Taking Stock of Monetary and Exchange Rate Regimes in Emerging Europe
|
|
- Horace Conley
- 5 years ago
- Views:
Transcription
1 Taking Stock of Monetary and Exchange Rate Regimes in Emerging Europe Nazim Belhocine, Ernesto Crivelli, Nan Geng, Tiberiu Scutaru, Johannes Wiegand, and Zaijin Zhan Based on EUR Departmental Paper 03/16, International Monetary Fund March 2017
2 Almost any Monetary and Exchange Rate Regime can be Found in CESEE Unilateral use of the euro: Kosovo, Montenegro Currency boards: Bosnia & Herzegovina, Bulgaria Managed arrangements: Croatia, Macedonia Inflation targeting and floating: Albania, Czech Republic, Hungary, Poland, Romania, Serbia but with different degrees of effective exchange rate flexibility (see below) Euro area membership: Estonia, Latvia, Lithuania, Slovak Republic, Slovenia
3 A Good Quarter Century After Transition, Time to Take Stock Questions: Why do countries have the Monetary and Exchange Rate Regimes (MEERs) they have? Have they fulfilled their objectives? Looking ahead, how can monetary regimes assist in addressing the challenges countries are likely to face? If a regime looks sub-optimal, could a country switch, and how?
4 Debate in CESEE is Different from Western Europe Broad topic is fixed vs. floating - discussed in Western Europe for the past 40 years (since end of Bretton Woods). But: additional factors in Eastern Europe influence and complicate policy choices. Regimes have been shaped by countries experiences during transition from socialism in the 1990s. Most CESEE economies are emerging economies: often lack (elements of) the institutional setting that is, for the most part, taken for granted in Western Europe.
5 Geographical Scope Countries that are part of the European integration process: EU members, accession/pre-accession countries Not CIS Also not Turkey while an accession country, its historical path and current constellation are quite different.
6 Themes Stock taking: How did MERRs evolve since transition? How did MERRs perform? What is the rationale behind fixed rate regimes? Forward looking: Monetary strategies going forward
7 The Past is Critical to Understand the Present Transition and price liberalization in the early 1990s: all CESEE countries struggle with inflation, and some with hyperinflation: Baltics (1992), former Yugoslavia (1993/94), Bulgaria (1996/97) Exchange rate based stabilization. Fairly rapid in Baltics/CEE, less rapid in the Balkans Gradual switch to more flexible regimes starts with the Czech move to inflation targeting in 1997 MERRs mostly settled by the early 2000s. Slovenia (2007), Slovak R. (2009), Baltics ( ) adopt the euro
8 Inflation during Transition Maximum Annual Inflation During Transition (percent) EST LTU LVA > 1,000,000 1,000-1,000, < 100 POL CZE SVK SVN HRV BIH HUN SRB ROU BGR MNE UVK ALB MKD
9 MEERs: IMF Classification No legal tender Managed Arrangement Float Currency Board Managed Float Euro Peg EST LTU LVA EST LTU LVA EST LTU LVA CZE POL SVK SVN HRV BIH HUN ALB MKD ROU BGR CZE POL SVK SVN HRV BIH MNE UVK HUN SRB ALB MKD ROU BGR CZE POL SVN HRV BIH MNE UVK SVK HUN SRB ALB MKD ROU BGR
10 Effective Exchange Rate Flexibility Differs within Floaters 2,0 1,5 1,0 Effective Exchange Rate Flexibility, (Calvo-Reinhart "Fear of Floating" index, average over quartely values) 3.02 Pre-crisis ( ) Crisis ( ) Post-crisis ( ) Entire period ( ) 0,5 0,0 CZE POL HUN ROU SRB HRV ALB MKD
11 Themes Stock taking: How did MERRs evolve since transition? How did MERRs perform? What is the rationale behind fixed exchange rate regimes? Forward looking: Monetary strategies going forward
12 (i) Monetary Stability: Achieved since the late 1990s - with all MERRs Distribution of Inflation Outcomes, Percent of Countries Deflation Low Inflation (<10%) Elevated Inflation (>10%) High inflation (>100%) Hyperinflation (>1000%)
13 (ii) Alignment of Monetary Conditions Focus on /16: MERRs well established by early 2000s no more major regime changes other than euro adoption. Turbulent period that tests MERRs: rapid growth and convergence to Western European income levels until 2007/08 global financial crisis in 2008/09 hits the region hard deep recession, gradual recovery thereafter
14 Boom-and-Bust Growth Pattern More Pronounced with Fixed Rates... Real GDP Growth, High XR flexibility Low XR flexibility Difference (rhs) Sources: Haver Analytics; and IMF staff calculations. -5
15 Resulting in More Volatile Growth 1,2 Growth Volatility and Exchange Rate Regime, CZE Calvo-Reinhart Index 0,8 0,6 0,4 0,2 POL HUN High Exchange Rate Flexiblity Other Low/Moderate Flexibility SRB SVK ALB HRV ROU Baltics 0 BIH MKD BGRMNE SLV LTU EST LVA UVK Real GDP Growth volatility (std)
16 and More Volatile Inflation. Inflation Volatility and Exchange Rate Flexibility (Standard Deviation, ) 5 4 Max 3 Average 2 Max 1 0 High Flexibility Moderate/Low Flexibility
