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Europe > Slovenia, Republic of

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Cover IMF Working Papers
Interpreting Real Exchange Rate Movements in Transition Countries
International Monetary Fund
Several transition countries have experienced strong real exchange rate appreciations. This paper tests the hypothesis that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period 1993-98, the results show clear evidence of productivity-driven exchange rate movements in the central and eastern European and Baltic countries. Transition countries, particularly the EU accession countries that have begun to catch up, can expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non-transition countries indicates that catching up by one percent will be associated with a 0.4 percent real appreciation.
Keywords:
WP; nominal exchange rate; Real exchange rates; transition; Balassa-Samuelson effects; vis-à-vis productivity; exchange rate gap; PPP exchange rate; productivity variable; labor productivity data; Productivity; Exchange rates; Real effective exchange rates; Industrial productivity; Eastern Europe; Baltics
Cover IMF Working Papers
Do Asset Prices in Transition Countries Contain Information About Future Economic Activity?
Mr. Torsten M Sloek
and
Mr. Peter F. Christoffersen
There is ample empirical evidence for developed economies that asset prices contain information about future economic developments. But is this also the case in transition economies? Using a panel of monthly data for the Czech Republic, Hungary, Poland, Russia, Slovakia, and Slovenia for the period 1994-1999 it is shown that historical values for interest rates, exchange rates, and stock prices signal future movements in real economic activity. This result has significant implications for policymakers, and a composite leading indicator based on the three asset prices is presented, which contains information about the future development of economic activity.
Keywords:
WP; asset price; asset; price; Asset prices in transition countries; Leading indicator analysis; Tracking portfolio; way asset market; transition economy; asset return; market infrastructure; IP terms; leading indicator properties; asset prices in transition economy; current asset; market efficiency; market instrument; Industrial production; Asset prices; Cyclical indicators; Stocks; Stock markets; Eastern Europe
Cover IMF Staff Country Reports
Slovenia: Selected Issues
International Monetary Fund
The Bank of Slovenia (BoS) officially pursues a policy aimed at lowering inflation to European levels and maintaining the stability of the currency. Since 1997, the intermediate target of the BoS has been the growth of the broad monetary aggregate M3 (defined as the daily average of the last quarter of the year relative to the same period last year). During 1995–98, to limit the impact of large inflows of foreign capital on the domestic economy and achieve its monetary targets, the BoS has resorted to heavy capital controls.
Keywords:
ISCR; CR; monetary policy; unit price; banking system; foreign exchange; inflationary spiral; market structure; central bank; banking sector; Inflation; Exchange rates; Real exchange rates; Monetary base; Western Europe
Cover IMF Policy Discussion Papers
Exchange Rate Regimes in Selected Advanced Transition Economies: Coping with Transition, Capital Inflows, and EU Accession
International Monetary Fund
Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.
Keywords:
PDP; exchange rate regime; regime choice; rate of exchange rate crawl; managed float; EU accession; Exchange regime; Policy issue; transition; exchange rate volatility; Exchange rates; Exchange rate arrangements; Exchange rate flexibility; Exchange rate policy; Inflation; Global; Western Europe; Eastern Europe
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 1999 Article IV Consultation
International Monetary Fund
Slovenia is among the most successful transition economies of central and eastern Europe. The authorities have consistently maintained conservative macroeconomic policies, which together with the relatively favorable starting point, allowed them the luxury of a gradual pace of reform. This approach to economic policy has delivered macroeconomic stability while maintaining social consensus and political continuity; at the same time, however, it has delayed the restructuring in certain sectors. Developments in 1999 have shaped by changes in the external environment and temporary domestic factors.
Keywords:
ISCR; CR; government; liberalization; banking system; foreign exchange; IMF position; broad money; policy stance; labor market; transmission mechanism; Slovene authorities; exchange rate; Inflation; Exchange rates; Monetary base; Real exchange rates; Western Europe; Central and Eastern Europe
Cover IMF Staff Country Reports
Republic of Croatia: Selected Issues and Statistical Appendix
International Monetary Fund
The development of the Croatian financial sector has faced many of the difficulties experienced by other transition countries. Recent troubles have exacted a significant macroeconomic price but the strategy implemented by the Croatian National Bank (CNB) since the approval of the new banking law promises the early resolution of the more immediate problems. GDP at constant prices, trends in total labor costs, price developments, retail inflation rates, agricultural production, consolidated central government fiscal accounts, government employment, health insurance, disability and retirement insurance, and so on are presented in detail.
Keywords:
ISCR; CR; Croatia; bank; short-term debt; current account; net of FDI; bank financing; Association agreement; government Sector social; loan portfolio; reserves ratio; prudential portfolio adjustment; a number of bank; cash payment; Commercial banks; Exports; Pension spending; Eastern Europe; Central and Eastern Europe
Cover IMF Survey
IMF Survey: Volume 29, Issue 11
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; Horst Köhler; work program; IMF facilities; General data dissemination system; IMF staff country; IMF publication service; IMF's website; Exchange rate arrangements; Exchange rate flexibility; Exchange rates; Capital inflows; Global; Africa; Caribbean; Middle East; East Asia
Cover IMF Staff Country Reports
Slovak Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines external competitiveness and the exchange rate for the Slovak Republic. The paper describes two simple types of competitiveness indicators: (i) real effective exchange rate measures, which examine underlying fundamentals thought to influence external performance; and (ii) indicators of actual export performance. The results suggest that the unfavorable outcomes in the merchandise trade balance and the current account from 1996 to 1998 reflected, at least in part, competitiveness problems. The paper also presents an assessment of banking conditions and the supervision system in the Slovak Republic.
Keywords:
ISCR; CR; Slovakia; EU imports; GDP; deficit; government; EU import share; EU market; D-Mark unit labor costs; imports from Slovakia; Corporate income tax; Personal income tax; Commercial banks; Western Europe; Middle East; Central and Eastern Europe; North Africa; Baltics; East Africa; Eastern Europe
Cover IMF Policy Discussion Papers
Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU
Mr. Paul R Masson
The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.
Keywords:
PDP; exchange rate; monetary policy; country; euro; CEECs; EU country; EMU; exchange rates; transition economies; EU membership; EU inflation; EU accession process; adjustable peg; EU tariff; EU level; Inflation; Inflation targeting; Currency boards; Exchange rate arrangements; Europe; Central and Eastern Europe; Western Europe
Cover IMF Staff Country Reports
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:
statistical appendix