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Europe > Slovenia, Republic of

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Cover Technical Assistance Reports
Republic of Slovenia: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Slovenia’s public investment management institutions, as assessed by the PIMA, perform well overall relative to European peers. Availability of funding for public investment, fiscal targets and rules, maintenance funding and monitoring of public assets are areas of strength. Key areas for improvement are appraisal and selection of projects, procurement, and portfolio management and oversight. The near-term challenge will be to address bottlenecks in the execution of capital projects. Over the medium to longer term, tighter fiscal constraints will raise the premium for stronger appraisal and selection processes.
Keywords:
Public investment management assessment; PIMA; Infrastructure governance; project appraisal; medium-term fiscal planning; Republic of Slovenia.; State secretary; IMF's Fiscal Affairs Department; D. investment implementation; management institution; C. investment allocation; Public investment spending; Budget planning and preparation; Infrastructure; Fiscal risks; Capital spending; Eastern Europe; Europe; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on boosting productivity in Slovenia. Slovenia’s ageing population sets a constraint on the contribution of labor to gross domestic product in the end.Only achieve sustained increases in income and living standards can, therefore, through investment in physical and human capital and, more importantly, through enhancing productivity, historically the key growth driver. This paper summarizes historical trends in growth and productivity in Slovenia, examines the country’s strengths and weaknesses in terms of key factors affecting productivity identified in the literature. Since the scope for future labor contributions to growth in Slovenia is limited for demographic reasons—apart from further improvements to labor quality—the focus of economic growth policies should be on reinvigorating private investment, which has been low over the past decade, and pursuing labor and product market reforms that boost total factor productivity growth.
Keywords:
productivity trend; firm leverage; labor market indicator; I. shift share methodology; EU growth composition; Productivity; Total factor productivity; Labor force; Private investment; Europe; Central and Eastern Europe; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Technical Assistance Report-Revenue Administration Gap Analysis Program—Corporate Income Tax Gap
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses the estimates of tax gaps for corporate income tax (CIT) for nonfinancial corporations in Slovenia by applying the methodology of the IMF’s Revenue Administration – Gap Analysis Program (RA-GAP). The RA-GAP methodology for CIT gap is based on a top-down approach, which estimates the potential tax base and liability from macroeconomic data. The top-down estimation of the CIT gap provides an initial evaluation of the level and change in taxpayers’ compliance; however, further work in some areas is needed to improve the application of the methodology and reliability of results. Assessed CIT for nonfinancial corporations dropped from 2011 to 2012 then rose until 2020; potential CIT roughly followed the same pattern. The estimates for the assessment gap for nonfinancial corporations indicate there may have been an increase in 2012, and then a decline back to the 2011 levels. Under either method, the bulk of the assessment gap appears to be in the manufacturing sector.
Keywords:
CIT productivity; CIT liability; Ra-gap CIT gap methodology; gap estimate; IMF's Fiscal Affairs Department; CIT-efficiency ratio; CIT compliance gap; CIT gap analysis; Corporate income tax; Tax gap; Business enterprises; Global
Cover IMF Working Papers
The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia
Mr. Raphael A Espinoza
In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main findings show that positive shocks to ESI Funds are followed by an increase in output that ranges from 1.2 percent on impact, to 1.8 percent after 1 year, and by an increase in private investment between 0.7 and 0.8 percent of GDP. We address country heterogeneity by dividing countries according to key characteristics that have been known to affect multipliers. In particular, we find higher multipliers in a group of CEE countries that are important recipients of European funds and are characterized by fixed exchange rate regimes and sound public investment governance (e.g. Croatia and Slovenia). We also complement the aggregate analysis by estimating the effect of different types of public investment and the effect of public investment on different sectors of the economy.
Keywords:
aggregate multiplier; sectoral multiplier; aggregate analysis; public investment; impact multiplier; Public investment spending; Private investment; Public employment; Manufacturing; Employment; Eastern Europe
Cover Finance & Development
Finance and Development, March 2017
International Monetary Fund. External Relations Dept.
