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Europe > Slovenia, Republic of

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Financial Aspects of Economic Integration x
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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
Sustainable Real Exchange Rates in the New Eu Member States: What Did the Great Recession Change?
Ms. Katerina Smídková
,
Jan Babecky
, and
Mr. Ales Bulir
The Great Recession affected export and import patterns in our sample countries, and these changes, coupled with a more volatile external environment, have profound impact on our estimates of real exchange rate misalignments and projections of sustainable real exchange rates. We find that real misalignments in several countries with pegged exchange rates and excessive external liabilities widened relative to earlier estimates. While countries with balanced net trade positions are expected to continue to experience appreciation during 2010-2014, several currencies are likely to require real depreciation to maintain sustainable net external debt. Our estimates point to somewhat larger disequilibria than those of IMF country teams, however, any estimates of equilibrium exchange rates are subject to sizable uncertainty.
Keywords:
WP; country-specific FDI elasticity; FDI inflow; Foreign direct investment; new EU member states; sustainable exchange rates; debt target; SRER estimate; IMF team; FDI elasticity; SRER projection; computed SRER interval; elasticity of export; nontradable-sector FDI; Real exchange rates; Trade balance; Exports; Global
Cover IMF Working Papers
Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States
Ms. Zsofia Arvai
This paper discusses the experience of the EU's eight new member countries (EU8) between 1995 and 2003 when the bulk of capital account liberalization took place, focusing on interest-rate-sensitive portfolio flows and financial flows. It takes stock of the lessons from capital flow patterns to draw policy conclusions. There were two distinct groups in terms of the speed of capital account liberalization: rapid liberalizers and cautious liberalizers. The speed of disinflation and the level of public debt were major determinants of the size of interest-rate-sensitive portfolio inflows. Monetary and exchange rate policies were the main instruments used to react to large interest-sensitive inflows, whereas fiscal tightening was seldom used as a direct reaction to inflows.
Keywords:
WP; monetary policy; portfolio inflow; interest rate differential; central bank; debt management; EU accession; capital flows; capital account liberalization; transition country; transmission mechanism; liberalization strategy; candidate country; country authorities' agenda; EU candidate country; market share; country's liberalization strategy; government securities market; Central European country; Capital account; Capital inflows; Baltics
Cover Euro Adoption in Central and Eastern Europe
Euro Adoption in Central and Eastern Europe
Opportunities and Challenges
Susan M Schadler

Abstract

Eight central and eastern European countries--the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic, and Slovenia--officially joined the European Union (EU) in May 2004. This auspicious milestone marked the beginning of the next major step for these countries in their move toward full integration with the EU-adoption of the euro. Seeking to consider the opportunities and challenges of euro adoption, the papers in this volume--by a noted group of country officials, academics, representatives of international institutions, and market participants-offer insight on the various dimensions of euro adoption in these eight new EU members--how they should prepare, whether an early move is optimal, and what pitfalls may occur along the way.

Keywords:
SEM; euro; exchange rate; country; CEE country; ERM II; EMU economy; acceding country; ECB paper; Exchange rates; Inflation; Exchange rate arrangements; Monetary unions; Exchange rate stability; Central and Eastern Europe; Europe; Baltics; Western Europe; Global
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