17 Volatility: a Monetary Interpretation Transmission mechanism goes through inflation and real interest rates. (i) Floaters: in boom, nominal exchange rate appreciation keeps inflation low and therefore real interest rates high. Reverse mechanism during the bust. (ii) Peggers: in boom, real appreciation through inflation - reduces interest rates and boosts demand for credit. In bust: deflation pressures increase real interest rates. Note: even limited exchange rate flexibility has been helpful in containing volatility (Albania, Serbia)
18 Boom : Monetary Conditions for Floaters Tighten Effective Exchange Rate Flexibility and Real Monetary Conditions, (average; percent) 0,6 Calvo-Reinhart Index 0,5 0,4 0,3 0,2 0,1 0 HUN More Flexibility POL CZE SVK ROU Less Flexibility HRV LVA ALB MNE UVK MKD BGR SRB EST LTU BIH Monetary conditions (+tighter)
19 as Exrate Appreciation Keeps Inflation Low and Real Interest Rates High Contributions to Monetary Conditions ( ; percent) Real Effective Exchange Rate Real Interest Rate Monetary Conditions Index LTU MNE MKD BGR BiH LVA EST ROU HRV ALB SRB POL HUN CZE SVK
20 . thus Containing Credit and Growth Imbalances. Financial Conditions and Domestic Demand Growth ( average; percent; low C/R labeled red) 14 Domestic demand growth LTU MKD LVA BGR BIH R² = 0,424 EST ROU SRB ALB HRV POL HUN CZE SVK Monetary conditions (+tighter)
21 : Nominal Depreciation Boosts Inflation and Lowers Real Interest Rates Exchange Rate Regime and Real Monetary Conditions ( average; percent) 1,6 Calvo-Reinhart Index 1,4 1,2 1,0 0,8 0,6 0,4 POL CZE ROU HUN SRB 0,2 0,0 ALB HRVSVK BIH EST MNE LVA LTU BGRSVN Monetary conditions (+tighter)
22 thus Supporting Demand Monetary Conditions and Domestic Demand Growth ( average; percent; low C/R labeled red) Domestic demand growth POL R² = 0,5061 ALB BIH SVK SRB BGR ROU CZE EST HUN LTU SVN HRV LVA Monetary conditions (+tighter)
23 and Contributing to a Faster Recovery. Length of Recession (Number of quarters with negative GDP growth; ) MAX AVG MIN Low/Moderate Flexibility High Flexibility
24 We Checked Alternative Explanations for Differences in Macro-Volatility Cross-country differences are not explained by Size Quality of institutions Fiscal stance Macro-prudential policies Size and composition of capital inflows. These factors account for some variation within groups (floaters / peggers), but not between groups.
25 Boom-Bust Growth Pattern Has a Potentially Long-Lasting Impact Potential growth on average lower in countries with fixed exchange rates. Key reason: low investment which, in turn, owes to debt overhang. Real Potential Real GDP Growth (Percent) High Exchange Rate Flexibility Low Exchange Rate Flexibility
26 (iii) Non-Monetary Objectives The Argument: Fixed exchange rate regimes introduce more volatility, and eliminate the ability of monetary policy to support demand. -> This forces fiscal/structural policies to be of higher quality (and institutional quality is what ultimately matters)
27 Evidence is Mixed Fiscal balances were stronger among peggers precrisis, but not post-crisis Institutional quality is better (on average) among floaters, but peggers have been catching up In Percent of Potential GDP Structural Primary Balance 2 High C/R 1 Low C/R Index Institutional Quality High C/R Low C/R
28 Key Issues Stock taking: How did MERRs evolve since transition? How did MERRs perform? What rationale is behind fixed exchange rate regimes? Forward looking: Monetary strategies going forward
29 Factor I: Size Exchange Rate Flexibility and Size ROU POL Real GDP (logarithmic scale) SVN BGR LTU LVA EST BIH MKD UVK MNE HRV ALB SRB SVK HUN Sources: Haver Analytics; World Bank, WDI; and IMF staff calculations. CZE Average C/R index,
30 Factor II: Fear of Floating - Loan Euroization Exchange Rate Flexibility and Loan Euroization FX Loans in Percent of to Total Loans, ,0 0,8 0,6 0,4 0,2 0,0 UVK MNE EST HRV LVA ALB R² = 0,8215 BiH SRB SVN ROU MKD HUN BGR POL SVK CZE 0 0,2 0,4 0,6 0,8 1 1,2 Calvo -Reinhart Index, average
31 Loan Euroization Is Very Persistent FX loans as in percent of total loans, / Loan Euroization, 2006 vs (FX loans as a share of total loans) EST LVA SVN LTU SVK Euro adoption CZE HUN POL MKD ALB BGR ROU HRV BIH SRB UVK MNE FX loans in percent total loans, / 2008 for SRBand2007 for ALB, BGR and ROM.
32 Why are Loans Euroized? Two forces triggering loan euroization: Carry trade. Loans are in foreign but deposits in domestic currency: borrowers exploit interest rate differentials. Prevalent in central Europe and in the Baltics before the global financial crisis. Deposit-driven. Deposits are in foreign currency, reflecting distrust in the domestic currency as savings vehicle. Banks hedge by extending loans in FX. Prevalent in the Balkans.
