Bank of England, The
, 7, 12, 16, 18–19, 30–31, 40, 60
Banking sector
, 2–3, 13, 17–19, 23, 58–60, 62, 65, 67
Banks
, 6, 8, 16, 18, 24, 28–30, 52–53, 57, 90
commercial
, 28–29, 52–53, 57
investment
, 29, 90
Bloomberg New Energy Finance
, 20
Borderless payments zone
, 34
Broad money
, 2, 62, 67–68
Capacity
, 25
loan repayment
, 2
loss-absorbing
, 19
Capital
, 2–3
human
, 23
large
, 19
venture
, 20
Capital account surpluses
, 49
Capital Adequacy Ratio
, 58
Capital flows
, 12, 22, 48, 63, 68, 95, 105, 111–112
Capital Reserves
, 47–48, 57–60
Central Bank Balance Sheet and Money Supply
, 52
Central bankers
, 1, 8, 14, 31
Classical economists
, 104
Clearing and settlement systems
, 28, 38
Collaterals
, 9, 27
eligible
, 40, 42
foreign
, 44
Collaterals arrangements
, 27
Commodity Futures Trading Commission
, 77
Comparative assessments
, 1
Continuous Linked Settlement (CLS)
, 32
Conventional Risk Assessment Matrix
, 4
Corporate credit risk
, 47
Corporate sector
, 2–3, 17, 24, 47
Country-specific features
, 1
Covered call position
, 89
Coveted metric of analysis
, 17, 57
Credit risk
, 34, 39, 43, 45, 47, 70, 83
Crime prevention
, 27
See also Money laundering
Cross-border payments
, 34
Crowding-out effect
, 102–105
Cryptocurrencies
, 28, 30–31
Currency risk
, 43, 57, 69–70, 73–74, 81, 83, 92
Currency Swaps
, 91–92, 94
Currencies
, 6, 12
digital
, 43
foreign
, 42–43
issued
, 6
local
, 33, 49
Cyberattack risks
, 31, 43
Economic transactions
, 104
Effective payment mechanism
, 28
See also Payment instruments
Electronic-based means of payments
, 32
Emerging market economies
, 2–3, 22, 48, 67
Euro Area Financial Stability
, 24
European Central Bank (ECB)
, 24, 37
European Economic Area (EEA)
, 18
European System of Central Banks
, 28
European Systemic Risk Board, The
, 16
Exchange rate
, 11, 55, 67, 81–82, 106–108, 112
current
, 81–82
desired
, 107
fixed
, 106, 108, 112
flexible
, 108
floating
, 112
foreign
, 55
future
, 67
real
, 11
Feasible default risk
, 91
Fedwire funds service
, 37
Fedwire securities services
, 38
Finality of settlements
, 32
Financial Architecture
, 39, 42
Financial crisis
, 1, 16, 48
Financial instruments
, 3, 27, 39, 50, 69, 94
Financial instruments-derivatives
, 3
Financial intermediation
, 2, 47
Financial markets and infrastructures
, 29
central securities depositories
, 29
custodians
, 29
Payment Settlement Systems
, 29
securities settlement systems
, 29
Financial markets
, 23, 27, 36, 39, 41, 65
Financial sector linkages
, 7
Financial sector risks
, 7
Financial Services Authority
, 77
Financial Stability Board
, 43
Financial stability reports
, 1, 4, 14, 27, 47
Financial stability reviews
, 1
See also Central bankers; Policy-makers
Financial stability risks
, 2, 23, 42, 44, 47
Financial stability
, 1–2, 4, 14, 16, 17–20, 23, 27, 28, 33, 38–39, 60, 65
Financial system
, 1, 6, 13, 28–29, 33, 38–39, 43–45, 48, 50, 60, 68
financial architecture
, 39
financial institutions
, 39
financial instruments
, 39
financial markets
, 39
regulators and rules and laws governing
, 39
Fiscal policy
, 9, 17, 24, 95, 102–111
Fiscal Sustainability Risk Indicators
, 25
Fixed Exchange Rate Regime
