金融部门评估规划（Financial Sector Assessment）手册：Chapter 1 Financial Sector Assessments - Overall Framework and Executive Summary

1 Chapter 1 Financial Sector Assessments: Overall Framework and Executive Summary 1.1. Introduction The design of policies to foster financial system stability and development has become a key area of focus among policy makers globally. This policy focus reflects the growing evidence that financial sector development can spur economic growth whereas financial instability can significantly harm growth and cause major disruptions, as was seen in the financial crises of the 1980s and 1990s (World Bank 2001). This focus also reflects the recognition that close two-way linkages between financial sector soundness and per- formance, on the one hand, and macroeconomic and real sector developments, on the other hand, need to be considered when designing macroeconomic and financial policies. Moreover, although the development and international integration of financial systems can strengthen access to foreign capital and can promote economic growth, there is a risk of cross-border spillovers of financial system disturbances. Effective surveillance of national financial systems, along with a harmonization and international convergence of key components of financial policies, will help minimize those types of risks and will pro- mote orderly development of the financial system. Thus, financial stability considerations and financial sector development policies are intrinsically interlinked. Recognizing the need for stronger policies to foster financial stability and development, several entities around the world, including national authorities, multilateral development agencies, regional development institutions, and various standard-setting bodies are focus- ing on further developing the tools and methodologies of financial sector analysis and assess- ments. The purposes of those tools have been to monitor financial system soundness and developments, to analyze the linkages between the financial sector and the macro-economy, to assess the effectiveness of various aspects of monetary and financial policies, and to pro-

1 1 1.1. Introduction The design of policies to foster financial system stability and development has become a key area of focus among policy makers globally. This policy focus reflects the growing evidence that financial sector development can spur economic growth whereas financial instability can significantly harm growth and cause major disruptions, as was seen in the financial crises of the 1980s and 1990s (World Bank 2001).This focus also reflects the recognition that close two-way linkages between financial sector soundness and per￾formance, on the one hand, and macroeconomic and real sector developments, on the other hand, need to be considered when designing macroeconomic and financial policies. Moreover, although the development and international integration of financial systems can strengthen access to foreign capital and can promote economic growth, there is a risk of cross-border spillovers of financial system disturbances. Effective surveillance of national financial systems, along with a harmonization and international convergence of key components of financial policies, will help minimize those types of risks and will pro￾mote orderly development of the financial system. Thus, financial stability considerations and financial sector development policies are intrinsically interlinked. Recognizing the need for stronger policies to foster financial stability and development, several entities around the world, including national authorities, multilateral development agencies, regional development institutions, and various standard-setting bodies are focus￾ing on further developing the tools and methodologies of financial sector analysis and assess￾ments. The purposes of those tools have been to monitor financial system soundness and developments, to analyze the linkages between the financial sector and the macro-economy, to assess the effectiveness of various aspects of monetary and financial policies, and to pro￾Chapter 1 Financial Sector Assessments: Overall Framework and Executive Summary

Financial Sector Assessment:A Handbook Box 1.1 Financial Sector Assessment Program(FSAP)-A Chronology The p ram was developed by the World Bank and First review of FSAP,December 13,2000 ational Monctary Fund to cial Sector devel- the FSAP and for the perod ahead Fund Fir in any one year while maintaining broad country y() has held several outreach meeting son FSAP with -SAP teams as "the sted that Bannd Fund staf members should ur tha programs. of ESAP MarchAbril 2003 Bank and Fund Bo ESAP ondhcted a comprehen- ivity and bility in the scope and pace of the an interim report on FSA ree the D World Bank in those countries;and including the h e pilot,March Marc 2005. iewacknouled the program,a end ed the nce nd the Bank's r Many Bank-Fur d nents rela 2000 on the dare of the vided to ss of the program in preparation FSAP by the Bank d the Fu see IMF and World Bank 2005 a.The World Bank-Fund Fir cial Se LC he

