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Unwinding Financial Sector Interventions: Preconditions and Practical Considerations - Product Image

Unwinding Financial Sector Interventions: Preconditions and Practical Considerations

  • Published: October 2010
  • Region: World
  • 92 Pages
  • International Monetary Fund (IMF)

As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis.

There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists.

Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.

Abbreviations vii

Overview

1 Introductory Remarks by John Lipsky

Session 1 The Financial Crisis––Where Are We Now, and What Are the Prospects for Unwinding Public Interventions in the Financial Sector?

Hervé Hannoun, Bank for International Settlements Malcolm D. Knight, Deutsche Bank Antonio de Lecea, European Commission Georges Pineau, European Central Bank Manuel Sánchez González, Bank of Mexico

Session 2 Managing Fiscal Risks––Public Finance Aspects of Unwinding

Mitsuhiro Furusawa, Ministry of Finance, Japan Simon Johnson, Massachusetts Institute of Technology Christian Kastrop, German Federal Ministry of Finance Nigel Ray, Australian Treasury

Session 3 Financial Sector Interventions––Identifying Preconditions and Practical Considerations for Unwinding Liquidity Support and Guarantees

Charles Bean, Bank of England Matt Carter, Royal Bank of Scotland Dino Kos, Portales Partners, LLC Haruyuki Toyama, Bank of Japan Edwin M. Truman, Peterson Institute for International Economics

Session 4 Financial Crisis-Related Assets––Practical Considerations for Restoring Private Control

Aerdt Houben, De Nederlandsche Bank Nigel Jenkinson, Financial Stability Board 66Simon Linnett, Rothschild
Thomas D. Stoddard, The Blackstone Group

Concluding Remarks by John Lipsky

Annex: Agenda, Participants, and Summary of Deliberations

Udaibir S. Das

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