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Europe > Slovenia, Republic of

You are looking at 1 - 10 of 20 items for :

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Cover IMF Working Papers
Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability
Ms. Laura Valderrama
Housing market developments are in the spotlight in Europe. Over-stretched valuations amid tightening financial conditions and a cost-of-living crisis have increased risks of a sustained downturn and exposed challenging trade-offs for macroprudential policy between ensuring financial system resilience and smoothing the macro-financial cycle. Against this backdrop, this paper provides detailed considerations regarding how to (re)set macroprudential policy tools in response to housing-related systemic risk in Europe, providing design solutions to avoid unintended consequences during a tightening phase, and navigating the trade-offs between managing the build-up of vulnerabilities and the macro-financial cycle in a downturn. It also proposes a novel framework to measure the effectiveness of tools and avoid overlaps by quantifying the risks addressed by different macroprudential instruments. Finally, it introduces a taxonomy allowing to assess a country’s macroprudential stance and whether adjustments to current policy settings are warranted—such as the relaxation of capital-based tools and possibly some borrower-based measures in the event of a more severe downturn.
Keywords:
Housing markets; household vulnerability; income distribution; economic cycle; financial stability; macroprudential policy.; Macroprudential policy; housing market vulnerability; Policy tool; calibrating Macroprudential policies in Europe amide; Macroprudential Policy stance framework; Countercyclical capital buffers; Mortgages; Housing prices; Credit; Europe; Global
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: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
International Monetary Fund. European Dept.
The pandemic is inflicting much suffering, which has been met with swift, substantial, and well-coordinated policy responses. The anti-crisis measures have helped preserve jobs, provide liquidity to companies and income support to the vulnerable groups. They averted a larger decline in output and kept unemployment under control. After contracting by 5.5 percent in 2020, real GDP is projected to grow by 3.9 percent in 2021 and 4.5 percent in 2022, as vaccinations help achieve herd immunity. However, risks to the outlook are large and tilted to the downside, given the epidemiological situation.
Keywords:
savings-investment gap; Policy discussion; money market rate; government finance statistic yearbook; liquidity position; COVID-19; Loans; Nonperforming loans; Government finance statistics; Global
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: 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: 2016 Article IV Consultation-Press Release and Staff Report for the Republic of Slovenia
International Monetary Fund. European Dept.
This paper discusses recent economic developments, outlook, and risks in Slovenia. Although strong demand in trading partners and large European Union structural fund transfers buoyed growth in 2014–15, the outlook is less reassuring. The short-term outlook is broadly balanced, while medium-term prospects are subject to downside risks. Significant structural reforms are needed to realize Slovenia’s growth potential, but political tensions and coalition discussions may affect their pace and ambition. Slovenia needs to avoid complacency; with more ambitious reforms, growth can be faster and more sustainable. Concrete measures need to be taken to address binding constraints on growth and reduce financial and fiscal vulnerabilities.
Keywords:
ISCR; CR; bank; retail price index; support; General government balance excl. bank support; debt; Slovenia; government finance statistics methodology; SME debt; money market rate; government finance statistic yearbook; headline inflation; Nonperforming loans; Government finance statistics; Balance of payments statistics; Fiscal stance; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that Slovenia is recovering from a deep crisis. Growth is estimated to have reached about 2.6 percent in 2014, supported by strong exports and EU-funded public investment. The financial sector has stabilized following recapitalization of the major banks by the state. Government bonds yields have declined markedly. Growth is projected at about 1.9 and 1.7 percent in 2015 and 2016, respectively, with potential growth well below precrisis levels. Executive Directors welcomed the fact that Slovenia’s economy is recovering and commended the authorities for their efforts to mend the banking system, facilitate corporate debt restructuring, and consolidate the public finances.
Keywords:
ISCR; CR; General government balance excl. bank support; GDP; net acquisition; deficit; staff's projection; fiscal outturn; government bonds bond yield; Nonperforming loans; Fiscal stance; Government finance statistics; Balance of payments statistics; Global
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues Paper
International Monetary Fund. European Dept.
The Macedonian labor market exhibits a high unemployment rate, yet does not demonstrate obvious and large enough constraints on the demand or supply side. Considerable achievements can be made by maintaining macroeconomic stability, attracting FDI, and closing the educational gaps. The second paper assesses ways in which the Macedonian financial sector could better contribute to growth and real convergence, taking stock of where the sector stands and its recent developments. Streamlining bankruptcy procedures, improving collateral and systematic collection and publication of real estate sales data, and revisiting the interest rate cap may serve to moderately boost credit supply.
Keywords:
ISCR; CR; bank; wage; financing; labor market; credit growth; reservation wage; private sector; Macedonian bank; financing model; credit supply; brain drain; equilibrium credit level; Credit; Wages; Commercial banks; Labor markets; Global; Eastern Europe; Europe; Central and Eastern Europe; Central Asia
Cover IMF Staff Country Reports
European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Deposit Insurance
International Monetary Fund. Monetary and Capital Markets Department
This article is an overview of existing deposit insurance in the European Union. There are various national deposit schemes that form the source of insurance. The schemes come up with various coverage, contributions, and fund sizes. The recent financial crisis has brought about a change in the coverage system. The main intention of this insurance is to enhance financial stability. The role of this insurance varies both within the EU and worldwide. This insurance is important to sustain financial integration and internal functioning.
Keywords:
ISCR; CR; deposit; insurance; bank; DGS; depositor; deposit insurer; resolution fund; payout activity; insurance scheme; protection scheme; EU deposit guarantee schemes; depositor payout; bank resolution fund; insurance pool; depositor preference; deposit insurance agency; EU bank resolution fund; Deposit insurance; Bank resolution framework; Bank resolution; Distressed institutions; Systemic crises; 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