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Business and Economics > Banks and Banking

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Kosovo, Republic of x
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Cover Selected Issues Papers
ECB Monetary Policy Passthrough to Bank Interest Rates During Tightening: Republic of Kosovo
Ezgi O. Ozturk
This paper analyzes the transmission of ECB policy rate changes to bank interest rates in Kosovo during the 2022-23 tightening cycle. While both lending and deposit rates increased, the passthrough was more limited compared to the euro area and regional peers. Three key factors explain this limited transmission: Kosovo's stage of financial development, high banking sector liquidity, and significant bank concentration.
Keywords:
Monetary policy transmission; interest rates; banking sector; euroization; financial development; Kosovo; ECB monetary policy Passthrough; ECB policy rate change; ECB policy rate Passthrough; ECB Policy rate pass-through; Central bank policy rate; Deposit rates; Financial sector development; Inflation; Financial inclusion; Europe
Cover Selected Issues Papers
Financial Buffers in a Euroized Economy: Republic of Kosovo
Javier Kapsoli
and
Ezgi O. Ozturk
This paper analyzes reserve adequacy measurement in Kosovo, where euro serves as the legal tender. The study adapts the IMF's Assessing Reserve Adequacy framework to Kosovo's unique monetary context, focusing on precautionary motives for holding reserves. The analysis reveals limited readily available reserves at the Central Bank of Kosovo and recommends additional government deposits of 1.75-5.75 percent of GDP. Given the significant opportunity costs of maintaining such deposits, the paper suggests alternative solutions, including exploring a private lender of last resort model and maintaining ECB repo lines.
Keywords:
Reserve adequacy; euroization; central bank reserves; liquidity buffers; foreign exchange reserves; bank deposits; monetary policy; Kosovo; Euroized economy; ECB repo line; lender of last resort model; government deposit; Currencies; Lender of last resort; International reserves; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights recent trends in the Kosovo labor market and emigration. Like other Western Balkan countries, Kosovo experienced a sharp decline in population over the previous decade, as emigration increased. Using a structural model of the labor market and migration, the paper examines the potential impact of further EU integration. While lower migration costs hurt the economy, productivity convergence brought on by EU integration has an offsetting impact by increasing wages, lowering unemployment, and increase immigration. Policy simulations show that policymakers have a diverse set of tools—including structural reforms, active labor market policies, business support, and labor participation support—to boost potential and support the labor market. A key result from the policy simulations is that, while the policies target various stages of the labor market, they have similar macroeconomic impacts. In this regard, it is important for policymakers to focus on policies with the largest potential impact relative to the cost of implementation. Additionally, policies should be combined with careful monitoring and updating to ensure that they remain effective and efficient.
Keywords:
gender wage gap; ECB monetary policy PASSTHROUGH; EU integration; women wage; ECB policy rate Passthrough; wage gender gap; Pensions; Pension spending; Labor markets; Digitalization; Public employment; Europe; Global; Western Europe
Cover Selected Issues Papers
Surviving Low Interest Rates Central Banks in Kosovo and Other Western Balkan Countries: Republic of Kosovo
Mr. Si Guo
Interest income from foreign reserves is one of the main revenue sources for most emerging market central banks. For central banks in the Western Balkan region, the low global interest rates during 2008–2021 negatively affected their revenues, and the impact was more pronounced for central banks in Kosovo, Montenegro, and Bosnia and Herzegovina because they cannot use seigniorage to finance their operations. This paper explores how these central banks coped with the long period of low-interest rates. The main finding is that the decline in interest income from foreign reserves was partially compensated by higher fees, commissions, and other regulatory revenues.
Keywords:
Central bank; Low interest rates; Kosovo; Montenegro; Bosinia; Herzegovina; interest income; central banks in Kosovo; emerging market central banks; rising interest rates; personnel cost-to-GDP ratio; Income; International reserves; Central bank rates; Government securities; Exchange rate arrangements; Global