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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 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
Republic of Lithuania: Selected Issues
International Monetary Fund
This Selected Issues paper on the Republic of Lithuania discusses structure of the financial sector, banking system vulnerabilities, and challenges. Rapid credit growth has been channeled into consumer and real estate lending, and is increasingly financed by foreign borrowing. The financial soundness indicators (FSIs) suggest a sound banking system, but may be lagging measure for financial system health. The current stress tests do not include a scenario with an economy-wide recession that could describe broader systemic risks to the banking system.
Keywords:
ISCR; CR; bank; earnings; worker; rate; parent bank; tax wedge; bank asset-to-GDP ratio; word bank World Development Indicators; bank supervisor; parent-bank lending; income tax; Personal income tax; Tax wedge; Wages; Income tax systems; Securities; Eastern Europe; Baltics; Global
Cover Capital Markets and Financial Intermediation in The Baltics
Capital Markets and Financial Intermediation in The Baltics
Niamh Sheridan
,
Mr. Alfred Schipke
,
Ms. Susan M George
, and
Mr. Christian H. Beddies

Abstract

In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the financial systems of the three countries and discusses some of their unique characteristics. The study also examines current distortions of the systems and discusses whether or not the Baltics should move from an almost exclusively bank-based system to one that relies more on capital markets. In the process, it addresses issues of corporate governance and regional integration.

Keywords:
OP; bank; bond market; parent bank; market; EU accession countries; EU banking systems; EU integration; authorities' strategy; Securities markets; Stock markets; Capital markets; Commercial banks; Foreign banks; Baltics
Cover IMF Working Papers
Risk Diversification in the Credit Portfolio: An Overview of Country Practices
Ms. JoAnne Morris
This paper reviews the rules in place in selected countries to limit risk concentrations in the credit portfolio. The paper focuses on a number of issues suggested by international organizations for countries and bank supervisors to consider in imposing standards for risk diversification in the credit portfolio. The issues reviewed for each country are the large exposure limits, the definition of credit exposure (including application on a consolidated basis), and the definition of a group of related borrowers. The paper concludes that most of the countries reviewed set limits on large exposures for banks and define a related group of borrowers in line with recommended international standards. The major differences identified among countries include how to determine the credit exposure, the application of the exposure limits on a consolidated basis, and whether to impose limits on exposure to a specific sector.
Keywords:
WP; equity capital; capital base; central bank; parent company; risk weight