33 Carry Trade vs. Hedging 100 Loan and Deposit Euroization, 2006 (FX loans/deposits as a share of total loans/deposits) UVK FX loans as a share of total loans, / Carry Trade SVK CZE EST HUN POL LTU ROU ALB SLV Little Euroization BGR BIH LVA MKD Deposit-Driven FX deposits as a share of total deposits, / 2008 for SRBand2007 for ALB, BGR and ROU. HRV SRB MNE
34 Carry Trade Euroization has Mostly Disappeared in the Wake of the Crisis FX loans as a share of total loans Loan and Deposit Euroization, 2015 (FX loans/deposits as a share of total loans/deposits) POL HUN ROU MKD BGR BIH 20 CZE 10 SVN EST LVA Euro adoptees 0SVK LTU FX deposits as a share of total deposits ALB HRV SRB UVK MNE
35 Hence, Deposit Euroization is the Main Remaining Issue Minimum variance portfolio (MVP): standard model for deposit euroization. Predicts that euroization is high when the volatility of inflation is high relative to the volatility of the exchange rate. In CESEE: MVP-approach does not work with recent data. Only works if data are being stretched back to the early 1990s. Results improve further when including a control for hyperinflation during transition. -> transition experience still determines deposit euroization, 20+ years later!
36 Minimum Variance Portfolio Minimum Variance Portfolio and Deposit Euroization Share of FX deposits in total deposits, LTU CZE POL LVA SVK SRB ROU EST R² = 0,3946 ALB SVN HUN UVK MNE HRV BIH MKD BGR 0 0,0 0,2 0,4 0,6 0,8 1,0 MVP
37 The Long Shadow of Hyperinflation Effective Exchange Rate Flexibility 1/ Hyperinflation Legacy and Exhange Rate Flexibility HUN CZE SVK ALB ROU High Inflation POL LVAEST LTU Hyperinflation MKD HRV BGR 0 1,000 2,000 3,000 Peak Annual Inflation During Transition 1/ Calvo-Reinhart "Fear of Floating" Index, average for (before the first CESEE economies adopted the euro) SRB BIH, MNE, UVK >3,000
38 Themes Stock taking: How did MERRs evolve since transition? How did MERRs perform? What rationale is behind fixed rate regimes? Forward looking: Monetary strategies going forward
39 Purpose of this Section: Outline Strategic Options and discuss their feasibility, pros and cons. The section is not prescriptive. For countries with flexible exchange rates: little reason for strategic re-orientation (as regards the monetary and exchange rate regime!) For countries with fixed/quasi-fixed exchange rates?
40 Two Strategies: Stick or Move? (i) Stick to fixed exchange rate. Avoids financial stability risks by sticking to tried and tested regime. Adopt euro once the opportunity arises, until then, employ other policies than monetary policy to limit macro-volatility. (ii) Move to a flexible exchange rate regime. Holds the prospect of more balanced and less volatile growth. But: the transition is risky, requires inter alia dealing simultaneously with euroization. Bottom line: neither option is easy.
41 Stick: How Can Fixed Rate Regimes be Made to Work Better? Strong countercyclical fiscal policy - difficult for emerging economies (financial and political economy constraints, small multipliers) Macro-prudential policies to manage credit growth. Work better in EMs than in AEs: harder to circumvent bank lending regulations. But: only strong measures help. In the EU, circumvention via direct cross-border lending (single EU passport) Labor market flexibility: micro (reallocation of workforce) and macro (wage flexibility)
42 Stick Got the Baltics Into the Euro but can this be reproduced elsewhere? Three caveats: Most CESEE countries would likely need to stay on the Baltic path for longer than the Baltics Baltics met macro-volatility with strong institutions, strong fiscal positions, rapid wage adjustment, high productivity growth difficult to reproduce elsewhere Still, a crisis and recession were needed to get inflation down to levels required for passing ERM2
43 The Baltics Path into the Euro HICP Inflation, (Percent) EST LVA LTU ERMII Criteria EST Euro adoption LVA LTU
44 Moving to More Exchange Rate Flexibility What Does it Take? Review of experiences suggests that 3 conditions are key: Disinflation & stable macroeconomic environment. Crucial element: stability-oriented fiscal policy that eliminates the need for monetary financing of the budget. Mostly achieved in CESEE Establish a credible domestic monetary anchor Supportive regulatory and structural policies that encourage the use of the domestic currency.
45 Establish a Credible Domestic Monetary Anchor (1) Ideal: gradual, carefully planned transition Grants time to HHs/corps/banks to get used to flexibility, and to monetary/supervisory authorities to build technical capacities. May take years. Expectations of exchange rate appreciation facilitate the initial move to more flexibility: gives savers financial incentive to hold deposits in domestic currency. -> The last 7-8 years were the wrong time for switching -> But: real appreciation expectations should return once convergence resumes
46 Establish a Credible Domestic Monetary Anchor (2) Real Effective Exchange Rate, Floaters 1/ (CPI based, index, 2000 = 100) Trend appreciation Trend depreciation Sources: Haver Analytics; and IMF staff calculations. 1/ Simple average for the Czech Republic, Hungary, Poland, and Romania.
47 Establish a Credible Domestic Monetary Anchor (3) Complication: keep euroization low in times of financial stress - savers fear return to depreciation/inflation Spiral. Example: GFC Deposit Dollarization/Euroization in Selected Countries, (Percent) Armenia Croatia Macedonia Lehman Brothers bankruptcy 50 An external anchor could help Source: National central banks.
