Financial Sector Assessment Program: IEG Review of the Joint by Lily L. Chu

By Lily L. Chu

The monetary region review software (FSAP) is a tremendous initiative, undertaken together by way of the area financial institution and the IMF, in line with the monetary crises of the past due Nineteen Nineties. the last word goals of this system are (i) the identity and backbone of economic zone vulnerabilities and their macroeconomic balance implications; and (ii) fostering monetary quarter improvement and its contribution to fiscal development. moreover, the FSAP was once anticipated to aid the financial institution, Fund, and different associations layout acceptable suggestions to handle concerns pointed out through the FSAP. The overview chanced on that the FSAP is an efficient caliber diagnostic device. Joint Bank-Fund cooperation has allowed an built-in method in the direction of monetary quarter vulnerabilities and improvement wishes, and has accelerated the intensity and caliber of the abilities base. The tests, besides the fact that, fall brief in prioritizing options and integrating the findings and suggestions of the checks into its total courses.

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4. 6 Source: IEG analysis based on reviews of FSAPs. Full assessments only; excludes updates. Reports reviewed were: Core Principles for Effective Banking Supervision (BCP), Code of Good Practices on Transparency in Monetary and Financial Policies (TMF), Committee on Payment Systems and Settlements (CPSS), International Organization of Securities Commissions (IOSCO), and International Association of Insurance Supervisors (IAIS). 5. ROSCs per Category of Country Category of country Total number of countries Advanced in percent of countries 19 BCP 19 100% Emerging in percent of countries 31 31 100% Developing in percent of countries 34 34 100% Total 84 Source: IEG analysis based on reviews of FSAPs.

Compared with most updates should be pieces of ESW, the full conducted every two to FSAPs are very costly. three years. 19 From fiscal year 2000 to fiscal year 2004, 45 major pieces of financial sector ESW were carried out, at an average cost of US$251,000. The FSAP has not appreciably changed the amount of other financial sector ESW carried out by the Bank; 44 major pieces of financial sector ESW were carried out from fiscal year 1995 to fiscal year 1999. However, the composition of the ESW has changed.

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