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Business and Economics > Finance: General

You are looking at 1 - 10 of 21 items for :

  • Type: Journal Issue x
  • Belarus, Republic of x
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Cover Regional Economic Outlook, October 2021, Europe
Regional Economic Outlook, October 2021, Europe
International Monetary Fund. European Dept.

Abstract

Europe Regional Economic Outlook, The European Recovery: Policy Recalibration and Sectoral Reallocation, October 2021

Keywords:
country fundamentals; IMF staff calculation; inflation expectation; growth projection; European economy; COVID-19; Purchasing power parity; Inflation; Employment; Emerging and frontier financial markets; Europe
Cover IMF Staff Country Reports
Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System
International Monetary Fund. Monetary and Capital Markets Department
The NBRB has made substantial progress in improving its forecasting and policy analysis system (FPAS) and integrating it into monetary policy decision-making. The FPAS, and the model-based forecasts and policy analysis, is now well integrated into the policy-making process. Staff are well trained and have become experienced in using the tools developed for policy analysis and forecasting. The forecasting and decision-making process is well structured and has helped increase the two-way interaction between staff and the NBRB board—additional and less formal interaction between staff and board members in between the formal meetings may help enhance the process further.
Keywords:
ISCR; CR; NBRB; rate; central bank; securities; bank; NBRB operations; FX exchange swap; implementation framework; market interest rates; policy rate; NBRB securities; NBRB staff; inflation target; excess reserves; NBRB risk; Central bank policy rate; Inflation targeting; Open market operations; Interbank rates; Interbank markets
Cover IMF Staff Country Reports
Republic of Belarus: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper takes stock of the current level of dollarization, both in historic and international perspective. By looking at recent measures and international best practice, it draws some recommendations for a successful de-dollarization framework. Belarus has a high level of loan and deposit dollarization as a result of repeated external crises and hyperinflation. Dollarization in Belarus is much higher than many other countries, accounting for various drivers of dollarization. Dollarization has been decreasing but it is still higher than a decade ago. The authorities have been taking welcome steps to liberalize the foreign exchange (FX) market, such as, for example, eliminating the FX surrender requirement and easing the registration procedure for FX transactions. An overarching and publicly communicated national strategy to de-dollarize the economy is a missing piece of the puzzle. Such a strategy would be an important signaling and commitment device and would help educate borrowers about the risks (private and social) of FX borrowing. The strategy would contain an operational roadmap that would also ensure the coherence of existing policies, and coordinate policy and operational steps.
Keywords:
ISCR; CR; Soe FX; Loan dollarization; Belarus; lending; cash flow; credit growth; lending to household; deposit dollarization; dollarization in Belarus; benchmark dollarization level; Dollarization; Currencies; De-dollarization; Capital markets; Global
Cover IMF Staff Country Reports
Republic of Belarus: Staff Report for the 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Belarus
International Monetary Fund. European Dept.
This 2016 Article IV Consultation highlights that the economy of Belarus contracted by 3.9 percent in 2015, with a similar performance in the first half of 2016. The exchange rate depreciated sharply during 2015 and part of 2016. Real wages are down substantially relative to 2014, and corporate losses are up. Unemployment has risen somewhat, though it remains relatively low. The economy is expected to contract further in 2016 and in 2017, reflecting still-weak balance sheets and structural impediments. A subdued recovery is expected in 2018, but over the medium term, potential growth is expected to increase only to about 1.75 percent, limited by negative demographic developments and low productivity growth.
Keywords:
ISCR; CR; refinancing rate; rate; refinancing; Board of the NBRB; provision; staff appraisal; share of NPL; IMF staff estimate; headline inflation; Global; Baltics
Cover IMF Staff Country Reports
Republic of Belarus: Financial System Stability Assessment
International Monetary Fund. European Dept.
This paper presents an assessment of financial system stability in Belarus. The findings reveal that the state-dominated financial sector of Belarus confronts several critical challenges. Deep and long-standing structural problems and negative external spillovers are distorting the credit channel and overall financial stability. Financial sector contingent liabilities are on the rise, accentuating an already weak fiscal situation. The government is directing a large proportion of loans from state-owned banks to unhedged state-owned companies. Foreign currency liquidity risk is high, and transition to independent and risk-based oversight of the financial sector is urgently required.
Keywords:
ISCR; CR; resolution authority; asset quality; bank insolvent; bridge bank; liquidity risk; NBRB securities; risk assessment grading methodology; Belarusian bank; capital plan; parent bank; enhanced bank risk assessment grading methodology; NBRB exemption; aid bank; NBRB mechanism; mediumsized bank; bank resolution authority; Commercial banks; Loans; Currencies; Insurance companies; Liquidity; Global
Cover IMF Staff Country Reports
Russian Federation: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that the Russian Federation’s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.
Keywords:
ISCR; CR; Russia; slowdown; exchange rate; growth slowdown; economy; growth prospect; price distortion; growth model; exchange rate corridor; inflation targeting; banking system; Correspondent banking; Financial Sector Assessment Program; Fiscal stance; Oil prices; Global; Europe
Cover IMF Staff Country Reports
Republic of Belarus: Selected Issues
International Monetary Fund
This Selected Issues Paper presents an analysis of Belarus-specific conditions and cross-country research, and proposes a roadmap for real-sector reforms. It highlights distortions resulting from the government’s interference in the economy, and presents an overview of economic benefits of deregulation, labor market liberalization, and enterprise reform. The paper also provides estimates of potential gains for Belarus from conducting structural reforms, and offers a blueprint for restructuring while minimizing the risks of resource dislocation.
Keywords:
ISCR; CR; enterprise reform; financial market; government support; labor market reform; resource allocation; enterprise restructuring; Commodity markets; Competition; Labor market reforms; Productivity; Labor markets; Central America; Central and Eastern Europe; Eastern Europe; Central Asia
Cover IMF Staff Papers
IMF Staff Papers, Volume 56, No. 3
International Monetary Fund. Research Dept.
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
Keywords:
SP; asset-price shock; consumption growth; net capital flow; current account sustainability; current account position; Current account; Capital flows; Consumption; Current account deficits; Emerging and frontier financial markets; Global; Asia and Pacific; Middle East; Africa; Caribbean
Cover Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; Rodrigo de Rato; y Figaredo; country; economy; la Barra Munoz; executive directors; IMF surveillance; board of governors of the International Monetary Fund; subscription of the Republic of Montenegro; public goods; Climate change; Poverty reduction; Poverty reduction and development; Income; Global; Africa; Caribbean; Sub-Saharan Africa; West Africa
Cover IMF Working Papers
Financial Development in Emerging Europe: The Unfinished Agenda
Ms. Edda Zoli
This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.
Keywords:
WP; yield curve; market; liberalization; institutional investor