48 Regulatory and Structural Policies (1) What has worked? Deposit-side regulations: (i) higher reserve requirements for FX deposits (ii) higher remuneration for required reserves in LC, or required reserves for FX deposits in LC, (iii) charge higher risk premia for FX deposits covered by the deposit guarantee fund, (iv) mandatory holding periods for FX deposits. Lending-side regulations: capital surcharges / higher risk weights for FX loans But: latent conflict with EU s free movement of capital provision
49 Regulatory and Structural Policies (2) Develop domestic securities markets to provide alternative savings vehicles to FX deposits, for example inflation indexed bonds What has not worked? Heavy handed regulation/coercive measures. For example, forced conversion of FX deposits into local currency - or of FX loans in the context of deposit-driven euroization - has often provoked financial disintermediation, inciting depositors to withdraw their savings from banks
50 Main Takeaways (1) Floating has tended to come with better alignment of monetary conditions with CESEE economies needs. Results: lower macro-economic volatility, better medium-term growth prospects But this does not mean peggers simply got the exchange rate regime wrong. Pegging is (mostly) born out of necessity, reflects distrust of populations burned by hyperinflation in a domestic monetary anchor.
51 Main Takeaways (2) Policy options: Stay with peg -> avoids financial stability risks. But countries will likely have to live with elevated macrovolatility options to deal with this are limited. Can complicate development prospects. Transition to floating: should not be attempted without a coherent strategy -> risks financial instability. Resumption of growth convergence may provide an opportunity for some countries. European institutions can help
MIND THE CREDIT GAP. Spring 2015 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) recovery. repair.
Spring 215 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) repair recovery MIND THE CREDIT GAP downturn expansion May, 215 Growth Divergence in 214 Quarterly GDP Growth,
More informationRecovery at risk? Central and Eastern Europe remains vulnerable to external funding threats.
Central, Eastern and Southeastern Europe (CESEE) Recovery at risk? Central and Eastern Europe remains vulnerable to external funding threats. May 5, 214 James Roaf Senior Resident Representative IMF Regional
More informationWhy Have Some CESEE Countries Done Better Than Others since Early Transition?
Why Have Some CESEE Countries Done Better Than Others since Early Transition? IMF Macroeconomic Policy Seminar Vienna, June 13, 2018 Bas B. Bakker Senior Regional Resident Representative for Central, Eastern
More informationEconomic outlook in the Western Balkans
Economic outlook in the Western Balkans Holger Muent, Regional Head Western Balkans June 217 The Western Balkans convergence challenge: decades or centuries? FullconvergencewithEUlivingstandardscanrangefrom4yearsinanoptimisticscenariotomorethan2
More informationCESEE Deleveraging and Credit Monitor 1
CESEE Deleveraging and Credit Monitor 1 June 5, 218 Key Developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey Deleveraging of western banks
More informationThe IMF, CESEE and Banking
The IMF, CESEE and Banking 34 th BACEE Regional Banking Conference Budapest, April 1-11, 217 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe The IMF has had close involvement
More informationRecovery at risk? - CEE external vulnerability and Poland Article IV preliminary conclusions
Central, Eastern and Southeastern Europe (CESEE) Recovery at risk? - CEE external vulnerability and Poland Article IV preliminary conclusions CASE, Warsaw - May 27, 214 James Roaf Senior Resident Representative
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 17, 215 Key developments in BIS Banks External Positions and Domestic Credit The reduction of external positions of BIS reporting banks vis-à-vis Central,
More informationCentral, Eastern, and Southeastern Europe: The Past and Future of Convergence
Central, Eastern, and Southeastern Europe: The Past and Future of Convergence LSE SU Emerging Markets Forum London, March 1, 218 Bas B. Bakker Senior Regional Resident Representative for Central, Eastern
More informationRecovery and Challenges in Eastern Europe
Recovery and Challenges in Eastern Europe OECD - 7th annual meeting of Senior Budget Officials from Central, Eastern and South-Eastern European countries (CESEE) Zagreb, Croatia, 3 June - 1 July 211 Franziska
More informationMain Risks for Belarussian Economy and Prospects for Belarus-IMF cooperation
Main Risks for Belarussian Economy and Prospects for Belarus-IMF cooperation Workshop Economic Environment for Businesses Minsk, December 14, 216 Bas B. Bakker Senior Regional Resident Representative for
More informationState Involvement and Economic Growth
State Involvement and Economic Growth (The Future of the European Economy: Over to the State, or to the Market?) 27th Economic Forum Krynica, Poland September 2017 Bas B. Bakker Senior Regional Resident
More informationRegional Economic Issues in CESEE
Regional Economic Issues in CESEE JVI Lecture, Vienna, February 8, 2017 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe Outlook for CESEE 2 Within CESEE dichotomy:
