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Europe > Slovenia, Republic of

You are looking at 1 - 8 of 8 items for :

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Cover IMF Working Papers
Usability of Bank Capital Buffers: The Role of Market Expectations
José Abad
Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital shortfall that will weigh on its share price. Therefore, a bank will only decide to use its buffers if the value creation from a larger loan book offsets the costs associated with a capital shortfall. Using market expectations, we calibrate a framework for assessing the usability of buffers. Our results suggest that the cases in which the use of buffers make economic sense are rare in practice.
Keywords:
Capital Buffers; Basel III; Capital Regulation; Financial Institutions; Macropru; valuation model; buffer Usability; market expectation; bank Capital Structure; capital shortfall; Countercyclical capital buffers; Correspondent banking; Loans; Market capitalization; COVID-19; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues
International Monetary Fund. European Dept.
This paper focuses on the following key issues of the Slovenian economy: export competitiveness, corporate financial health and investment, European Central Bank (ECB) quantitative easing, and financial sector development issues and prospects. Slovenia’s exports have been the main contributor to GDP growth in recent years. In particular, by 2015 exports of goods and services had increased by 20 percentage points of GDP compared to their postcrisis low in 2009. Preceding the global economic slump in 2008, bank credit in Slovenia fueled corporate investment. The past few years have witnessed substantial monetary easing by the ECB. With inflation running well below target, the ECB has been pursuing unconventional monetary policy-easing actions.
Keywords:
ISCR; CR; Slovenia; export; quantitative easing; GDP; investment relationship; assets threshold; ECB quantitative easing; QE trend; exports of transport equipment; QE period; investment decision; transport equipment export; Exports; Financial sector development; Unconventional monetary policies; Debt burden; Global
Cover IMF Working Papers
Assessing Competitiveness Using Industry Unit Labor Costs: An Application to Slovakia
International Monetary Fund
Conceptual ambiguities and statistical weaknesses hamper the assessment of external competitiveness. The term competitiveness, while applied extensively, is often imprecisely defined, which can result in analytical errors and mistaken policy advice. Furthermore, aggregate statistical measures of competitiveness in terms of exchange rate misalignment can be biased. To address these issues, this paper makes two contributions. First, it clarifies the external competitiveness concept, highlighting the dichotomy between productivity-driven long-run growth and short-run deviations from the underlying growth trajectory, which can be related to exchange rate misalignment. Second, it develops a disaggregated statistical approach for examining competitiveness based on unit labor costs at the three digit industry level in a group of comparable countries. The case of Slovakia is used to illustrate these concepts, but the analytical insights have general application.
Keywords:
WP; Slovakia; cost; export share; competitiveness; unit labor cost; exchange rate; price level; paper estimates unit labor cost norm; disaggregated ULC; ULC dev.; industry unit labor cost; ULC relative; Competition; Exchange rates; Productivity; Global competitiveness; Export performance; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the challenges that the Republic of Slovenia will face in the coming years. It examines the efficiency of the Slovene banking sector in the European Union context. The paper analyzes indicators of bank efficiency by comparing performance indicators for banks in Slovenia, the European Monetary Union, and new member states. It presents results from cross-country econometric estimates of banking sector cost efficiency. The paper also discusses results from estimates of cross-country banking sector contestability, and the determinants of efficiency and contestability.
Keywords:
ISCR; CR; Slovene bank; bank; chapter IV; bank efficiency; expenditure reform; chapter III; Capital markets; Stock markets; Fiscal rules; Europe
Cover IMF Staff Country Reports
Republic of Slovenia: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Securities Regulation, Insurance Supervision, and Payment Systems
International Monetary Fund
This report on the Financial System Stability Assessment presents the main findings and overall assessment of the Republic of Slovenia's financial system. The paper analyzes the reports on the Observance of Standards and Codes on banking supervision, securities regulation, insurance supervision, and payment systems. The assessment confirms the strong supervisory standards attained in Slovenia, and noted the current absence of consolidated supervision and the regulatory gap governing investment guidelines for insurance companies, and the need for a strong financial system.
Keywords:
ISCR; CR; investment funds; banking system; commercial bank; foreign exchange; monetary policy; money market; Commercial banks; Payment systems; Mutual funds; Insurance companies; Insurance; Eastern Europe
Cover IMF Research Bulletin
IMF Research Bulletin, September 2001
International Monetary Fund. Research Dept.
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Keywords:
IRB; market; market illiquidity; GFS manual; IMF staff research; public finance; government finance statistics manual; government finance statistics yearbook; ERBS syndrome; market participant; Emerging and frontier financial markets; International capital markets; Government finance statistics; Exchange rate anchor; Human capital; Africa; Europe; Global; West Africa; East Asia; Baltics
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2001 Article IV Consultation
International Monetary Fund
The Republic of Slovenia, being the most successful transition economy in Central and Eastern Europe, has achieved significant economic convergence with the European Union, and has built up an impressive record of sustained, broad-based growth, reflecting strong competitiveness and investment. However, Executive Directors emphasized the need to maintain strong monetary and fiscal policies, and accelerate structural reforms. They commended the comprehensive action plan prepared by the authorities to strengthen prudential standards, improve liquidity management, and deepen the money market.
Keywords:
ISCR; CR; Policy implementation; government; implementation of the authorities' action plan; Slovene authorities; indexation; staff appraisal; EU harmonization; Inflation; Capital account liberalization; Competition; Privatization; Current account; Central and Eastern Europe
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