2 Financial Sector Assessment: A Handbook 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 Box 1.1 Financial Sector Assessment Program (FSAP)—A Chronology The program was developed by the World Bank and the International Monetary Fund to help strengthen financial systems in the context of IMF’s bilateral surveillance and World Bank’s Financial Sector devel￾opment work. In consultation with the Bank’s regions and the Fund’s area departments, the World Bank– Fund Financial Sector Liaison Committee (FSLC)a coordinated the initial development of the program and later has helped manage the program. The FSLC has held several outreach meetings on FSAP with concerned country authorities and sought regular feedback on the program from participating countries to adapt the program to country needs and to use the feedback as input into various Board reviews of the programs. Pilot program launch on May 1999. The man￾agements of the Bank and the Fund inform the Boards that they have decided to launch jointly, on a pilot basis, the IMF–World Bank Financial Sector Assessment Program. Interim Board discussion of the pilot program, September 1999. Bank and Fund Boards discussed an interim report on FSAP summarizing the early experience of the pilot. Directors provided guid￾ance on scope and procedures of the pilot. The International Monetary and Financial Committee and Development Committee express support for the program in their fall 1999 communiqués. Comprehensive Board review of the pilot, March 2000. Bank and Fund Boards conducted a compre￾hensive review of the progress and lessons of the FSAP pilot. Both Boards agreed to continue and expand the program and provided preliminary guidance on how to develop further the FSAP. Guidance covered the scope and pace of the program, links to IMF surveil￾lance and technical assistance, relationship to assess￾ments of standards, confidentiality considerations, and publication and circulation procedures. Program update, September 2000, and a joint technical briefing on FSAP to both Boards, December 7, 2000. An update of the program was provided to both Boards. The co-chairs of FSLC provided a joint technical briefing for Bank and Fund Boards on the procedures and progress of the program in preparation for a comprehensive program review. First review of FSAP, December 13, 2000 (Fund), and January 2001 (Bank). Bank and Fund Boards conducted a review of experience with the FSAP and established guidelines for the con￾tinuation of the FSAP program for the period ahead; sought priority for systemically important countries in any one year while maintaining broad country coverage; affirmed the value of the Financial System Stability Assessment (FSSA) reports prepared by the FSAP teams as “the preferred tool for strengthen￾ing the monitoring of financial systems under the Fund’s bilateral surveillance”; and suggested that Bank and Fund staff members should ensure that FSAP assessments are reflected in other aspects of country programming, including appropriate techni￾cal assistance. Second review of FSAP, March–April 2003. Bank and Fund Boards conducted a comprehen￾sive review of the FSAP and provided guidance in streamlining the program; achieving greater selec￾tivity and flexibility in the scope and pace of the program; broadening the range of tools of financial sector surveillance that complement FSAP; increas￾ing the focus on medium-term and structural issues in low-income countries, with a greater role for the World Bank in those countries; and including the anti-money-laundering and combating the financing of terrorism (AML–CFT) assessments in all FSAPs. Third review of FSAP, February–March 2005. Bank and Fund Boards reviewed the developments in the program since the last review, acknowledged the value of the program, and broadly endorsed the ongoing efforts to strengthen and refine the pro￾gram, pending the upcoming further reviews of the FSAP by the Fund’s Independent Evaluation Office, and the Bank’s Operations Evaluation Department, whose recommendations will be considered by the Boards later. Many Bank-Fund documents relating to the FSAP are available on the Web sites of the IMF (http:// www.imf.org/external/np/fsap/fsap.asp) and of the World Bank (http://www.worldbank.org/finance/fsap. html). For details on the March 2005 review of the FSAP by the Bank and the Fund Boards of Directors, see IMF and World Bank 2005. a. The World Bank–Fund Financial Sector Liaison Committee was established in September 1998 by the Boards of the two institutions to improve coordination of Bank and Fund operations related to financial sector stability and development. Among other things, the FSLC helps to coordinate country selection for FSAPs, organizes Bank-Fund teams for FSAPs, and builds consensus on various procedural and policy matters related to financial sector assessment. The activities of the FSLC are reported in periodic progress reports. The FSLC has issued guidance on various FSAP procedures