More informationMonetary Policy and the Stability of the Banking Systems in the Countries of the Region - A Decade After the Lehman Brothers Bankruptcy
Monetary Policy and the Stability of the Banking Systems in the Countries of the Region - A Decade After the Lehman Brothers Bankruptcy Maja Kadievska Vojnovikj Vice Governor Sector of Financial Market
More informationNATIONAL BANK OF ROMANIA 1
1 Policy Regime Choices & Constraints: Romania Need for further sustainable disinflation, incl. from EU convergence perspective; move from 8.5% to around 2-3% difficult, fraught with costs (non-linear
More informationCross-Country Differences in Convergence in CESEE
By Alan Stark - "Mini Stack" Interchange of Interstate 1, Loop, and State Route 51 at Night (), CC BY-SA., https://www.flickr.com/photos/squeaks569/811399667 Bas B. Bakker and Krzysztof Krogulski June
More informationNon-Performing Loans in CESEE
Non-Performing Loans in CESEE Vienna, September 23, 2014 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw High NPLs ratios need to be addressed Boom-bust
More informationPost-crisis bank business models in Central and Southeastern Europe. Erik Berglof Chief Economist European Bank for Reconstruction and Development
Post-crisis bank business models in Central and Southeastern Europe Erik Berglof Chief Economist European Bank for Reconstruction and Development The region at the peak of the crisis: Strong impact, but
More informationBANKING SECTORS IN THE WESTERN BALKANS
BANKING SECTORS IN THE WESTERN BALKANS IMF Macroeconomic Policy Seminar for Members of Parliament Vienna, Austria June11-13 18 Ruud Vermeulen IMF Resident Representative for Kosovo European Department
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 11, 217 Key developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey The external positions of BIS
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 December 6, 216 Key developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey The external positions of
More informationIntroduction CHAPTER 1
CHAPTER 1 Introduction The onset of the financial crisis was evident as early as mid-2007 when the real estate bubble began to deflate throughout the United States and parts of Western Europe, triggering
More informationWind of change: Investment in Central, Eastern and South Eastern Europe
Wind of change: Investment in Central, Eastern and South Eastern Europe September 2017 This is a report of the EIB Economics Department Authors R. L. Bubbico, L. Gattini, Á. Gereben, A. Kolev, M. Kollár,
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 27, 214 In 213:Q4, BIS reporting banks reduced their external positions to CESEE countries by.3 percent of GDP, roughly by the same amount as in Q3. The scale
More informationA Strategy for Resolving Europe s Problem Loans Anna Ilyina (IMF)
A Strategy for Resolving Europe s Problem Loans Anna Ilyina (IMF) 1 Scale of the NPL problem Macro-financial implications Institutional obstacles to NPL resolution A strategy to tackle high NPLs 1 Europe
More informationBuilding Monetary Credibility in Small Open Economy: A Case of Western Balkan Countries. Ján Dráb, Daniel Dujava
Building Monetary Credibility in Small Open Economy: A Case of Western Balkan Countries Ján Dráb, Daniel Dujava Structure of presentation 1. Literature review 2. Evolution of modern central banking in
More informationMACROPRUDENTIAL TOOLS: CALIBRATION ISSUES IN CENTRAL, EASTERN AND SOUTHEASTERN EUROPE
MACROPRUDENTIAL TOOLS: CALIBRATION ISSUES IN CENTRAL, EASTERN AND SOUTHEASTERN EUROPE Adam Gersl Joint Vienna Institute World Bank Workshop on Macroprudential Policymaking in Emerging Europe Vienna, June
More informationPlenary Meeting of the Sectoral Social Dialogue Sector on Professional Football
BRUSSELS, 20 NOVEMBER 2014 Plenary Meeting of the Sectoral Social Dialogue Sector on Professional Football BRUSSELS, 20 NOVEMBER 2014 Welcome by the Chair 1 BRUSSELS, 20 NOVEMBER 2014 1. Adoption of agenda
More informationMaja Kadievska-Vojnovik, MSc Vice-governor National Bank of the Republic of Macedonia. Vienna, May 22, 2015
Maja Kadievska-Vojnovik, MSc Vice-governor National Bank of the Republic of Macedonia Vienna, May 22, 2015 Eurosystem s non-standard measures and initial effects Economic and financial linkages of the
More informationMark Allen. Market power in CEE banking sectors and the impact of the global financial crisis. Discussion of Paper by Efthyvoulou and Yildirim
Market power in CEE banking sectors and the impact of the global financial crisis Discussion of Paper by Efthyvoulou and Yildirim CASE, Warsaw, February 15, 2013 Mark Allen Senior IMF Resident Representative
More informationThe New Role of Growth Financing
OMV Aktiengesellschaft The New Role of Growth Financing Conference on European Economic Integration Vienna, 15 November 2010 Wolfgang Ruttenstorfer CEO and Chairman of the Executive Board OMV Aktiengesellschaft
More informationBANKING IN CEE: adequate risk appetite crucial to win the upside
BANKING IN CEE: adequate risk appetite crucial to win the upside UniCredit Group CEE Strategic Analysis Vienna, November 9, 2009 Executive Summary 1 World economic growth is recovering and this boosts
More informationBulgaria in the EU: Challenges and opportunities
