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Europe > Latvia, Republic of

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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 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 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 Staff Country Reports
Capital Markets and Financial Intermediation in the Baltic States
International Monetary Fund
This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the structure of the Baltic financial systems to other European Union accession countries and/or euro zone averages, both of which serve as benchmarks. The paper also addresses some of the broader analytical questions concerning how the financial system might be developed in the Baltics.
Keywords:
ISCR; CR; parent company; parent bank; bank ownership; foreign currency; bank financing; credit crunch; venture capital; banking sector; central bank; economic activity; yield curve; secondary market; private sector; market capitalization; exchange rate; Capital markets; Securities markets; Stock markets; Commercial banks; Financial sector development; Baltics