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Europe > Slovenia, Republic of

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Cover IMF Staff Country Reports
Republic of Croatia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines the competitiveness of Croatia’s goods exports and predicts its goods export diversification potential. The paper also discusses the goods export competitiveness using Revealed Comparative Advantage (RCA) with cross-country comparison and uses a machine-learning approach to worldwide product-level data to forecast Croatia’s goods export portfolio. Croatia has demonstrated goods export competitiveness beyond the tourism sector. Over the past few decades, its share of exports of goods with comparative advantage has exhibited a positive correlation with Croatia’s real income growth, while negatively correlated with its growth volatility. However, Croatia's export structure indicates its relatively modest status in medium- and high-technology goods compared to other Eurozone countries. A machine-learning-based analysis suggests that Croatia has potential in exporting a higher share of manufacturing goods in its export portfolio, especially technology-intensive ones. Raising productivity is important for Croatia to unleash the capacity for a higher and more resilient growth.
Keywords:
goods export competitiveness; goods export diversification; goods export comparative advantage; goods export structure; Croatia's GHG emission; Greenhouse gas emissions; Climate change; Carbon tax; Natural disasters; Global; Europe
Cover IMF Working Papers
Determinants and Effects of Countries’ External Capital Structure: A Firm-Level Analysis
Uroš Herman
and
Tobias Krahnke
In this paper, we investigate whether a firm’s composition of foreign liabilities matters for their resilience during economic turmoil and examine which characteristics determine a firm’s foreign capital structure. Using firm-level data, we corroborate previous findings from the (international) macroeconomic literature that the composition of foreign liabilities matters for a country’s susceptibility to external shocks. We find that firms with a positive equity share in their foreign liabilities were less affected by the global financial crisis and also less likely to default in the aftermath of the crisis. In addition, we show that larger, more open, and more productive firms tend to have a higher equity share in total foreign liabilities.
Keywords:
External Liabilities; Foreign Direct Investment; Firm-level data; Financial Crisis; equity share; firm's composition; firm-level data; sales growth; standard deviation; Foreign liabilities; Foreign corporations; Global financial crisis of 2008-2009; Foreign direct investment; Corporate sector; Global
Cover IMF Working Papers
Foreign Direct Investment in New Member State of the EU and Western Balkans: Taking Stock and Assessing Prospects
La-Bhus Fah Jirasavetakul
and
Jesmin Rahman
FDI has played a strong role in the export-led growth of eastern European countries that are now members of the European Union (EU). Largely sourced from advanced Europe, FDI inflows were motivated by the intention to pursue new markets and cost efficiency. Over time, foreign investment has restructured the exports sector in these countries in favor of products that are considered more technology-intensive. As these countries face skills shortage and rising wages, what is needed for FDI to continue playing a strong role? Can the Western Balkan countries, who are not yet EU members and have in recent years stepped up financial incentives and policy initiatives to court investors, emulate the experience? This paper takes stock of the FDI experience of both these groups and tries to estimate their potential gains from additional policy efforts.
Keywords:
WP; FDI inflow; WB country; host country; EU accession; EU country; FDI flow; FDI stock; Foreign direct investment; determinants of FDI; catching-up process; EU New Member States; Western Balkans; gravity model; panel analysis; inflow regression; Corporate income tax; Tax holidays; Manufacturing; Stocks; Global; Europe
Cover IMF Working Papers
Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?
Mr. Eugenio M Cerutti
and
Mr. Gee Hee Hong
Superficial examination of aggregate gross cross-border capital inflow data suggests that there was no substitution between portfolio inflows and bank loans in recent years. However, our novel analysis of disaggregate inflows (both by types of instrument and borrower) shows interesting heterogeneity. There has been substitution of bank loans for portfolio debt securities not only in the case of corporate and sovereign borrowers in advanced countries, but also sovereign borrowers in emerging countries. In the case of corporate borrowers in emerging markets, the relationship corresponds to complementarity across types of gross capital inflows, especially during periods of positive capital gross inflows after the global financial crisis. A large part of these patterns does not seem to be driven by a common phenomenon across countries associated with the global financial cycle, but rather by country-specific factors.
