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Europe > Slovenia, Republic of

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Cover IMF Staff Country Reports
Republic of Slovenia: Financial System Stability Assessment Update, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision and Insurance Supervision
International Monetary Fund
This paper presents a Financial System Stability Assessment Update for Slovenia, including Reports on the Observance of Standards and Codes on Banking Supervision and Insurance Supervision. The Slovenian financial system appears sound overall but faces new challenges and risks with European Union (EU) accession and entry into the new Exchange Rate Mechanism (ERM2). These include increased competitive pressures on Slovenian banks from EU banks, and the risk to bank-asset quality from rapid credit growth triggered by very low real interest rates associated with interest rate convergence in ERM2.
Keywords:
ISCR; CR; bank; exchange rate; foreign currency; bank portfolio; interest rate margin; loan pricing; BoS banks' exchange rate risk; long position; BoS bill; interest rate convergence; loan portfolio; market infrastructure; banking sector vulnerability; banks' interest rate margin; Commercial banks; Credit risk; Stress testing; Loans; Bank soundness
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
This 2004 Article IV Consultation highlights that domestic demand in Slovenia rebounded strongly in 2003 after three anemic years. All components of domestic demand strengthened appreciably, fueled by declines in interest rates and the associated pickup in bank credit to the private sector. Progress with disinflation was better than expected. Year-over-year inflation declined from 7.2 percent at end-2002 to 3.5 percent in March 2004. IMF staff analysis suggests that the widening of the output gap associated with the economic slowdown was the dominant driving force behind disinflation in 2003.
Keywords:
ISCR; CR; monetary policy; demand; inflation projection; Maastricht inflation criterion; wage drift; fiscal policy; disinflation record; exchange rate objective; Inflation; Wages; Exchange rates; Disinflation; Europe
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper provides a quantitative assessment of the determinants of inflation in Slovenia, and evaluates the likelihood of the Maastricht inflation criterion being met. It concludes that on the basis of currently identified policies, Slovene inflation will likely remain above the Maastricht criterion over the assessment period. The IMF staff analysis suggests that the economic slowdown related to the unfavorable external environment contributed about two-thirds to disinflation in 2003. This paper also analyzes the direct fiscal implications of European Union accession on Slovenia.
Keywords:
ISCR; CR; budget; Slovenia; Maastricht inflation criterion; EU budget; EU entry; EU contribution; EU accession; equilibrium inflation; Inflation; Budget planning and preparation; Output gap; Productivity
Cover IMF Staff Country Reports
Bosnia and Herzegovina: Poverty Reduction Strategy Paper—Mid-Term Development Strategy
International Monetary Fund
Poverty risk is most marked for children, displaced persons and returnees, unemployed, and people with low education. Basic goals of the macroeconomic framework of the mid-term development strategy of Bosnia and Herzegovina are to reduce the overall public expenditures, lower the public debt, and to bring the current account deficit to a sustainable level through fiscal consolidation. The strategy is to attract more foreign investment, create conditions for a more efficient privatization process, and to ensure new cycles of donor assistance.
Keywords:
ISCR; CR; gross domestic product; private sector; banking sector; feasibility study; investment funds; production system; economic development; Medium-Term Development Strategy; public expenditure; BiH law; foreign trade; Health care; Global; Europe; Eastern Europe
Cover IMF Working Papers
Exchange Rates in Central Europe: A Blessing or a Curse?
Louis Kuijs
and
Alain Borghijs
Central European accession countries (CECs) are currently considering when to adopt the euro. From the perspective of macroeconomic stabilization, the cost or benefit of giving up a flexible exchange rate depends on the types of asymmetric shocks hitting the economy and the ability of the exchange rate to act as a shock absorber. Economic theory suggests that flexible exchange rates are useful in absorbing asymmetric real shocks but unhelpful in the case of monetary and financial shocks. For five CECs-the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia-empirical results on the basis of a structural VAR suggest that in the CECs the exchange rate appears to have served as much or more as an unhelpful propagator of monetary and financial shocks than as a useful absorber of real shocks.
