智利：加强系统流动性管理的技术援助报告

CHILE Strengthening Systemic Liquidity Management January2025 Prepared ByDarryl King(MissionChief), Istvan Mak, Meguy Kuete Ngougning,Richard Comotto,and MarkBuessing-Loercks AuthoringDepartment Monetary and Capital MarketsDepartment The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities ofBanco Central de Chile(the "CD recipient") in response to theirrequest for technical assistance. Unless the CD recipient specifically objects to such disclosure, thisdocument (in whole or in part) or summaries thereof may be disclosed by the IMF to the IMF ExecutiveDirectorforChile, to other IMF Executive Directors and members of their staff, as well as to otheragencies or instrumentalities of the CD recipient, and upon their request, to World Bank staff, and othertechnical assistance providers and donors with legitimate interest (seeStaff Operational Guidance on theDissemination of Capacity Development Information). Publication or Disclosure of this report (in whole orin part) to parties outside the IMF other than agencies or instrumentalities of the CD recipient, World Bankstaff, other technical assistanceproviders and donors with legitimate interest,shall require the explicitconsent of the CD recipient and the IMF’sMonetary and Capital MarketsDepartment. The analysis and policy considerations expressed in this publication are those ofthe IMF’s Monetary andCapital MarketsDepartment. Contents A.Current Situation..............................................................................................................................16B.Establishing a Coherent Collateral Policy........................................................................................18 A.Introduction......................................................................................................................................25B.Legal Foundation.............................................................................................................................26C.Internal Procedures and Policy Parameters....................................................................................27D.Formalizing Arrangements: BCCh/CMF/MoF..................................................................................33E.Transparency and Communication..................................................................................................33 IV.Systemwide Support Measures.........................................................................................................34A.Background......................................................................................................................................34 B.BCCh Programs...............................................................................................................................35C.Assessment and Recommendations...............................................................................................41 V.Repo Market Development...................................................................................................................42A.Current Situation..............................................................................................................................42 B.Assessment......................................................................................................................................42C.Recommendations...........................................................................................................................48 Boxes 1. Arbitrage Test—Nominal versus Inflation-index Securities................................................................222. Current Crisis Coordination Arrangements........................................................................................263. Evaluation of an ELA Request: DepartmentalResponsibilities.........................................................274. Principles for Central Bank Liquidity Support to Financial Markets...................................................355. Funding for Lending..........................................................................................................................406. Market-based Approach: Simple Risk Weight Method......................................................................46 Figures 1. Financial Sector................................................................................................................................152. Collateral versus Runnable Liabilities...............................................................................................21 3. Haircut Calibration Components.......................................................................................................234. Steps in Assessing ELA Requests....................................................................................................285. Calibration of an ELA Envelope...................