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Europe > Slovenia, Republic of

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Cover IMF Staff Country Reports
Bosnia and Herzegovina: Selected Issues
International Monetary Fund
This Selected Issues paper for Bosnia and Herzegovina (BiH) reports that GDP per capita in BiH is similar to that in neighboring Balkan countries. BiH risks are falling behind rather than catching up with other transition economies in terms of its economic development. This could delay the process of convergence to and integration with the European Union, including its ambitions to eventually adopt the euro. Accelerated structural reforms and macroeconomic stability remain key to achieving higher and sustained growth rates.
Keywords:
ISCR; CR; current account; Bosnia-Herzegovina; export; exchange rate; export growth; inflation performance; BiH's inflation figure; BiH risk; rising prices; growth dynamics; CA gap; BIH's inflation; Inflation; Exports; Real exchange rates; Export performance; Consumer price indexes; Global; Europe
Cover IMF Staff Country Reports
Romania: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Romania
International Monetary Fund
The staff report for the 2008 Article IV Consultation of Romania reviews the issues to tighten fiscal policy, putting less of the stabilization burden on the fledgling inflation-targeting framework. GDP growth has remained strong, underpinned by massive capital inflows. Executive Directors observed that large capital inflows related to Romania’s accession to the European Union, compounded by procyclical fiscal policies, have contributed to booms in domestic demand and credit and emerging capacity constraints. They recommended that structural reform efforts be relaunched to support per capita income convergence to EU levels.
Keywords:
ISCR; CR; deficit; Romania; headline inflation; NBR; GDP deflator; disinflation objective; FDI inflow; world financial market tension; Fiscal stance; Inflation; Consumer price indexes; Global
Cover IMF Working Papers
Exchange Rate Pass-Through and Monetary Policy in Croatia
Mr. Leo Bonato
and
Mr. Andreas Billmeier
Exchange rate targeting is considered the best policy option in dollarized economies when wages and prices are indexed to the exchange rate. Croatia is a highly dollarized economy, but empirical investigation conducted in this paper shows that exchange rate pass-through has been low after stabilization. This finding, which is robust to different methodologies (VAR, cointegration), would suggest that dollarization is mostly limited to financial assets and therefore that strict exchange rate targeting may not necessarily be the best option. However, policy implications are unclear due to the endogeneity of the pass-through to the policy regime.
Keywords:
WP; retail price index; Croatia; pass-through; VAR; inflation; distribution chain; cointegration; price level; exchange rate movement; time series; exchange rate appreciation; HWWA commodity price index; exchange rate shock; DM exchange rate; Exchange rates; Price indexes; Exchange rate adjustments; Vector autoregression
Cover IMF Working Papers
Moderate Inflation in Poland: A Real Story
Mr. Thierry Pujol
and
Mr. Mark E Griffiths
Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to relative prices is magnified. Third, lagging structural reform, including the failure to extend hard budget constraints to all sectors of the economy, makes monetary policy less effective. Reduced money supply growth with structural reform offers the best prospect for moving to low inflation.
Keywords:
WP; exchange rate; monetary policy; price level; broad money; loss-making firm; restructuring process; utility company; inflation rate; consumer price; cost of living index; marginal product of labor; Inflation; Price adjustments; Monetary tightening; Consumer price indexes; Exchange rates; Eastern Europe