Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Latvia, Republic of

You are looking at 1 - 10 of 18 items for :

  • Type: Journal Issue x
  • Financial markets x
Clear All Modify Search
Cover Policy Papers
Balance Sheet Analysis in Fund Surveillance
International Monetary Fund
Balance sheets convey vital information about economic prospects and risks. Balance sheet analysis captures the role that financial frictions and mismatches play in creating fragility and amplifying shocks. This is key to understanding the macroeconomic outlook, identifying vulnerabilities, and tracing the transmission of potential shocks and policies. This paper reviews the use of balance sheet analysis in the Fund’s bilateral surveillance and introduces some practical examples of how it can be deepened. Recent evaluations of IMF surveillance––including the 2014 TSR––have emphasized the importance of strengthening balance sheet analysis and coverage of macro-financial issues. This paper is a first step that highlights useful examples of such analysis conducted by staff over the last decade, documents the data and tools that have been used, and mentions some limitations. In addition, it discusses recent improvements in the coverage and quality of balance sheet data through initiatives launched in the wake of the global crisis, as well as key remaining gaps, addressing which requires international collaboration.
Keywords:
PP; economy; asset; balance sheet; market; balance-sheet analysis; private sector; BSA matrix; sovereign bond; banking system; central bank; exchange rate; foreign exchange; interest rate; economic activity; mutual fund; credit risk; Financial statements; Balance sheet analysis; Financial sector; Emerging and frontier financial markets; Foreign currency exposure; Global; balance sheet data; B. addressing data gap; balance sheet analysis in fund surveillance; IMF surveillance; Sta team; balance sheets; Currencies
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund. European Dept.
Rigidities in Greece’s product and labor markets leading to economic imbalances and the significance of reforms to these markets are played out in the first paper. The second paper describes the problems, progress to date, and agenda for work in Greece’s revenue administration and how this effort has been achieved primarily by raising tax rates to high levels and reducing wages, pensions, and other spending. The third paper is on the need for designing and implementing debt restructuring frameworks as well as improving banks’ loan resolution practices so that Greece’s banks are positioned to support the economic recovery.
Keywords:
ISCR; CR; product market; labor market; firm; Greece; product market reform; adjustment cost; revenue administration; flexibility indicator; labor market reform; administration reform; Credit; Commodity markets; Nonperforming loans; Tax administration core functions; Global; Eastern Europe; Baltics
Cover IMF Staff Country Reports
Republic of Latvia: 2010 Article IV Consultation Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia
International Monetary Fund
Policy efforts in Latvia have supported stabilization. Immediate risks are much lower, but medium-term challenges remain. The government should focus on durable spending cuts, but revenue measures may also be required. Efforts to strengthen regulation and supervision to improve financial stability, including reducing reliance on wholesale external funding, is commended. With monetary and fiscal policy constrained by the fixed exchange rate and the need to reduce the deficit, growth depends on structural reform. While economic and financial conditions are much improved, risks remain significant.
Keywords:
ISCR; CR; end-June performance criteria; compromise proposal; proposal; debt; deficit rule; year-on-year inflation; cost saving; strategy paper; Competition; Loans; Fiscal stance; Western Europe; Global
Cover Policy Papers
Review of Recent Crisis Programs
International Monetary Fund
This study concludes that recent Fund-supported programs in emerging market countries are delivering the kind of policy response and financing needed to cushion the blow from the worst global crisis since the 1930s. While the crisis has had a profound effect on output and employment, especially in those countries starting with large external vulnerabilities, many of the severe disruptions attending previous crises—currency overshooting and bank runs—have so far been avoided. Internalizing lessons from the past, programs have responded to country conditions and adapted to worsening economic circumstances to attenuate contractionary forces. As a result, signs of stabilization are emerging in program countries, though there remain challenges to secure sustained recovery in a number of countries.
Keywords:
PP; current account; interest rate; fiscal policy; debt ratio; foreign currency; Emerging and frontier financial markets; Currencies; Fiscal stance; Global
Cover IMF Working Papers
The Second Transition: Eastern Europe in Perspective
Mr. Daniel Leigh
,
Ms. Stefania Fabrizio
, and
Mr. Ashoka Mody
The countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European Union, they rode a wave of global trade and financial market integration. Focusing on the second transition, this paper reaches three conclusions. First, by several metrics, East European and East Asian growth performances were about on par from the mid-1990s; both regions far surpassed Latin American growth. Second, the mechanisms of growth in East Europe and East Asia were, however, very different. East Europe relied on a distinctive-often discredited-model, embracing financial integration with structural change to compensate for appreciating real exchange rates. In contrast, East Asia contained further financial integration and maintained steady or depreciating real exchange rates. Third, the ongoing financial turbulence has, thus far, not had an obviously differential impact on emerging market regions: rather, the hot spots in each region reflect individual country vulnerabilities. If the East European growth model is distinctive, is it sustainable and replicable? The paper speculates on the possibilities.
Keywords:
WP; CEE economy; CEE country; CEE openness ratio; CEE model; CEE achievement; CEE experience; CEE share; Growth; Transition; Trade; and Financial Integration; Real exchange rates; Financial integration; Exports; Current account deficits; Income; East Asia; Global; Eastern Europe; Baltics; Asia and Pacific
Cover IMF Staff Country Reports
Bulgaria: Selected Issues
International Monetary Fund
This Selected Issues paper on Bulgaria investigates possible driving forces behind the investment boom based on cross-country evidence. The diagnosis of the drivers behind the investment boom is important as it is key to assessing Bulgaria’s economic prospects, vulnerabilities, and policy challenges. The available evidence is less than clear-cut, but broadly suggests that the investment boom reflects to a large extent a one-off reassessment of Bulgaria’s riskiness as an investment location. The paper also investigates why Bulgaria’s GDP growth rate did not respond more strongly to the investment boom.
Keywords:
ISCR; CR; Bulgaria; investment; investment boom; GDP growth; investment goods; output gap change; absorption gap; GDP ratio; revenue-GDP ratio; Fiscal stance; Bank credit; Output gap; Stock markets; Loans; Baltics; Europe; Eastern Europe; Central Asia
Cover Regional Economic Outlook, November 2007, Europe
Regional Economic Outlook, November 2007, Europe
Strengthening Financial Systems
International Monetary Fund. European Dept.

