IMF attempts to sculpt better stress tests

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An IMF working paper released today says stress tests are unlikely to be standardised across countries as they "continue to be art form rather than an exact science".

The paper. A Framework for Macro-prudential Bank Solvency Stress Testing, by Andreas Jobst, Li Lian Ong and Christian Schmieder, outlines the changes to the IMF's solvency stress testing framework, which the authors say was "not always able to identify the right risks and vulnerabilities" in the lead-up to the crisis.

The new

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