2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Confronting Risks and Uncertainties

May 18, 2021

Preview Citation

Format: Chicago

2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Confronting Risks and Uncertainties, (USA: International Monetary Fund, 2021) accessed November 13, 2024

Summary

The coverage of risks has become more systematic since the Global Financial Crisis (GFC): staff reports now regularly identify major risks and provide an assessment of their likelihood and economic impact, summarized in Risk Assessment Matrices (RAM). But still limited attention is paid to the range of possible outcomes. Also, risk identification is useful only so much as to inform policy design to preemptively respond to relevant risks and/or better prepare for them. In this regard, policy recommendations in surveillance could be richer in considering various risk management approaches. To this end, progress is needed on two dimensions: • Increasing emphasis on the range of potential outcomes to improve policy design. • Encouraging more proactive policy advice on how to manage risks. Efforts should continue to leverage internal and external resources to support risk analysis and advice in surveillance.

Subject: Contingency planning, Environment, Financial crises, Financial institutions, Insurance, Monetary policy, Natural disasters, Political economy

Keywords: Baseline policy advice, Contingency planning, Fund surveillance, Global, Insurance, Natural disasters, Policy recommendation, Risk analysis, Risk identification

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2021/029
Stock No:

PPEA2021029
ISBN:

9781513578613
ISSN:

2663-3493

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