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Business and Economics > Public Finance

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Andorra, Principality of x
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Cover IMF Staff Country Reports
Principality of Andorra: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Principality of Andorra
International Monetary Fund. African Dept.
The 2023 Article IV Consultation discusses that The Andorra economy is showing resilience and is growing slightly above its long-term potential despite external headwinds. Over the medium-term, the economy is projected to slow to its lower long-term potential level estimated at 1.5 percent, comparable to average growth in the euro area. Risks to the outlook are balanced and the economy has solid macroeconomic buffers, but there are concerns about emerging structural bottlenecks, such as the lack of affordable housing, labor shortages, and vulnerability to climate change. After a strong growth rebound, structural reforms can raise potential growth and address emerging fault lines. The authorities should maintain tight fiscal policy as long as growth remains close to potential and price pressures are persistent. However, there is fiscal space for higher public investment to support potential growth and mitigate structural bottlenecks. Pension system reform is overdue to secure its long-term sustainability. Ambitious structural reforms to diversify the economy and address emerging bottlenecks are key. These include removing remaining constraints on investment, improving housing affordability, retaining talent, and fostering digitalization and economic efficiency.
Keywords:
Andorra economy; Andorran authorities; debt ratio; emergency liquidity assistance model; IMF Policy recommendation; Housing; Inflation; Income; Monetary statistics; Global; Europe
Cover IMF Working Papers
Energy Support for Firms in Europe: Best Practice Considerations and Recent Experience
Mr. Anil Ari
,
Philipp Engler
,
Gloria Li
,
Manasa Patnam
, and
Ms. Laura Valderrama
The surge in energy prices due to Russia’s February 2022 invasion of Ukraine significantly increased costs for European firms, prompting governments to introduce a range of support schemes. Although energy prices had eased by early 2023, uncertainty around prices remains unusually large. Against this backdrop, this paper examines the case for government intervention and identifies best practices with a view to improving the design of existing energy support schemes, facilitating exit from those schemes, and preparing policymakers for a downside scenario in which energy prices flare up again. The paper argues that support should be limited in size, strictly temporary in nature, narrowly targeted, and accompanied by strong safeguards and conditionality, while preserving price signals as much as possible to encourage energy conservation. Finally, the paper reviews recent support schemes introduced by European governments in light of the identified best practice considerations.
Keywords:
Energy prices; energy subsidies; financial support; price caps; energy crisis; Russia’s invasion of Ukraine; energy support scheme; price signal; best practice consideration; Annex II; support scheme; Energy pricing; Energy conservation; Fuel prices; Solvency; Europe
Cover IMF Staff Country Reports
Principality of Andorra: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
policy implication; banking model; staff team of the International Monetary Fund; features of the Andorran banking sector; contribution rate; Pension spending; Potential output; Pensions; Retirement; Liquidity requirements; Europe; Middle East; South America
Cover IMF Staff Country Reports
Principality of Andorra: 2022 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. European Dept.
The Andorran economy is recovering strongly from the pandemic, supported by a rebound in tourism, retail trade, construction, and professional services. Real GDP is expected to reach pre-crisis levels in the second half of 2022. While the unemployment rate is amongst the lowest in Europe and continues to decline, pockets of vulnerability remain. Notwithstanding significant policy buffers, there are still substantial downside risks, notably the impact in Europe of the war in Ukraine, higher than expected inflation, and a resurgence of infection rates.
Keywords:
headline inflation; money market rate; IMF Policy recommendation; vis nonresident; expenditure execution; IMF's article; Income; Tourism; Monetary statistics; Europe; Global
Cover IMF Staff Country Reports
Principality of Andorra: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Andorra
International Monetary Fund. European Dept.
Andorra, the IMF’s newest member since October 2020, participated in its first Article IV consultation with a commitment to further enhance transparency. Tourism and banking-related services dominate economic activity in the euroized economy. The country enjoys long-standing political stability, a good track-record of fiscal discipline, a gender-balanced work force, and internationally competitive ski resorts. The authorities are managing the pandemic well with universal testing and expanded hospital capacity that kept fatality rates very low despite high case-loads. The testing strategy helped Andorra implement more targeted internal restrictions than in neighboring countries. At the same time, emergency fiscal measures stabilized real incomes and supported firms.
Keywords:
Andorran authorities; AFA team; general government debt; general management; mountain ecosystem; anti-money laundering framework; authorities' desire; money market rate; Public investment spending; COVID-19; Nonperforming loans; Income; Europe
Cover IMF Staff Country Reports
Principality of Andorra: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
reserve metrics; Andorra's recovery; liquidity gap; CA surplus; banking system liquidity risk; Public investment spending; Public investment and public-private partnerships (PPP); Reserve assets; Liquidity; Liquidity requirements; Global; Foreign direct investment
Cover IMF Staff Country Reports
Andorra: Assessment of Financial Sector Supervision and Regulation
International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
Keywords:
ISCR; CR; Andorran bank; INAF directive; revoking bank license; INAF supervision; banks assets; charter Andorra; INAF work; Institut Nacional Andorrà; Insurance companies; Insurance; External audit; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; North America; Northern Europe