of the Bretton Woods exchange rate system in the 1970s, Overall, over the course of the last two decades systemic the global economy has seen growth in the size of the risks appear to be growing, partly driven by the increase in financial sector, progressively deeper integration of global climate-related risks such as an increase in the severity and financial markets, rapid technological change th. [...] A range of national financial regulations and interna- The rest of this chapter first gives an overview of the global financial safety tional standards was updated in the wake of the 2008 world financial and net in the past two decades, followed by a section on financial market economic crisis, but implementation is uneven globally, and certain risks regulation and supervision. [...] the activation of limited BSAs with other countries during global crisis Many countries would therefore need to use several elements of the safety episodes, and the large scaling-up of the lending capacity of the IMF and net to fully cover their financing needs, which could raise coordina- RFAs during the world financial and the European debt crises (e.g. [...] The Financial Stability Board (FSB) economy from a wider spread of financial instability; at the same time, was created in the wake of the 2008 world financial and economic crisis these crises underlined the importance of effective regulatory implementa- to coordinate implementation of regulatory reforms across banking and tion and supervision.30 Effective supervision of banks requires political w. [...] All the financing for development outcomes have Since 2000, both the World Bank and the IMF55 have expanded the size referenced the importance of enhancing the coherence and consistency of their boards of executive directors to create space for more developing of the international monetary, financial and trading systems in support of country representatives.
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- Published in
- United States of America