Keywords:
WP; exchange rate; nominal exchange rate; nominal Exchange rate.; Exchange rates; structural VAR; accession; CECs; LM shock; IS shock; demand and supply shock; exchange rate movement; shock-absorbing capability; exchange rate variability; neutral shock; labor market shock; structural shock; Real exchange rates; Exchange rate flexibility; Exchange rate arrangements; Exchange rate adjustments; Europe
Cover IMF Working Papers
Budget System Reform in Transitional Economies: The Case of the Former Yugoslav Republics
Mr. Jack Diamond
and
Mr. Duncan P Last
For the republics of the former Socialist Federal Republic of Yugoslavia (SFRY) as for many other transition economies, an important step in introducing a more market-oriented system was the restructuring of their budget systems. This paper reviews and evaluates the process of budget system reform during the transition period extending from the time they emerged from the collapse of the SFRY in 1989 until the end of 2002. For at least a decade of this period, the Fiscal Affairs Department of the IMF has been providing technical assistance (TA) to these countries to facilitate such reforms. Based on the material generated by this effort, the authors offer a review of the progress made and an assessment of the reform elements still to be completed. Given that the former Yugoslav republics all commenced the reform process with the same institutions, this paper offers a unique opportunity to analyze the critical elements in successful budget system reform. An attempt is made to explain the varying degrees of success experienced by different countries, and a reform agenda is suggested to guide future TA.
Keywords:
WP; submission system; government operation; banking arrangement; payment order; budget execution; cash management; government payment; MFERAC information system; Budget Reform; Yugoslavia; government institution; Budget planning and preparation; Budget execution and treasury management; Fiscal accounting and reporting; Central government spending; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2003 Article IV Consultation
International Monetary Fund
This 2003 Article IV Consultation highlights that economic growth in the Republic of Slovenia slowed during 2001–02 to about 3 percent, owing to a weak external environment and subdued domestic demand. Export growth slowed as demand from the European Union weakened, but the impact was cushioned by a rapid expansion of exports to southeastern Europe and Russia. With imports growing more slowly than exports and the terms of trade improving, the external current account swung into surplus in 2001 and strengthened further in 2002, reflecting a satisfactory competitive position.
Keywords:
ISCR; CR; government; rate; indexation; deficit; inflation expectation; Slovene authorities; indexation mechanism; State budget balance; EU accession; tolar bill rate; inflation rate; debt ratio; privatization receipts; EU average; government debt; Inflation; Budget planning and preparation; Europe; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Slovenia; goods; equity capital; CEFTA country; net error; reinvested earnings; capital goods; investment Thai; long-term debt; Social security contributions; Consumption taxes; Gross fixed investment; publication policy; reader comment; publication service; appendix paper; Value-added tax
Cover IMF Staff Country Reports
Republic of Slovenia: Report on the Observance of Standards and Codes—Fiscal Transparency Module
International Monetary Fund
This report evaluates the Observance of Standards and Codes on Fiscal Transparency Module for the Republic of Slovenia. Slovenia meets the requirements of the fiscal transparency code in many important respects. The basic legislation and practices are in line with many Organization for Economic Cooperation and Development (OECD) and European Union countries, and there is generally a clear specification of the roles and responsibilities of different institutions. The basic policies for provision of information are consistent with international practices and procedures for budget preparation.
Keywords:
ISCR; CR; government; government equity holding; accounting; fund; government function; MOF debt report; state budget; public funds; budgetary fund; privatization process; Budget planning and preparation; Fiscal accounting and reporting; Budget execution and treasury management; Contingent liabilities; Europe
Cover IMF Working Papers
Exchange Rate Pass-Through and Monetary Policy in Croatia
Mr. Leo Bonato
and
Mr. Andreas Billmeier
Exchange rate targeting is considered the best policy option in dollarized economies when wages and prices are indexed to the exchange rate. Croatia is a highly dollarized economy, but empirical investigation conducted in this paper shows that exchange rate pass-through has been low after stabilization. This finding, which is robust to different methodologies (VAR, cointegration), would suggest that dollarization is mostly limited to financial assets and therefore that strict exchange rate targeting may not necessarily be the best option. However, policy implications are unclear due to the endogeneity of the pass-through to the policy regime.
Keywords:
WP; retail price index; Croatia; pass-through; VAR; inflation; distribution chain; cointegration; price level; exchange rate movement; time series; exchange rate appreciation; HWWA commodity price index; exchange rate shock; DM exchange rate; Exchange rates; Price indexes; Exchange rate adjustments; Vector autoregression