The focus of the paper is on five keyfinancial stability issues in Emerging market and developingeconomies (EMDEs), which have been selected on the basis oftheir degree of materiality for a reasonably broad range ofEMDEs; their implications for regulatory, supervisory orother financial sector policies; and the extent to whichthese issues are not already being addressed by otherinternational work streams. The paper does not cover otherfinancial stability issues that may also be relevant forEMDEs but are addressed in other G20/Financial StabilityBoard (FSB) work streams. Such issues include the managementof sizeable and volatile capital flows; the design of policymeasures to address the risks arising from systemicallyimportant financial institutions; the development ofmacro-prudential policy frameworks; the creation ofeffective resolution tools and regimes for financialinstitutions; strengthening the oversight and regulation ofthe shadow banking system; and reforming the functioning ofover-the-counter derivatives and commodities markets. Thispaper focuses on five key financial stability issues inEMDEs: 1) application of international financial standards;2) promoting cross-border supervisory cooperation; 3)expanding the regulatory and supervisory perimeter; 4)management of foreign exchange risks; and 5) developingdomestic capital markets.
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