Chapter 1:Fimancial Sector Assessments:Overall Framework and Executive Summary mote harmonization and international con nce of key financial policy areas.Thos nents have increased the demand for guidance on good practices in conducting 1 financial sector as ments and in designing appropriate policy responses. In response,this Handbook presents a general analytical framework as well as specific techniques and methodologies for assessing the overall stability and development needs of financial systems in individual countries and for designing policy responses.The stabil- ity and state of development of a financial system depend on a broad range of structural institutional,and policy factors that operate through two channels.First,they affect the toward risk taking. and reach of fina cial service nce Second,they inluence the effectivene -functioning financia markets.Those considerations are reflected in the organization of the Handbook,which is explained more fully in section 1.2 below. The Handbook draws particularly on the World Bank-IMF experience in conducting the Financial Sector Assessment Program(FSAP)and on the broader operational and policy development work on financial systems in both institutions.The World Bank and the IME in oduced the esap in may 1999 to gthen fina tems in the conte tof IMFs bilateral surveill and heln nce and of the We development work and has since become a regular part of Bank and Fund operations(se box 1.I for a chronology of the FSAP).The FSAP has been built on a range of analytica techniques and assessment tools developed in the IMF,World Bank,Bank for International Settlements (BIS).international standard-setting bodies.and national authorities Appendix A at the end of this Handbook presents an overview of the current procedures for on Ob of Standards and Codes (ROSCs)in the fin cial se A key purpo e of this Handbook is to he o country author es co their owr ssessments of the soundness s,structure,and development needs of the financial system It also can be useful for Bank-Fund teams preparing for FSAP assessments and for country authorities preparing for the Bank-Fund assessments under the FSAP.It is not an expert's handbook designed to provide detailed guidance to sectoral specialists.It is mainly designed to provide broad guidance on methodology and policy design to policy makers team leaders,and specialists in one sector who are seeking background information on issues and topics in her related a of ass cial savailable ork Detailed guidance for spe dies and other sources that are referrec to in the text. 1.2.Overall Analytical and Assessment Framework- Executive Summary This provides the overall analytical framework for financial otivates the ains how subsequent chapters fit into the overall framework,and presents a high-level summary of those chapters as a broad guide to policy makers and assessment teams

3 Chapter 1: Financial Sector Assessments: Overall Framework and Executive Summary 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 mote harmonization and international convergence of key financial policy areas. Those developments have increased the demand for guidance on good practices in conducting financial sector assessments and in designing appropriate policy responses. In response, this Handbook presents a general analytical framework as well as specific techniques and methodologies for assessing the overall stability and development needs of financial systems in individual countries and for designing policy responses. The stabil￾ity and state of development of a financial system depend on a broad range of structural, institutional, and policy factors that operate through two channels. First, they affect the attitude of the private sector toward risk taking, the scope and reach of financial services, and the quality of financial sector governance. Second, they influence the effectiveness of financial policies in fostering sound and well-functioning financial institutions and markets. Those considerations are reflected in the organization of the Handbook, which is explained more fully in section 1.2 below. The Handbook draws particularly on the World Bank–IMF experience in conducting the Financial Sector Assessment Program (FSAP) and on the broader operational and policy development work on financial systems in both institutions. The World Bank and the IMF introduced the FSAP in May 1999 to monitor and help strengthen financial sys￾tems in the context of IMF’s bilateral surveillance and of the World Bank’s financial sector development work and has since become a regular part of Bank and Fund operations (see box 1.1 for a chronology of the FSAP). The FSAP has been built on a range of analytical techniques and assessment tools developed in the IMF, World Bank, Bank for International Settlements (BIS), international standard-setting bodies, and national authorities. Appendix A at the end of this Handbook presents an overview of the current procedures for conducting FSAPs, updates, and follow-up work, including the preparation of relevant Reports on Observance of Standards and Codes (ROSCs) in the financial sector. A key purpose of this Handbook is to help country authorities to conduct their own assessments of the soundness, structure, and development needs of the financial system. It also can be useful for Bank-Fund teams preparing for FSAP assessments and for country authorities preparing for the Bank-Fund assessments under the FSAP. It is not an expert’s handbook designed to provide detailed guidance to sectoral specialists. It is mainly designed to provide broad guidance on methodology and policy design to policy makers, team leaders, and specialists in one sector who are seeking background information on issues and topics in other related areas of assessment work. Detailed guidance for special￾ist assessors is available from standard-setting bodies and other sources that are referred to in the text. 1.2. Overall Analytical and Assessment Framework— Executive Summary This section provides the overall analytical framework for financial sector assessments, motivates the structure of the Handbook in terms of this framework, explains how the subsequent chapters fit into the overall framework, and presents a high-level summary of those chapters as a broad guide to policy makers and assessment teams