Keywords:
WP; capital flows; portfolio inflows; bank inflows; global financial cycle; portfolio debt; loan inflow; AE corporate; borrower type; investment loan; factor loading; debt inflow; debt optimization operation; Loans; Capital inflows; Securities; Stocks; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper takes the case of Slovenia to analyze credit growth and economic recovery in Europe. The findings reveal that following the global financial crisis recovery in Slovenia significantly lags typical postrecession recoveries for both typical and financial-crisis-driven recessions. Credit dynamics have also been much more subdued. Controlling for Slovenia’s double-dip recession and the slowdown in global growth after the global financial crisis reveals that Slovenia’s recovery is not atypical. The cross-country study also finds that bank-specific factors are the key determinants of bank lending. Bank credit to the private sector also has a positive but modest impact on economic activity, mainly through the investment channel.
Keywords:
ISCR; CR; export; Slovenia; GDP; bank credit growth; export category; Slovenia's export; bank credit dynamics; post GFC-recovery; goods export; Labor markets; Exports; Bank credit; Employment; Unemployment; Global; Europe; Southern Europe; Eastern Europe
Cover IMF Staff Country Reports
Republic of Slovenia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
International Monetary Fund. European Dept.
This 2017 Article IV Consultation highlights Slovenia’s fourth year of steady economic recovery, following decisive measures to address a looming banking crisis in 2013. Output and employment have risen considerably. The external position has strengthened, reflecting robust exports and strong tourism. The financial system has substantially improved in the past few years. Rising domestic demand and continuing strong exports will support projected growth of about 3 percent in 2017. Over the medium term, economic growth will converge to the estimated potential GDP growth rate of 1.75 to 2.00 percent. Higher growth is possible if policies increase investment, reduce labor skills mismatches, and boost total factor productivity growth.
Keywords:
ISCR; CR; staff appraisal; expenditure reduction; trade balance of goods; EC's response; Slovenia; banking industry; labor market functioning; Nonperforming loans; Fiscal stance; Government finance statistics; Balance of payments statistics; Global; Europe
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 Staff Country Reports
Bulgaria: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper examines inflation dynamics in Bulgaria from January 2012 to February 2015 and highlights some stylized facts about inflation in the country. January 2012 to February 2015 is the most relevant period for identifying factors contributing to recent deflation in Bulgaria, as well as their relative importance. Regression analysis suggests that during this period the inward spillover of low inflationary pressure from the European Union to Bulgaria has been the most significant factor, which was further exacerbated by consecutive electricity price cuts in 2013 and fast-falling global commodity prices, especially since late 2014.
Keywords:
ISCR; CR; firm; price; headline inflation; core inflation; micro data; investment-to-capital ratio; firms' assets; inflation outlook; capital structures; cost structure; inflation inertia; data from the Orbis database; Inflation; Debt burden; Price controls; Financial statements; Deflation; Global
Cover IMF Working Papers
Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
Mr. Frigyes F Heinz
and
Ms. Yan M Sun
By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries’ sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity conditions in the CDS market. But the relative importance of these factors changes over time. While during the 2008/09 crisis weak economic fundamentals (such as high current account decifit, worsening underlying fiscal balances, credit boom), a drop in liquidity and a spike in risk aversion contributed to high spreads in Central and Eastern and South-Eastern European (CESEE) countries, a marked improvement in fundamentals (e.g. reduction in fiscal deficit, narrowing of current balances, gradual economic recovery) explains the region’s resilience to financial market spillovers during the euro area crisis. Our generalised variance decomposition analyisis does not suggest strong direct spillovers from the euro area periphery. The significant drop in the CDS spreads between July 2012 and December 2012 was mainly driven by a decline in risk aversion as suggested by the model’s out of sample forecasts.
Keywords:
WP; CDS spread; financial market; area crisis; real GDP; CESEE countries; financial spillovers; CDS spreads; CESEE country; sovereign CDS; area CDS; norm decomposition; periphery country; CDS bid; CDS market liquidity condition; Credit default swap; Government debt management; Spillovers; Liquidity; Current account balance; Global; Baltics
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2013 Article IV Consultation
International Monetary Fund. European Dept.
This Information Annex highlights that Slovenia maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions, with the exception of exchange restrictions maintained for security reasons. Slovenian fiscal statistics are timely and high quality. The Ministry of Finance publishes a comprehensive monthly Bulletin of Government Finance, which presents monthly data on the operations of the state budget, local governments, social security, and the consolidated general government. The coverage of general government excludes the operations of extrabudgetary funds and general government agencies’ own revenues. However, these operations are small.
Keywords:
ISCR; CR; debt; authority; debt ratio; bond yield; Slovenian authority; debt shock; bank support outlay; assumed debt; bank depositor; debt path; labor market; Asset quality review; Government finance statistics; State-owned banks; Global