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International Monetary Fund

This Selected Issues and Statistical Appendix paper on Bosnia and Herzegovina provides background information for the 1999 Article IV Consultation with Bosnia and Herzegovina. The economy has been dominated by a small number of large state-owned enterprises. A central policy was settled during the preparation of the privatization framework under which the competence to privatize was assigned to the entities. Major tax policy reforms will be needed over the medium term to address the deficiencies of the present tax system, and to lay the foundation for long-term economic growth, driven mainly by private sector development.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

This is the third and final installment of a series of chapters in the Global Financial Stability Report (GFSR) discussing the transfer, reallocation, and management of financial risk. Throughout this series we have highlighted the flow and reallocation of risks throughout the financial system, and the ability of certain market participants to manage new types of risks. Traditional assessments of financial stability tend to concentrate on the condition or resiliency of systemically important institutions, most often banks. In this series, we have expanded the analysis and highlighted the changing flow of risks among market participants, often as a result of policies or standards intended to improve the ability to manage, monitor, or measure risks in a particular sector. However, such policies and standards frequently redirect the flow of risk to less-monitored or less-measured sectors, such as the household sector. As such, the question arises whether, as a result of these policies, the financial system as a whole has become or is becoming more stable, or whether new risks and sources of instability may be emerging.

John Akin and Nancy Birdsall

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

WILLIAM J. BYRNE

This paper is a study of fiscal incentives for household saving. Section I discusses the rationale for and the general features of such incentives, and considers some of the problems that arise in their operation. A detailed consideration of different types of incentive, as applied in various countries, follows in Section II. Section III examines in depth the experience with these types of incentive in three countries—France, the Federal Republic of Germany, and Japan. Section IV contains some concluding remarks.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

This paper presents an assessment of the shift in market risks to the household sector, which results from changes in the behavior of financial institutions and from pension reform. It focuses on household saving and asset allocation behavior and analyzes how such behavior may be affected by changes to household risk profiles. It examines the products and services that the financial industry has developed, or may need to develop, to help households meet these new challenges. The paper also discusses possible public policy initiatives on the promotion of a broader range of payout instruments and structures.

International Monetary Fund. European Dept.

The Germany economy has performed very well in recent years, supported by prudent economic management and past structural reforms.