Financial Sector Assessment:A Handbook The objective of financial sector asse ments is to achieve an integrated analysis of ility and development issues using a wide range of analytical tools and techniques that include the following: .Macroprudential analysis,including stress testing,scenario analysis,and analysis of financial soundness indicators and of macrofinancial linkages .Analysis of financial sector structure,including analysis of efficiency,competitive- ness.concentration.liquidity.and access ment of obse codes.and good pra ce and implementation of relevant international standards, actices in the fin cial sector Analysis ot spe elopment iss stances (e.g.,rol of public financial institut low access or underdeveloped securities markets,etc.) A broad definition of financial stability and development is used in the assessments Financial stability refers to (a)an environment that would prevent a large number of financial institutions from becoming insolvent and failing and(b)conditions that would avoid significant disruptions to the provision of key financial services such as deposits and investments for savers.loans and securities to investors.liguidity and pavment service to both,risk diversification and in ranc services,m ng of the s of funds,and shaping of the 。E ancial eveopmer a process of strengthening and diversifying the pro tho servic requireme omic agents i an d the eby sup port,as well as stimulate,economic growth.Such broad definitions imply that the extent of financial stability can vary from a situation of severe instability to one of sustained overall stability:similarly,the scope of financial development also can vary from being broad based and balanced,covering several financial sector functions and sectors,to being narrowly focused on a specific function or sector.Moreover,overall financial system development could be orderly,with smooth exit and entry of financial service provider and with limited ornoi ons to the vision of fir ial so ices and to the rea economy,or it could be e dis orderly,marked by bouts anc ial instability and I real ecc nom The compleme and offs between financial stability and developmer need to be carefully considered in the assessment process.Policies to foster financia stability also support orderly financial development,illustrating the fundamental comple mentarities between financial stability and development.Nevertheless,in specific con texts,the assessors have to weigh the benefits of stability policies in terms of increased soundness and containment of risks with the costs of regulatory compliance and with the s.Similarly possible side effects of prudential reulaionson market functioning and access. ial develd arily increase in both and f risks, ne ed to be manag ed.Th s,promo ing an orde process of financi development with lity necessarily involves a proper sequencing and coordination of a range of financial policies. In line with the broad definitions,a sound and well-functioning financial system is viewed as comprising three pillars that make up the major policy and operational compo nents that are necessary to support orderly financial development and sustained financial

4 Financial Sector Assessment: A Handbook 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 The objective of financial sector assessments is to achieve an integrated analysis of stability and development issues using a wide range of analytical tools and techniques that include the following: • Macroprudential analysis, including stress testing, scenario analysis, and analysis of financial soundness indicators and of macrofinancial linkages • Analysis of financial sector structure, including analysis of efficiency, competitive￾ness, concentration, liquidity, and access • Assessment of observance and implementation of relevant international standards, codes, and good practices in the financial sector • Analysis of specific stability and development issues tailored to country circum￾stances (e.g., role of public financial institutions, effect of dollarization, reasons for low access or underdeveloped securities markets, etc.) A broad definition of financial stability and development is used in the assessments. Financial stability refers to (a) an environment that would prevent a large number of financial institutions from becoming insolvent and failing and (b) conditions that would avoid significant disruptions to the provision of key financial services such as deposits and investments for savers, loans and securities to investors, liquidity and payment services to both, risk diversification and insurance services, monitoring of the users of funds, and shaping of the corporate governance of non-financial firms. Financial development is a process of strengthening and diversifying the provision of those services to meet the requirements of economic agents in an effective and efficient manner and thereby sup￾port, as well as stimulate, economic growth. Such broad definitions imply that the extent of financial stability can vary from a situation of severe instability to one of sustained overall stability; similarly, the scope of financial development also can vary from being broad based and balanced, covering several financial sector functions and sectors, to being narrowly focused on a specific function or sector. Moreover, overall financial system development could be orderly, with smooth exit and entry of financial service providers and with limited or no interruptions to the provision of financial services and to the real economy, or it could be disorderly, marked by bouts of financial instability and real eco￾nomic disruption. The complementarities and tradeoffs between financial stability and development need to be carefully considered in the assessment process. Policies to foster financial stability also support orderly financial development, illustrating the fundamental comple￾mentarities between financial stability and development. Nevertheless, in specific con￾texts, the assessors have to weigh the benefits of stability policies in terms of increased soundness and containment of risks with the costs of regulatory compliance and with the possible side effects of prudential regulations on market functioning and access. Similarly, policies to foster financial development necessarily involve some increase in both mac￾roeconomic and financial risks, which need to be managed. Thus, promoting an orderly process of financial development with stability necessarily involves a proper sequencing and coordination of a range of financial policies. In line with the broad definitions, a sound and well-functioning financial system is viewed as comprising three pillars that make up the major policy and operational compo￾nents that are necessary to support orderly financial development and sustained financial