Abstract

Strong fundamentals should allow Europe to weather financial turbulence relatively well. Nonetheless, growth is set to ease in 2008 in nearly all countries. Policymakers will need to deal up front with the financial market turmoil, while implementing fiscal consolidation and structural reforms, including in the financial sector, to address vulnerabilities, raise medium-term growth prospects, and deliver on the promise of convergence for emerging Europe. Three analytical chapters discuss reforms to strengthen Europe's financial systems to allow advanced economies to benefit from innovation without incurring excessive risk and, in emerging economies, to manage rapid financial deepening and develop financial systems further.

Keywords:
REO; market; economy; financial system; Europe's financial systems; market liquidity; emerging economies in Europe need; resilience of the financial system; securitization product; subprime mortgage; market participant; resilience of financial systems; Financial sector development; Securities markets; Credit; Government securities; Stock markets; Europe; Baltics; Global
Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund
This Selected Issues paper on Euro Area Policies reviews the integration of Europe’s financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in November 2007. The Directive injects new competition among financial intermediaries at all steps of a security’s transaction cycle, from the provision of investment advice to the practical execution and settlement of the transaction, and thus holds the promise to accelerate Europe’s apparently sluggish financial sector productivity growth.
Keywords:
ISCR; CR; market; MiFID; market participant; market intermediary; market activity; market data gathering; market efficiency; market liquidity; London market; Inflation; Competition; Exchange rates; Stock markets; Baltics; Europe; Global
Cover Growth in the Central and Eastern European Countries of the European Union
Growth in the Central and Eastern European Countries of the European Union
Mr. Abdul d Abiad
,
Mr. Ashoka Mody
,
Ms. Susan M Schadler
, and
Mr. Daniel Leigh

Abstract

The central challenges facing the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia as they work to catch up to advanced European Union (EU) income levels are discussed in this new book. Focusing on the region’s growth performance, and outlining two growth scenarios that illustrate the range of investment and productivity growth rates under the income catchup objective, the authors draw upon extensive resources to identify strengths and weaknesses.

Keywords:
OP; CEECs; EU membership; current account deficit; FDI financing; investment rate; IMF surveillance; Personal income; Emerging and frontier financial markets; Current account deficits; Productivity; Total factor productivity; Baltics; East Asia; Global; Europe; Western Europe; Income
Cover IMF Staff Country Reports
Hungary: Selected Issues
International Monetary Fund
This Selected Issues paper reviews indicators for external competitiveness in Hungary. The paper examines recent developments in a range of indicators. These include regional comparisons of wage and unit labor cost developments, and standard indicators based on price and cost-based measures of the real effective exchange rate (REER). In addition, the paper discusses actual export performance and market shares, profitability indicators, and business survey results. The equilibrium exchange rate is estimated. The paper also analyzes financial sector regulatory governance in Hungary.
Keywords:
ISCR; CR; exchange rate; Hungary; independence; market share; equilibrium exchange rate; export profitability; FSA law; vis-à-vis euro; Board decision; Hungary's REER; unit labor cost; regained competitiveness position; equilibrium REER; Real effective exchange rates; Financial stability assessment; Exchange rates; Competition; Export performance; Global