "2026-08-28T14:22:42.217Z" }