Bulgaria in the EU: Challenges and opportunities 60 days before EU: what to expect, what to do? Sofia, October 18, 2006 Maria Laura Lanzeni Head of Emerging Markets Global Risk Analysis Think tank of Deutsche
More informationPensions at a Glance: Europe and Central Asia
Pensions at a Glance: Europe and Central Asia Edward Whitehouse Head of Pension-Policy Analysis Social Policy division OECD European Commission/ World Bank conference Reforming Pension Systems in Europe
More information3. Banking Challenges in the Western Balkans: Prospects and Challenges
3. Banking Challenges in the Western Balkans: Prospects and Challenges Income convergence in the Western Balkans has stalled at low levels. 1 Measured in purchasing-power-parity (PPP) terms, income levels
More informationNPLs in Hungary. a regional perspective. Budapest, March 3, 2015
NPLs in a regional perspective Budapest, March 3, 215 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw Diverging NPL ratios 2 NPLs as percent of total
More informationNew wiiw forecast for Central, East and Southeast Europe, Riding the global growth wave
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies wiiw.ac.at wiiw Spring Seminar, 12 April 218 New wiiw forecast for Central, East and Southeast
More informationComparing pay trends in the public services and private sector. Labour Research Department 7 June 2018 Brussels
Comparing pay trends in the public services and private sector Labour Research Department 7 June 2018 Brussels Issued to be covered The trends examined The varying patterns over 14 years and the impact
More informationRestoring Fiscal Sustainability in Central and Eastern Europe: The Role of Budget Institutions
Restoring Fiscal Sustainability in Central and Eastern Europe: The Role of Budget Institutions Marco Cangiano Assistant Director Public Financial Management 6 th Annual Meeting of OECD-CESEE Senior Budget
More informationGrowth prospects and challenges in EBRD countries of operation. Sergei Guriev Chief Economist
Growth prospects and challenges in EBRD countries of operation Sergei Guriev Chief Economist Post-crisis slowdown in convergence became more protracted, affected emerging markets globally Is this slowdown
More informationBANKING IN CEE. Carlo Vivaldi CFO UniCredit Bank Austria
BANKING IN CEE Carlo Vivaldi CFO UniCredit Bank Austria Brussels, November 10, 2009 EU Parliament Committee on the Financial, Economic and Social Crisis Executive Summary Macroeconomic and Global Banking
More informationEU Membership: A Post-Accession Boom, but New Policy Challenges
EU Membership: A Post-Accession Boom, but New Policy Challenges Christoph Rosenberg IMF Office for Central Europe and the Baltics 18 th Economic Forum in Krynica September 28 Most new member states have
More informationOBSERVATORY ON THE NEW EUROZONE Improving European Integration and Competitiveness
PRESENTATION BY VLADIMÍR DLOUHÝ AT THE FORUM: OBSERVATORY ON THE NEW EUZONE Improving European Integration and Competitiveness Sofitel Hotel, Budapest June 16, 21 Reproduced by The European House-Ambrosetti
More informationEconomic outlook in the Western Balkans. Peter Sanfey Deputy Director, Country Economics and Policy Vice Presidency Policy and Partnerships, EBRD
Economic outlook in the Western Balkans Peter Sanfey Deputy Director, Country Economics and Policy Vice Presidency Policy and Partnerships, EBRD 1 December 16 Short-term growth prospects Have improved
More informationMonetary Policy and Financial Stability Challenges Where does the Region Stand? Vice Governor Anita Angelovska-Bezhoska
Monetary Policy and Financial Stability Challenges Where does the Region Stand? Vice Governor Anita Angelovska-Bezhoska Bečići, September, 2016 Monetary policy in global context Since the burst of the
More informationStrengthening the role of local currencies in EU candidate and potential candidate countries
Strengthening the role of local currencies in EU candidate and potential candidate countries Ulrich Windischbauer *, Senior Economist, Deutsche Bundesbank, International Monetary Affairs Jean Monnet Conference,
More information34 th Associates Meeting - Andorra, 25 May Item 5: Evolution of economic governance in the EU
34 th Associates Meeting - Andorra, 25 May 2012 - Item 5: Evolution of economic governance in the EU Plan of the Presentation 1. Fiscal and economic coordination: how did it start? 2. Did it work? 3. Five
More informationThe Pre-Crisis Capital Flow Surge to Emerging Europe: Did Countercyclical Fiscal Policy Make a Difference?
WP/12/222 The Pre-Crisis Capital Flow Surge to Emerging Europe: Did Countercyclical Fiscal Policy Make a Difference? Ruben Atoyan, Albert Jaeger, and Dustin Smith 212 International Monetary Fund WP/12/222
More informationEmerging Europe s Outlook Rapid Recovery or Post-crisis Hangover? Presented by: Ralf Wiegert Senior Economist IHS Global Insight
Emerging Europe s Outlook Rapid Recovery or Post-crisis Hangover? Presented by: Ralf Wiegert Senior Economist IHS Global Insight Emerging Europe s recovery Exports rebounded quickly, domestic demand slowly
More informationBOSNIA AND HERZEGOVINA
October 215 IMF Country Report No. 15/298 BOSNIA AND HERZEGOVINA 215 ARTICLE IV CONSULTATION PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR BOSNIA AND HERZEGOVINA Under Article
More informationConvergence in the Baltics: From Boom to Bust?
