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Europe > Slovenia, Republic of

You are looking at 1 - 10 of 22 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 Staff Country Reports
Republic of Slovenia: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper examines social spending reform and fiscal savings in Slovenia. Rising expenditure has been at the root of Slovenia’s fiscal deterioration since the onset of the crisis. The paper explores reform options to reduce Slovenia’s social spending over the medium and long term. It discusses key features of the pension system, and analyzes the evolution of pension spending in the absence of reforms. The paper also examines the health and education spending and provides a framework to assess their efficiency relative to other countries.
Keywords:
ISCR; CR; insolvency; Slovenia; GDP; business regulation; insolvency proceeding; insolvency legislation; restructuring proceeding; debt ratio; insolvency regime; GDP impact; insolvency restructuring proceeding; Pension spending; Pensions; Aging; Solvency; Retirement; Global; Europe; Eastern Europe
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
Cover IMF Staff Country Reports
Republic of Slovenia: Financial System Stability Assessment
International Monetary Fund. European Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
The Slovenian financial system has been hard hit by the crisis. Banks remained highly vulnerable to continued credit deterioration and refinancing risks. Strengthening of financial condition of banks should be the short-term priority. The financial restructuring should be followed by privatization of state-controlled banks. The supervision of financial institutions should be complemented with a macroprudential overview geared toward overall stability of the financial system. The crisis preparedness and management framework should be improved, and risks to systemic financial stability should be identified.
Keywords:
ISCR; CR; bank lending; resolution tool kit; bridge bank; bank borrowing; bank equity; bank resolution tool kit; banking system; state-controlled bank; bank assets; capital market; bank downgrade; bank subsidiary; bank-restructuring transaction; Commercial banks; Stress testing; Loans; Insurance companies; Real estate prices; Global
Cover IMF Staff Country Reports
Republic of Slovenia: 2012 Article IV Consultation—Staff Report; Informational Annex; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Slovenia.
International Monetary Fund. European Dept.
Slovenia, among other euro area countries, experienced the largest economic contraction since 2008. The performance of Slovenian banks deteriorated markedly in recent years as a result of the unfavorable operating environment and weak governance. Despite some deleveraging, banks continued to depend heavily on wholesale funding from abroad. Slovenia’s rebalancing required relying on supply-side policies, in particular, the labor market. With the banking system under pressure and the corporate sector highly leveraged, the Executive Board recommended strengthening the regulatory and supervisory frameworks.
Keywords:
ISCR; CR; government; GDP; bank; Slovenia; debt; retail price index; government finance statistic yearbook; Slovenian authorities; headline deficit target; cash position; convertible bond; government deposit; credit portfolio; Bank resolution; Government finance statistics; 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 Policy Papers
2011 Triennial Surveillance Review - External Report on Interviews with Country Authorities
International Monetary Fund
Report prepared by Jack Boorman, Former Director of the Policy Development and Review Department and Teresa Ter-Minassian, former Director of the Fiscal Affairs Department at the IMF: This report summarizes the views of a representative sample of country authorities on IMF surveillance.
Keywords:
PP; Teresa Ter-Minassian; body; Fund; authority; G20 industrial nations; a number of country representative; a number of authority; fund staff; member government; country category; fund advice; country representative; countries' authorities; policy challenge; government's decision; Early warning systems; Financial Sector Assessment Program; Financial sector; Exchange rates; Exchange rate policy; Global
Cover IMF Working Papers
Five Years After: European Union Membership and Macro-Financial Stability in the New Member States
Mr. Martin Cihak
and
Mr. Wim Fonteyne
The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Keywords:
WP; EU membership; NMS country; country authorities; sovereign bond