3įinancial soundness indicators (FSIs) are indicators compiled to monitor the health and soundness of financial institutions and markets, and of their corporate and household counterparts. 2 Recent Board papers on the Special Data Dissemination Standard (SDDS) and on the FSAP also discussed related issues. An IMF Executive Board meeting in January 2000 discussed the state of knowledge in these areas and proposals for further work. High-level experts from central banks, supervisory agencies, international institutions, academia, and the private sector discussed their experiences in using, measuring, and disseminating indicators of financial system soundness. A consultative meeting on macroprudential indicators was held at IMF headquarters in September 1999. 1 An initial, relatively broad set of indicators-the so-called macroprudential indicators-was identified in this earlier work, comprising aggregated prudential indicators, macroeconomic variables associated with financial system vulnerability, and market-based indicators. The IMF has been accumulating experience in these areas as part of its surveillance, technical assistance, and policy development work, and, more recently, in the context of the Financial Sector Assessment Program (FSAP). We refer to them as financial soundness indicators (FSIs) and macroprudential analysis, respectively (see Box 1.1). The development of measures of financial sector soundness, and of methods to analyze them, are the subjects of this occasional paper. Given the linkages between microeconomic conditions and macroeconomic and overall financial stability, the monitoring of developments and policy responses to ensure financial stability poses special challenges, particularly when financial supervision functions are separated from the central bank. Financial supervisory tasks, on the other hand, are often focused more directly on the health of individual institutions. They differ from financial supervisory activities insofar as they are primarily directed at a range of factors that may pose risks to the financial system as a whole-systemic risks-with significant macroeconomic repercussions.
Such activities are typically embedded in central banks' mandates to promote financial stability and sound payment systems. Hence, central banks and governments are paying increasing attention to monitoring the health and efficiency of financial institutions and markets, and to macroeconomic and institutional developments that pose potential risks to financial stability. The soundness of financial institutions is also a key part of the infrastructure for strong macroeconomic performance and effective monetary policy at the national level. The magnitude and mobility of international capital flows have made it increasingly important to strengthen the foundations of domestic financial systems as a way to build up resilience to capital flow volatility. Structural, institutional, and macroeconomic aspects of financial system stability are receiving growing attention both nationally and in international fora.
MPI Survey-Part II (b): Supplementary IssuesĪ5.5. MPI Survey-Part II (a): Compilation and DisseminationĪ5.4. MPI Survey-Part I (b): Supplementary IssuesĪ5.3. MPI Survey-Part I (a): User QuestionnaireĪ5.2. Compilation and Dissemination of FSIs by Type of EconomyĪ5.1. Usefulness of FSIs by Type of User and Type of EconomyĪ4.4. SDDS Subscribers: Compilation and Dissemination of FSIsĪ4.3. FSIs for Which Components Are Extensively CompiledĪ4.2. Factors Used to Identify Key SubsectorsĪ4.1. Components of Macroprudential Analysisĥ.1. Valuation Practices Affecting FSIs by Data SourceĢ.1. FSIs: Compilation and Dissemination PracticesĨ.3.
Groups III–IV FSIs by Type of EconomyĨ.1. Summary of the Responses by Indicatorħ.3. Summary of the Responses by Type of EconomyĦ.2. Data Requirements for an Integrated VaR AnalysisĦ.1. Household Indicators Used in Norway, Sweden, and theĥ.1. Determinants of Corporate VulnerabilitiesĤ.4. FSIs Used in Financial System Stability AssessmentsĤ.1. Country Practices on Nonperforming LoansĢ.1. Compilation and Dissemination PracticesĨ.2.
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