Chapter 1:Fimancial Sector Assessments:Overall Framework and Executive Summary stability;the three pillars outlined in the following list also constitute the basis of the assessment frameworl 1 .Pillar I-Macroprudential surveillance and financial stability analysis by the authorities to monitor the impact of potential macroeconomic and institutiona factors(both domestic and extemnal)on the soundness (risks and vulnerabilities) and stability of financial systems Pillar II-Financial system supervision and regulation to help manage the risks and vulnerabilities,protect market integrity,and provide incentives for strong risk manageme and go ood governa nce of fir ncial institutions.Good most areas of financial system supervi and regulation are reflected international standards and codes and the related assessment methodologies;for some areas of supervision and regulation such as microfinance institutions,agreed international standards do not yet exist. .Pillar III-Financial system infrastructure: Legal infrastructure for finance.including insolvency regime.creditor rights and financial safety nets Systemic including mone and exchange operations payments anc systems;and microstructure of money exchange,and securities markets Transparency,governance,and information infrastructure,including monetary and financial policy transparency,corporate governance,accounting and audit. ing framework,disclosure regime and market monitoring arrangements for financial and non-financial firms,and credit reporting systems Those elements of financial system infrastructure constitute the preconditions for effective s on and reg lati ibute to stabilit and s the foun acce services and sust d financial developmen Again,international standards and guidelines exist to highlight good practices in some areas of infrastructure design (e.g.,payment and settlement systems,monetary and finan- cial policy transparency)but not in other areas (e.g.,deposit insurance,design of market nicrostructure） Elements within all three pillars support both development and stability.The infor- mation hase for the technical analysis eded for stabilit n and that which is needed for development assessr nents and provid a common ar ytical platform The overall ana lytical framework for those assessments and the way it is reflected in the organization of the Handbook are described in the following paragraphs. The first step in the assessment process outlined in the Handbook is to compile a set of key indicators of financial structure,soundness,and state of development of the sector Chapter 2 provides guidance on key system-wide and sectoral indicators of structure and sound ncluding core and enco ndness indicators(FSIs),market based indi cators of financial soundness an d indicators of access.Key data those indi icators are explained in appendix C.The precise scope and content of neede data will be country specific to reflect their structural and institutional circumstances

5 Chapter 1: Financial Sector Assessments: Overall Framework and Executive Summary 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 stability; the three pillars outlined in the following list also constitute the basis of the assessment framework. • Pillar I—Macroprudential surveillance and financial stability analysis by the authorities to monitor the impact of potential macroeconomic and institutional factors (both domestic and external) on the soundness (risks and vulnerabilities) and stability of financial systems • Pillar II—Financial system supervision and regulation to help manage the risks and vulnerabilities, protect market integrity, and provide incentives for strong risk management and good governance of financial institutions.1 Good practices in most areas of financial system supervision and regulation are reflected in various international standards and codes and the related assessment methodologies; for some areas of supervision and regulation such as microfinance institutions, agreed international standards do not yet exist. • Pillar III—Financial system infrastructure: – Legal infrastructure for finance, including insolvency regime, creditor rights, and financial safety nets – Systemic liquidity infrastructure, including monetary and exchange operations; payments and securities settlement systems; and microstructure of money, exchange, and securities markets – Transparency, governance, and information infrastructure, including monetary and financial policy transparency, corporate governance, accounting and audit￾ing framework, disclosure regime and market monitoring arrangements for financial and non-financial firms, and credit reporting systems Those elements of financial system infrastructure constitute the preconditions for effective supervision and regulation that contribute to stability and serve as the foun￾dations for adequate access to financial services and sustained financial development. Again, international standards and guidelines exist to highlight good practices in some areas of infrastructure design (e.g., payment and settlement systems, monetary and finan￾cial policy transparency) but not in other areas (e.g., deposit insurance, design of market microstructure). Elements within all three pillars support both development and stability. The infor￾mation base for the technical analysis needed for stability assessments and that which is needed for development assessments overlap and provide a common analytical platform for the prioritizing and sequencing of financial sector policy measures. The overall ana￾lytical framework for those assessments and the way it is reflected in the organization of the Handbook are described in the following paragraphs. The first step in the assessment process outlined in the Handbook is to compile a set of key indicators of financial structure, soundness, and state of development of the sector. Chapter 2 provides guidance on key system-wide and sectoral indicators of structure and soundness, including core and encouraged financial soundness indicators (FSIs), market￾based indicators of financial soundness, and indicators of access. Key data sources for those indicators are explained in appendix C. The precise scope and content of needed data will be country specific to reflect their structural and institutional circumstances