This paper reports about current mainstream growth projections for the United States and the European Union over the medium term represent a marked slowdown from growth rates in the decades prior to the global financial crisis. Slower growth in Europe and the United States has mixed implications for growth prospects in developing economies. Most obviously, on the negative side, it means less demand for these countries’ exports, so models of development based on export-led growth may need to be rethought. In contrast, for Western Europe the narrative is about catch-up growth rather than the rate of cutting-edge technological progress. From the middle of the 20th century to the recent global crisis, this experience comprised three distinct phases. European medium-term growth prospects depend both on how fast productivity grows in the United States and whether catch-up growth can resume after a long hiatus. Economic historians see social capability as a key determinant of success or failure in catch-up growth.
Keywords:
FD; F&D; economy; can money; workforce benefit; productivity growth; utility price; polymer note; pension payment; prices in the shop; Productivity; Non-renewable resources; Income inequality; Aging; Global; Europe; Sub-Saharan Africa; Western Europe; East Asia
Cover IMF Working Papers
Banks’ Adjustment to Basel III Reform: A Bank-Level Perspective for Emerging Europe
Michal Andrle
,
Vladimír Tomšík
, and
Mr. Jan Vlcek
The paper seeks to identify strategies of commercial banks in response to higher capital requirements of Basel III reform and its phase-in. It focuses on a sample of nine EU emerging market countries and picks up 5 largest banks in each country assessing their response. The paper finds that all banking sectors raised CAR ratios mainly through retained earnings. In countries where the banking sector struggled with profitability, banks have resorted to issuance of new equity or shrunk the size of their balance sheets to meet the higher capital-adequacy requirements. Worries echoed at the early stage of Basel III compilation, namely that commercial banks would shrink their balance sheet by reducing their lending to meet stricter capital requirements, did materialize only in banks struggling with profitability.
Keywords:
WP; bank; net income; balance sheet; asset; capital adequacy; Basel III; banking sector assets; cost of capital; capital adequacy ratio dynamics; increase in capital capital ratio; balance sheet growth; CAR decomposition; Income; Capital adequacy requirements; Commercial banks; Financial statements; Stocks; Europe; Baltics; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Technical Assistance Report-The 2013 Property Tax Act: Evaluation of its Design and the Employed Mass Valuation System
International Monetary Fund. Fiscal Affairs Dept.
This report provides to the Ministry of Finance a review of the current mass valuation appraisal system, and further policy directions on improved tax design for a property tax that would not invite Constitutional challenge, especially in respect of tax base definition, tax rate policy, and tax relief. These measures combined would broaden the base with less rate discrimination. The mission identified the following key structural problems as to the design of the real property tax and suggested corrective steps with the view to improving collections from property taxes across Slovenia
Keywords:
ISCR; CR; market value; land tax; tax burden; tax rate; transfer tax; real property; progressive tax; real property property tax; local government; discounted cash flow; property tax system; Property tax; Personal income; Consumption taxes; Tax incidence; Africa
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper discusses several features of the Slovene economy that may explain the weak relationship between credit and domestic demand growth. It reviews credit growth developments in Slovenia and in selected European Union new member states, and compares their experiences with that of noncore euro area countries, including Ireland, Greece, Portugal, and Spain, before their adoption of the euro. Findings on the relationships between credit and domestic demand based on simple correlation and regression analyses are also presented.
Keywords:
ISCR; CR; credit growth; deposit; Slovenia; private sector; private sector credit; section D; growth variable; Credit-to-GDP ratio; growth measure; demand growth; Credit; Consumer credit; Mutual funds; Private consumption; Loans; Baltics
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 Survey
IMF Survey, Volume 31, Issue 09
International Monetary Fund. External Relations Dept.
On September 1, 2001, Anne Krueger took up the reins as the IMF’s First Deputy Managing Director. She brought with her a wealth of experience from the public and private sectors, including long stints in academia—most recently as an economics professor at Stanford University—and, from 1982 to 1986, as the World Bank’s Vice President for Economics and Research. She is a Distinguished Fellow and past President ofthe American Economic Association.
Keywords:
SV; IMF Concludes; IAC meeting; central bank governorIMF Approves; IMF staff country; central bank governor; IMF publication service; core area; Poverty reduction strategy; Collective action clauses; Financial statements; Islamic banking supervision; Income; Africa; Global; Europe; North America; Eastern Europe; Sub-Saharan Africa