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Managing oil price risks in developing countries: a review
No full textThis is a review of the article “managing oil price risks in developing countries” by-Julia Devin and Sheridan Titman, World Bank Research Observer 2004, Vol 19, No
Risk exposure and management in cross-border banking.
No full textThe title of this paper connotes the fact that risk-based supervision and inflation targeting are mutually inclusive policies that have to be carried out simultaneously. This is not true. The two frameworks can be adopted at the same time but they do not need to go pari passu. To that extent the paper can be regarded as two-in-one. In this connection, the two frameworks are treated separately but within the context of a single paper. We looked at their challenges and prospects in monetary policy formulation and implementation in the Nigerian economy. The rest of this paper is divided into four major sub-sections. The next section deals with issues in Risk-Based Supervision framework and this is followed in Section 3 by issues in Inflation Targeting Framework. In Section 4, we look at the challenges and prospects of adopting the two frameworks in monetary policy while the summary and conclusion are contained in Section 5
The concepts and practice of risk-based supervision.
No full textThis paper seeks to examine the concept and practice of Risk-Based Supervision (RBS). For ease of discussion, the paper has been segmented into five sections. After the introduction, sections 2 and 3 examine the Conceptual Issues in Risk-Based Supervision and Country Experiences. Section 4 looks at the framework of RBS in Nigeria while section 5 concludes the paper
How relevant is risk-based supervision for pension funds: the regulators perspective.
No full textOver the past two decades, privately managed pension systems have expanded greatly to play a central role in the provision of retirement income worldwide. The design and operation of these systems vary extensively, but the basic reason for their adoption remains unique across the board: countries need to provide affordable and sustainable income for their retired citizens. Achieving this objective becomes a challenging task in the face of the uncertainties created by globalization and rapid integration of financial markets. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years, it has increasingly been extended to other types of financial intermediaries including pension funds and insurers. This trend is closely associated with the rising awareness of the convergence of regulatory focus and concerns within the financial sector. Given the move by other financial sectors to initiate a \u27risk-based\u27 approach to supervision, pension supervisory authorities are also looking to adopt such . methods. This paper, therefore, provides an insight into the relevance of risk-based supervision for pension funds in Nigeria
Overview of financial sector developments in Nigeria.
No full textThe objective of this paper is to review the various developments (reforms) in the Nigerian financial sector since 1986, including the recent banking industry consolidation
Monetary policy, risk-based supervision and financial sector developments: international experience.
No full textThis paper describes an efficient banking supervision as essential to a virile and stable financial system and also fostering the linkage between the financial sector and the aggregate economy as well as to reduce the likelihood and magnitude of a financial crisis. Recent development across the globe has shown that dynamic diagnostic instruments are required for identifying and managing risks, vulnerabilities and development priorities in the financial sector. The need to address the unfolding complexity of supervising the banking system in the context of a globalized world underscores the introduction of the joint IMF-World Bank Financial Sector Assessment Program (FSAP) in May 1999
Investing Africa\u27s External Reserves In Africa: Issues, Challenges And Prospects
No full textThe paper underlined the challenges and opportunities for managing Africa\u27s external reserves by Africans after identifying several pre-conditions for an African currency to emerge as international currency and noted that these conditions have not yet crystallized in Africa. Although African external reserves have grown over time the benefits of such growth in terms of facilitation of domestic financial markets and even the earning are not commensurate with the reserves growth rate. The non-convertibility of African currencies, volatile macroeconomic and sometimes volatile political environment coupled with the shallowness of the domestic markets are the main challenges that are faced by the continent. However, with recapitalization of the African financial institutions especially banks and the attainment of stable polity in both economic and political fronts, there is hope for the continent\u27s institutions to take their rightful place in the emerging global financial system by first using the African resources as the first step. The involvement of creditable African financial institutions in the management of the reserves either within or outside Africa will in no small measure strengthen the development of the African financial system but also ensure that a bulk of African resources work for Africa as the difference between what the current fund managers paid to the African central banks and what they actually get as commission or profits will be retained explicitly or implicitly in Africa. Africa\u27s financial systems have been deepening and broadening over the past years, the result not only of improvements in the macroeconomic and institutional framework, but also of the worldwide liquidity glut, which directed more capital flows into Africa. The paper concluded that, for better or worse, the future of Africa\u27s financial systems is closely linked to the development of global finance, as are its real economies. However, it is up to Africa\u27s financial sector stakeholders bankers, donors, and policymakers to guide financial sector reforms in a way that maximizes Africa\u27s opportunities, learning both from their own experience over the past 50 years and the experience in other emerging and developed economies. One of the ways to accomplish this is to fast track regional economic and monetary integration in Africa as well as infrastructure upgrade
Setting the operational framework for producing inflation forecasts.
No full textThis paper discusses the intricacies involved in the production of the best possible inflation forecasts. Issues such as the choice of an appropriate index, the forecast design and requirements as well as communication strategies were discussed
Supervising cross-border banks: matters arising.
No full textAn essential element of banking supervision is that supervisors supervise their banking groups on a consolidated basis, adequately monitoring and, as appropriate, applying prudential norms to all aspects of the business conducted by each group worldwide. This paper examines supervision of banking groups on a consolidated basis which goes beyond accounting consolidation. It simply implies that there is a group-wide approach to supervision whereby all risks taken on by each banking group are taken into account wherever they are booked (i.e. in the bank or in a subsidiary; in Nigeria or elsewhere)
The economic aftermath of the 1960s riots: evidence from property values - a review.
No full textIn examining the causes of riots in the United States, the authors identified discriminatory norms and public policies, large capital gaps in income and wealth, relatively low demand for unskilled labour due largely to macroeconomic and technological developments, rural–urban migration, rising rates of crimes and unemployment as some of the predominant causative factors. Using city-level and household-level data, the paper found persistent negative and economically significant correlations between riots severity and black-owned property values. The paper attempted to capture the omitted variables that could misstate riots’ true impact on property values by controlling series of city characteristics such as pre-existing trend in housing values, pre-riot city size, black population size, manufacturing, employment, residential segregation, crime and region. The authors adopted the instrumental variable approach to estimating the riot effect and observed that riots have strong negative impact on property values. The paper further took a cursory look at the historical chronology of violent race-related civil disturbances in the US from the early 18th century eliciting the causes, character, magnitude, geographical spread, duration, location, targets, associated number of arrests, injuries, occurrence of arson, and deaths recorded. The severity of the riots were measured in absolute terms using five characteristics (deaths, injuries, arrests, arson and number of days of rioting) on a cumulative basis to form an index