|Summary of Proceedings||
April 29, 2002
This book contains the proceedings of the IMF's eighth Central Banking Seminar, which was held June 5–8, 2000, and organized by the IMF's Monetary and Exchange Affairs Department in collaboration with the IMF Institute. Since they began in 1983, these seminars have been organized every two to three years; the seventh in the series took place in January 1997. The seminars have provided a useful forum for wide-ranging discussions on a number of central banking issues among senior practitioners from the IMF membership. The objective has not necessarily been to reach definitive conclusions or to arrive at a consensus on any issue. The topics chosen feature prominently in current debates in the monetary, banking, and exchange areas. The seminars also are an opportunity to inform relevant and interested parties about the IMF's current analytical and policy work in the areas concerned.
This volume takes its title from the theme of the eighth seminar, "Financial Risks, Stability, and Globalization." Apart from staffs of the IMF and the World Bank, participants were drawn from the Bank for International Settlements, the Inter-American Development Bank, private financial firms, academia, regulatory and supervisory agencies, and central banks. Officials from over 35 countries were represented. The diversity of the specialties and backgrounds of the main speakers and the commentators demonstrates the complexity of the topics discussed. As expected, the diversity contributed strongly to the depth of the discussions.
The topics themselves are of immense concern to the IMF, in general, and its Monetary and Exchange Affairs Department in particular. Indeed many of the issues raised feature prominently in the IMF's Article IV consultations and technical assistance. But the topics also reflect the growing amount of time and energy that policymakers, including central bankers, in all parts of the world have had to devote in recent years to safety, efficiency, and stability of the financial system. Macroeconomic policymakers particularly seek to understand the major factors determining risk management, efficiency, and stability in financial systems; the economic costs of suboptimal levels of risk management, efficiency, and stability; and the nature of optimal policy interventions. In this context, the IMF in its relations with countries has been paying great attention to banking and financial sector issues, such as bank soundness, systemic bank restructuring, and the safety and efficiency of systemically important payment systems, and their interaction with the macroeconomic environment. It has been the intention in organizing this seminar to reflect some of this ongoing work of the IMF and to obtain the views of other experts on these issues. We hope that the volume will be of value to policymakers as well as researchers.