, 49, 51–56, 59, 64, 105–108
Fixed Exchange Rate System
, 49
Floating Exchange rate regime
, 48–49, 62, 65, 108–112
Floating Exchange rate system
, 48–49, 112
Foreign asset and liability
, 10
Foreign asset-based reserves
, 57
Foreign assets
, 49, 52–53, 55, 67, 106–107, 114
Foreign capital inflows
, 63, 67
Foreign currency price
, 51
Foreign currency settlement system
, 33
Foreign direct investments
, 22, 67
Foreign exchange reserves
, 48, 57, 61–64
Foreign exchange transactions
, 32, 34, 38
See also CLS system
IMF Global Financial Stability Reports
, 14
IMF. See International Monetary Fund
Indian banks data breach
, 44
Interbank market rates
, 30, 60
Interest elasticity of investment
, 98, 104
Interest rate risk management
, 94
Interest Rate Swaps
, 90–94
Interest rates
, 2–3, 18–20, 24
foreign
, 52, 54–55
high
, 59
higher
, 25, 55, 59, 64, 111
interbank
, 30, 33
key
, 30, 33
local
, 52, 54–56
long-term
, 13, 20
low
, 2, 18–20
lower
, 55, 111
zero
, 98
Interest-sensitive investment
, 103, 105
International exchanges
, 77–78
International Monetary Fund (IMF)
, 5–6, 8–9, 12–22
International transactions
, 37, 63
IS curve
, 95–99, 101–107, 109–112
Labour market conditions
, 2
Labour market flexibility
, 26
Labour-enforced programmes
, 26
Large-value payment systems
, 30–31, 35–36
Least developed countries (LDGs)
, 23
Level of consumer sentiment
, 2
Level of disposable income
, 2
Level of external confidence
, 2
Leveraged financial instruments
, 94
Leveraging artificial intelligence
, 17
Liquidity Coverage Ratio
, 47, 57–60
Liquidity management
, 29, 42
Liquidity preference
, 101–102
Liquidity reserves
, 45, 47, 56, 58–60
Liquidity risk
, 18, 23, 42, 50, 59, 65–66
Liquidity state
, 40, 42–43, 59
Liquidity-induced systemic risk
, 60
Loan repayment capacity
, 2
Local and international developments
, 1
Local asset-based reserves
, 57
Local currency large-value payment system
, 33
Macroeconomic policies
, 7
Marked-to-market prices
, 70, 81
Markets
, 6–7, 12–13, 18, 20, 22–24, 26–28
debt markets
, 29
derivatives markets
, 28, 29
FX markets
, 29
stock markets
, 29
Mergers and acquisitions
, 19–20
Mobile internet adoption
, 17
Monetary Policies
, 23, 104
Monetary policy implementation
, 29
Monetary policy transmission mechanism
, 33
Money multiplier
, 53, 113
Money Supply
, 52–55, 64, 101–102, 104–107, 113–114
Mundell-Fleming Exchange Rate Model
, 95
Macro-prudential policies
, 6, 9, 12
Macroeconomic variables
, 2–3
Monetary policy
, 7–8, 17–18, 20, 22–24, 29–31, 33, 50, 59–60, 95, 102–104, 107–109, 111–112
See also Federal Funds rate
Paper-based payment instruments
, 32
Payment and settlements system/mobile economy
, 3
Payment channels
, 28
ATM or SWIFT
, 28
Payment instruments
, 28, 38
cheques, credit cards, debit cards and mobile banking
, 28
Perfect Capital Mobility
, 105, 107–109, 112
Policy Goals and Expenditure-Switching Policies
, 110
Political economy
, 2, 63, 68
Protracted period of low productivity
, 7
Purchasing Managers’ Index (PMI), The
, 23
Policy-makers
, 1, 8, 14, 107
See also Global financial crisis
Payment and Settlement System
, 2, 27–29, 31, 33, 38–45