Convergence in the Baltics: From Boom to Bust? Christoph Rosenberg IMF Office for Central Europe and the Baltics CASE Warsaw, September 3, 28 EU15: Population: 332.1 mn GDP PPP per capita: 27.6 Population:
More informationBojan Markovic EBRD. Forces Shaping the Future of Europe and Much of the World. Financial and macroeconomic challenges
Bojan Markovic EBRD Forces Shaping the Future of Europe and Much of the World Financial and macroeconomic challenges ICTF Annual Global Trade Symposium Ft Lauderdale, 14 November 2016 1 Outline Longer
More informationRegional Economic Outlook
E U R Advanced Europe Emerging Europe Regional Economic Outlook Spring 18 Key Messages Strong economic growth but lead indicators point to a peak Much lower wage growth in most of advanced Europe than
More informationPublic Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
More informationREPUBLIC OF CROATIA. Copies of this report are available to the public from
IMF Country Report No. 19/47 February 219 SELECTED ISSUES This Selected Issues paper on the Republic of Croatia was prepared by a staff team of the International Monetary Fund as background documentation
More informationFinancial Stability Risks from Household and Corporate Lending
Financial Stability Risks from Household and Corporate Lending What story does aggregate data tell? Jochen Andritzky, International Monetary Fund 9/18/8 Page 1 Overview Introduction Growth, profitability,
More informationHigher But Fragile Growth
WESTERN BALKANS Regular Economic Report No. 14 (Fall ) Higher But Fragile Growth Prishtina, 11 th October, Regional Messages Growth in the region strengthened primarily due to higher public spending. Limited
More informationDigging into the composition of government debt in CESEE: a risk evaluation
Digging into the composition of government debt in CESEE: a risk evaluation 82 nd OeNB East Jour Fixe June 11, 218 Markus Eller Principal Economist Oesterreichische Nationalbank Foreign Research Division
More informationNPL resolution in the case of Romania
National Bank of Romania NPL resolution in the case of Romania June 2015 Financial Stability Department National Bank of Romania 1 Summary Main features of the Romanian banking sector Definition of NPL:
More informationChapter 9 Essential macroeconomic tools. Baldwin&Wyplosz 2009 The Economics of European Integration, 3 rd Edition
Chapter 9 Essential macroeconomic tools 2 Background theory A quick refresher on basic macroeconomic principles Application of these principles to the question of exchange rate regimes 3 Output and prices
More informationThe Euro and the New Member States
The Euro and the New Member States Natalia Tamirisa International Monetary Fund Warsaw, October 29, 2007 Focus Macroeconomic challenges NMS face as they prepare to join EMU Policies that can help overcome
More informationWorld Economic and Financial Surveys. Regional Economic Outlook. Europe. Managing the Upswing in Uncertain Times MAY
World Economic and Financial Surveys Regional Economic Outlook Europe Managing the Upswing in Uncertain Times MAY 18 I N T E R N A T I O N A L M O N E T A R Y F U N D 218 International Monetary Fund Cataloging-in-Publication
More informationCentral and Eastern Europe: Global spillovers and external vulnerabilities
Central and Eastern Europe: Central and Eastern Europe: Global spillovers and external vulnerabilities ICEG Annual Conference Brussels, May 28 Christoph Rosenberg International Monetary Fund Overview The
More informationRiding the global growth wave. Richard Grieveson. Press conference, 13 March New wiiw forecast for Central, East and Southeast Europe,
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies wiiw.ac.at Press conference, 13 March 2018 New wiiw forecast for Central, East and Southeast
More informationPerformance of EBRD Private Equity Funds Portfolio 2003 year end data
Performance of EBRD Private Equity Funds Portfolio 23 year end data Table Of Contents EBRD classifications General information on equity markets Investors data Overview of EBRD s portfolio: EBRD commitments,irrs
More informationCopies of this report are available to the public from
IMF Country Report No. 16/143 June 216 ALBANIA SELECTED ISSUES This Selected Issues paper on Albania was prepared by a staff team of the International Monetary Fund as background documentation for the
More informationThe European Financial and Competitiveness Crisis: the Central-Eastern and Southeastern European (CESEE) situation
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at The European Financial and Competitiveness Crisis: the Central-Eastern and
More information1. Managing the Upswing in Uncertain Times
1. Managing the Upswing in Uncertain Times Economic Activity Continues to Firm Up Europe continues to enjoy a strong growth spurt. Growth has firmed up in many European economies, including all the major
More informationFINANCEABILITY OF INFRASTRUCTURE PROJECTS IN THE CZECH REPUBLIC
THE CZECH PPP KICK-OFF TRANSPORT INFRASTRUCTURE FINANCEABILITY OF INFRASTRUCTURE PROJECTS IN THE CZECH REPUBLIC Overview of current financing market DISCLAIMER This document has been prepared by Société
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationGolden Aging in Emerging Europe and Central Asia
Golden Aging in Emerging Europe and Central Asia Emily Sinnott Europe and Central Asia Region Working Group on Ageing, Seventh Meeting, Geneva November 20, 2014 Related Work Aging-related Studies Emerging
More informationBEYOND THE CRISIS: REVISITING EMERGING EUROPE S GROWTH MODEL
BEYOND THE CRISIS: REVISITING EMERGING EUROPE S GROWTH MODEL Ruben ATOYAN, PhD* Article** International Monetary Fund, Washington JEL: E1, E, O11, O7, O5 RAtoyan@imf.org UDC: 336.1 Abstract Focusing on
More informationTurkey and the Emerging. the Global Crisis. Yelda Yücel 14 June 2009 Nicosia
Turkey and the Emerging Market Economies during the Global Crisis Yelda Yücel 14 June 2009 Nicosia Green Shoots in The Global Economy? There are more signs of easing of the global recession in the second
More informationFDI in Central, East and Southeast Europe: Declines due to Disinvestment
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at wiiw FDI Report 218 FDI in Central, East and Southeast Europe: Declines due
More information3 REDUCING THE EMPLOYMENT IMPACT OF CORPORATE BALANCE SHEET REPAIR
3 REDUCING THE EMPLOYMENT IMPACT OF CORPORATE BALANCE SHEET REPAIR Bas B. Bakker and Li Zeng Corporate Balance Sheets Matter for Employment Corporate sector balance sheets in many euro area economies are
More informationAN OVERVIEW ON ALBANIAN ECONOMIC DEVELOPMENT INDICATORS
AN OVERVIEW ON ALBANIAN ECONOMIC DEVELOPMENT INDICATORS Secretariat of Albania Investment Council, December 2017 Note: This Material is a summary of some of the main indicators and does not represent the
More informationPerformance of EBRD Private Equity Funds Portfolio to 31 st December 2011
Performance of EBRD Private Equity Funds Portfolio to 31 st December 211 Portfolio Overview EBRD in Private Equity EBRD s portfolio of funds: 2 years of investing in the asset class 137 funds 92 fund managers*
More informationMonetary and exchange rate policies in the Central and Eastern Europe: lessons and challenges. Jakub Borowski
Monetary and exchange rate policies in the Central and Eastern Europe: lessons and challenges Jakub Borowski Chief Economist Credit Agricole Bank Polska S.A. Building Market Economies in Europe: Lessons
More informationMacroeconomic Developments in Central European Economies
Macroeconomic Developments in Central European Economies Jan Frait Presentation for 2nd Clearstream Summit for Enlarged Europe Prague, Hotel Renaissance May 18, 26 I. Current developments in CEC Current
More informationHow Do the Challenges Facing Emerging Europe Compare?
