Browse

You are looking at 1 - 10 of 19 items for :

  • Serbia, Republic of x
  • Industry and industrial studies x
Clear All
International Monetary Fund. European Dept.

Abstract

Growth is strengthening and broadening across Europe, driven by buoyant domestic demand (Figure 1.1). Following a pickup in economic activity in the second half of 2016, the European economy accelerated further in the first half of 2017, with growth outcomes surprising on the upside in most countries.

International Monetary Fund. European Dept.

Abstract

The countries of Central, Eastern, and Southeastern Europe (CESEE) have made major progress in raising living standards over the past two and a half decades. This progress was supported by a radical transformation of their economies and institutions. Using case studies and empirical analysis, this chapter explores the role of internal and external factors, particularly accession to the European Union (EU), in supporting reforms to strengthen the effectiveness of the judiciary. The findings suggest that, beyond initial conditions, an enabling environment for judicial reforms was created by factors and policies that (1) improved the distribution of resources and opportunities, (2) upgraded rules and procedures to recruit and train civil servants, and (3) increased transparency and accountability. The European Union and the Council of Europe (CoE) acted as strong external anchors in catalyzing reforms. However, there were also some reversals of reforms, and the sustainability of reforms appears to depend mainly on domestic factors. These findings might offer insights in particular for countries aiming to join the European Union, but also for others seeking to improve the effectiveness of their judiciary.

International Monetary Fund. European Dept.

Abstract

Income convergence in the Western Balkans has stalled at low levels.1 Measured in purchasing-power-parity (PPP) terms, income levels in the region today are less than 30 percent what they are in the euro area (Figure 3.1). Equally noteworthy, the ratio has not changed since 2008. This is in sharp contrast to the experience of the New Member States of the European Union (EU), where relative incomes have continued to grow strongly since the global financial crisis and are now at nearly two-thirds those of the euro area. There are many reasons for this disappointing performance,2 including an unfinished transition, exemplified in some countries by a large swath of inefficient state-owned enterprises; shortcomings in the rule of law and the business environment; limited human capital, exacerbated in some countries by significant emigration of qualified human resources, or “brain drain”; and scant and poor-quality public infrastructure. While acknowledging these issues, this chapter focuses on another important plank for the region’s development: the health of its banking sectors. Implicit is the assumption that, even if reforms in the other areas bring about high-quality bankable projects, their potential, and with it overall economic growth, will not be fully realized if banks are not in a good position to fund them.

Andreas S. Gerakis

Selections from this paper were delivered at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, on September 8, 1965.

Abstract

Fiscal policy seeks to equilibrate the public sector's financing needs with the private sector's demand for investment and a sustainable balance of payments. Correct measurement of the public sector's net use of resources is therefore an important prerequisite for managing the macroeconomy. This volume, edited by Mario I. Blejer and Adrienne Cheasty, is organized around four issues: the adequacy of summary measures of the fiscal deficit, conventional and adjusted deficits, coverage (size) of the public sector, and the public sector's intertemporal budget constraint.

International Monetary Fund

The global financial crisis unmasked Serbia’s unsustainable pre-crisis growth model. Looking back, the Stand-By Arrangement (SBA) provided effective insurance against a financial meltdown, initiated the needed re-balancing of the economy, but could not prevent large job losses. Looking ahead, the transition to a more sustainable growth model remains incomplete and fragile. The export-led recovery is expected to continue picking up steam, but labor market conditions will remain difficult. The current account deficit is expected to remain relatively high, requiring significant capital inflows to maintain external balance.

International Monetary Fund. European Dept.
This paper discusses Serbia’s Third Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria (PCs). The program is delivering good results. Significant fiscal tightening and efforts to address structural weaknesses and improve the business climate have helped restore growth and boost confidence and foreign direct investment. All end-September PCs were met with significant margins. However, there was a minor deviation in the indicative criterion on domestic arrears, and implementation of structural benchmarks has faced delays. Modifications of the end-December fiscal performance criteria are proposed to allow recognition of past liabilities.
International Monetary Fund
The global financial crisis unmasked Serbia’s unsustainable pre-crisis growth model. Looking back, the Stand-By Arrangement (SBA) provided effective insurance against a financial meltdown, initiated the needed re-balancing of the economy, but could not prevent large job losses. Looking ahead, the transition to a more sustainable growth model remains incomplete and fragile. The export-led recovery is expected to continue picking up steam, but labor market conditions will remain difficult. The current account deficit is expected to remain relatively high, requiring significant capital inflows to maintain external balance.
International Monetary Fund. European Dept.
This Selected Issues paper analyzes government spending in Bosnia and Herzegovina (BiH). The size of the public sector in BiH is one of the largest in the region, owing mainly to a complex and highly decentralized governance structure. BiH spends a greater share of public resources on current spending items, notably on wages and social transfers. Moreover, poorly targeted social benefits generate adverse incentives with respect to informality and labor force participation. To enhance economic growth, BiH will need to refocus its spending and increase its efficiency, chiefly on spending on human and physical capital.