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Europe > Latvia, Republic of

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Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights quantitative tightening (QT) by the European Central Bank (ECB). It uses evidence from the literature on the impact of central bank bond purchases and sales on bond yields, and the monetary policy stance, to outline a roadmap for reducing the Euro system’s bond holdings. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The paper concludes that the ECB’s short term policy rates should be the main choice for adapting the monetary policy stance to changing circumstances and QT should proceed in a gradual, predictable manner as outlined by the ECB.
Keywords:
ECB Policy rate; ECB balance sheet; app portfolio; C. Policy consideration; bond supply net of ECB; Financial statements; Unconventional monetary policies; Central bank policy rate; Monetary stance; Securities
Cover IMF Working Papers
Forces Driving Inflation in the New EU10 Members
Mr. Emil Stavrev
The paper analyzes the forces driving inflation in the new EU10 member countries. A significant part of headline inflation in these countries is due to common factors, such as price level convergence and EU integration. However, idiosyncratic factors have also played a role in the inflation process. These factors are related to the country-specific financial conditions, pass-through from foreign prices, and demand-supply situation in each country, although administered price adjustments and increases of indirect taxes associated with EU accession are also likely to have played a role.
Keywords:
WP; price level; inflation expectation; Maastricht inflation criterion; inflation; generalized dynamic factor model; price convergence; food inflation; inflation in the NMS; NMS policy; inflation dynamics; NMS relative; NMS country; Nominal effective exchange rate; Energy prices; Exchange rate arrangements; Real interest rates; Global
Cover IMF Staff Country Reports
Czech Republic, Republic of Estonia, Hungary, Republic of Latvia, Republic of Lithuania, Republic of Poland, Slovak Republic, and Republic of Slovenia: Export Structure and Credit Growth
International Monetary Fund
Of the new members entering the European Union (EU) in May 2004, several had achieved a decade of impressive export growth, expanding significantly their shares of world markets. The empirical analysis shows that over the period 1994–2004, quality and technology upgrading associated with the structural transformation were, indeed, also associated with increased market share. Several bivariate relationships to motivate an empirical framework for analyzing the evolution of market shares are ascribed. It gives the basic regressions explaining the changes in market shares for 58 countries.
Keywords:
ISCR; CR; market share; credit growth; market share gain; product quality; export share; bank soundness; Bank credit; Credit; Bank soundness; Loans; Real interest rates; Baltics; Global
Cover Currency Board Arrangements
Currency Board Arrangements
Issues and Experiences
Mr. Charles Enoch
and
Mr. Tomás J. T. Baliño

Abstract

This paper provides a comprehensive analysis of the attractions and disadvantages of currency board arrangements in their various institutional configurations. It asks what defines a currency board arrangement, what are their strengths and weaknesses, and what constraints they place on macroeconomic policies. It also reviews country experiences with these arrangements.

Keywords:
OP; deposit; bank; CBA.; exchange rate; Banco de la Nacion Argentina; money market rate; appendix I. interest rate convergence; CBA country; U.S. dollar; Exchange rates; Currencies; Currency boards; Commercial banks; Caribbean; Baltics; Central Asia; Europe; Global; CBA framework; IMF support; balance of payments target; convertibility rule; International reserves; Exchange rate arrangements
Cover IMF Staff Country Reports
Republic of Latvia: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Latvia during 1994–96. The paper highlights that developments during this period have been dominated by the after-effects of the fiscal slippage in 1994 and the banking crisis in 1995, although there are signs of a recovery from these adverse episodes. The paper provides an in-depth analysis of selected economic issues facing Latvia. It analyzes the environment for the private-sector development, and reviews interest rate developments, focusing in particular on the treasury-bill market.
Keywords:
ISCR; CR; treasury bill; rate; firm; treasury bill market; exchange rate peg; private sector development; Treasury bill yield; treasury bill rate; Privatization; Exchange rates; Foreign direct investment; Treasury bills and bonds; Banking crises; Baltics