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Europe > Montenegro

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Cover IMF Staff Country Reports
Republic of Montenegro: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro
International Monetary Fund
This 2008 Article IV Consultation highlights that Montenegro has made significant progress in overhauling its economy. The authorities have taken several welcomed steps to help strengthen financial sector stability. Executive Directors have welcomed the structural reforms implemented over the past few years and financial integration that have helped Montenegro attract substantial foreign direct investment and generate rapid growth with moderate inflation. Directors have also supported the authorities’ actions to bolster financial system stability and reduce vulnerabilities by intensifying supervisory oversight, tightening prudential regulations, and lifting bank capitalization requirements.
Keywords:
ISCR; CR; FDI inflow; Montenegro; authority; deposit; credit growth; Montenegrin authorities; parent bank; response to the financial crisis; Commercial banks; Credit; Government finance statistics; Foreign direct investment; Global; Europe
Cover Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; Rodrigo de Rato; y Figaredo; country; economy; la Barra Munoz; executive directors; IMF surveillance; board of governors of the International Monetary Fund; subscription of the Republic of Montenegro; public goods; Climate change; Poverty reduction; Poverty reduction and development; Income; Global; Africa; Caribbean; Sub-Saharan Africa; West Africa
Cover IMF Working Papers
Do IMF Programs Improve Economic Governance?
Mr. Jiro Honda
This paper examines the effects of IMF financial assistance on economic governance in developing countries, based on panel data analyses of perceived governance indicators. It uses a two-stage approach to address possible endogeneity issues. The results show that successful implementation of IMF programs is associated with improvements in the quality of economic governance. Specifically, the paper finds statistically robust results that IMF concessional programs through the Poverty Reduction and Growth Facility tend to enhance the rule of law and strengthen control of corruption. Through this exercise, however, no statistically significant effect is observed for assistances under the General Resource Account.
Keywords:
WP; governance; IMF program; IMF assistance
Cover IMF Staff Country Reports
Republic of Montenegro: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro
International Monetary Fund
The economic expansion in Montenegro is proceeding at full strength. The economy is overheating. Rapid credit growth is overstretching banks, and has contributed to ballooning asset prices. Eroding competitiveness is a concern. Management of the boom falls on fiscal policy. Tax cuts have been procyclical and potentially destabilizing. Fiscal risks need to be contained. The main focus of credit policy should be to strengthen banking sector supervision. Completing the transition to a market economy should be kept at the top of the policy agenda.
Keywords:
ISCR; CR; foreign direct investment; authority; Montenegrin authorities; outturn; policy; credit growth; retail price inflation; staff appraisal; FDI inflow; Credit; Tourism; Public sector; Fiscal stance; Global; Baltics
Cover IMF Staff Country Reports
Republic of Montenegro: Financial System Stability Assessment
International Monetary Fund
Montenegro is undergoing rapid credit growth in the context of heavy foreign bank presence and euro use. However, the rate of credit expansion is testing the limits of banks’ capacity to underwrite loans prudently and maintain adequate buffers. Rapid credit growth is now also posing supervisory challenges, despite relatively strong financial sector regulation and supervision. The recommended policy response is a mix of prudential strengthening required to address risks emanating from rapid credit growth, and measures to address specific vulnerabilities.
Keywords:
ISCR; CR; capital market; banking system; problem bank resolution procedure; risk management practice; state-enterprise deposit placement; financial system; credit risk; liquidity ratio; bank lending; prudential liquidity management; treasury bill; banking sector; adequacy level; bank funding; Credit; Credit risk; Stress testing; Commercial banks; Capital adequacy requirements
Cover IMF Staff Country Reports
Republic of Montenegro: Selected Issues
International Monetary Fund
Euroization has served Montenegro well by anchoring inflation expectations, and shifted the burden of adjustment to fiscal and structural policies. The paper looks at trends and how developments in the tourism industry have contributed to the shaping of the economy. The lack of monetary and exchange rate policies in Montenegro puts a premium on a well-designed and appropriate fiscal policy. This paper has presented a dynamic analysis of the structure of the banking sector of Central and Eastern European countries.
Keywords:
ISCR; CR; Montenegro; tourism; fiscal policy; tourism sector; debt target; CEE country; tourism industry; tourism enclave; tourism activity; FDI inflow; competitor tourism country; Commercial banks; Fiscal stance; Current account deficits; Global; Western Europe; Eastern Europe; Baltics
Cover Policy Papers
Key Trends in Implementation of the IMF'sTransparency Policy -- 2008
International Monetary Fund
At the time of the 2005 review of the IMF's transparency policy, it was agreed that information on key trends in implementation of the transparency policy would be circulated to the Board regularly, along with lists indicating the publication status of reports discussed by the Board. The set of tables provided in this report updates the last Key Trends with information on documents published through December 2007. An update will continue to be issued annually to the Executive Board.
Keywords:
PP; staff report; All Article IV; country policy intention document; publication rate; Article IV Board; UFR; UFR staff report; Article IV Public Information Notices; UFR discussion; Emerging and frontier financial markets; Central and Eastern Europe; Middle East; Western Hemisphere
Cover IMF Survey
IMF Survey, Volume 36 Issue 13
International Monetary Fund. External Relations Dept.
Calls for stronger IMF, World Growth Outlook, Strauss-Kahn Takes Over as New IMF Head, IMFC Communique, Globalization, Global Business Cycle, Capital Flows, Annual Meetings Seminars, Asian Economic Outlook, African Economic Outlook, News Briefs.
Keywords:
SV; IMF publication service; economy; market; IMF study; IMF survey; trade globalization; FDI inflow; Emerging and frontier financial markets; Capital inflows; Climate change; Income inequality; Personal income; Global; Asia and Pacific; Sub-Saharan Africa; Africa
Cover Articles of Agreement December 2004
Articles of Agreement December 2004
International Monetary Fund

Abstract

This paper explains purposes and functions of various articles of the IMF. The original members of the IMF are those of the countries represented at the United Nations Monetary and Financial Conference whose governments accept membership before December 31, 1945. The articles describe that the Board of Governors at intervals of not more than five years are expected to conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members. Recognizing that the essential purpose of the international monetary system is to provide a framework that facilitates the exchange of goods, services, and capital among countries, and that sustains sound economic growth, and that a principal objective is the continuing development of the orderly underlying conditions that are necessary for financial and economic stability, each member undertakes to collaborate with the IMF and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates.

Keywords:
AA; Fund; agreement; members of the fund; purposes of the fund; transactions in special drawing rights; fund's holding; decision of the board of governors; Currencies; Freely usable currencies; Bank liquidation; International monetary system; Gold; Global; Africa; Reserve assets
Cover IMF Survey
IMF Survey, Volume 36 Issue 02
International Monetary Fund. External Relations Dept.
Montenegro, IMF membership, Peru loan, Lebanon, Murilo Portugal interview, IMF technical assistance (TA), Vietnam and WTO, Colombia, foreign direct investment, gender and economics, Arab economies, France and 35-hour week.
Keywords:
SV; SDR; SDR interest rate; center; FDI; IMF quota; UNDP Inter-American Development Bank; WTO accession; Washington conference; Foreign direct investment; Women; Labor force; East Asia; Africa; Global; Middle East; North Africa; East Africa