How Do the Challenges Facing Emerging Europe Compare? 12 th CEI Summit Economic Forum Mark Allen Senior IMF Resident Representative for Central and Eastern Europe First Shock: collapse in trade 6 4 World
More informationDanske Invest SICAV Société d'investissement à Capital Variable 13, rue Edward Steichen, L-2540 Luxembourg R.C.S. Luxembourg: B (the "SICAV")
Danske Invest SICAV Société d'investissement à Capital Variable 13, rue Edward Steichen, L-2540 Luxembourg R.C.S. Luxembourg: B 161867 (the "SICAV") Notice to Shareholders of the Funds Danske Invest SICAV-Nordic
More informationINFLATION AND DISINFLATION IN CENTRAL AND EASTERN EUROPE TRENDS IN THE REGION NR. 1
INFLATION AND DISINFLATION IN CENTRAL AND EASTERN EUROPE TRENDS IN THE REGION NR. 1 A Report by the ICEG European Center ICEG European Center Budapest May 22 TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF
More informationThe Challenge of Public Pension Reform in Advanced and Emerging Economies
The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author
More informationEconomic developments in the Western Balkans and in Macedonia. World Bank Vienna June 16, 2016
Economic developments in the Western Balkans and in Macedonia World Bank Vienna June 16, 216 MAIN MESSAGES : ECONOMIC DEVELOPMENTS IN THE WESTERN BALKANS 1 Main Messages for Wester Balkans Economic growth
More informationContents. Information online. Information within the Report or another EBRD publication.
Contents The illustration on the cover of this publication was inspired in part by the theme of recovery and sustainable growth, and also by the roof tiles of St Mark s Church in Zagreb, Croatia, the location
More informationMacroeconomic Challenges with EU Accession in Southeastern Europe: An Overview
WP/06/40 Macroeconomic Challenges with EU Accession in Southeastern Europe: An Overview Piritta Sorsa 2006 International Monetary Fund WP/06/40 IMF Working Paper European Department Macroeconomic Challenges
More informationCredit growth in Turkey: drivers and challenges
Credit growth in Turkey: drivers and challenges Erdem Başçı 1 1. Introduction After witnessing the most severe crisis of its recent history in 2001, the Turkish economy has rapidly recovered and is now
More informationConsequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan. Veselin Pješčić, Vice-Governor, National Bank of Serbia
Consequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan Veselin Pješčić, Vice-Governor, National Bank of Serbia Joint Vienna Institute, May 15 Key Issues and Findings Still to
More informationWorld Economic and Financial Surveys. Regional Economic Outlook. Europe. Europe Hitting Its Stride NOV
World Economic and Financial Surveys Regional Economic Outlook Europe Europe Hitting Its Stride NOV 17 I N T E R N A T I O N A L M O N E T A R Y F U N D 217 International Monetary Fund Cataloging-in-Publication
More informationThe Western Balkans. Special Report. 15 Years of Economic Transition MAR
Regional Economic Issues Special Report The Western Balkans 15 Years of Economic Transition Zuzana Murgasova, Nadeem Ilahi, Jacques Miniane, Alasdair Scott, Ivanna Vladkova-Hollar, and an IMF Staff Team
More informationActivation: what are the Western Balkan client countries asking for? Boryana Gotcheva September 6-8, 2011 ECA Activation Cluster Kick-off Workshop
Activation: what are the Western Balkan client countries asking for? Boryana Gotcheva September 6-8, 2011 ECA Activation Cluster Kick-off Workshop Outline: a social assistance lens on how to activate SA
More informationA causal relationship between foreign direct investment, economic growth and export for Central and Eastern Europe Zuzana Gallová 1
A causal relationship between foreign direct investment, economic growth and export for Central and Eastern Europe Zuzana Gallová 1 1 Introduction Abstract. Foreign direct investment is generally considered
More informationThe impact of global market volatility on the EBRD region. CSE and OCE September 02, 2015
The impact of global market volatility on the EBRD region CSE and OCE September 02, 2015 KEY RECENT DEVELOPMENTS IN CHINA AND COMMODITY MARKETS Emerging markets growth has been decelerating since 2009
More informationSustainable development and EU integration of the Western Balkans
Sustainable development and EU integration of the Western Balkans Milica Uvalić University of Perugia Tripartite High-Level Regional Conference of Pan-European Trade Union Council: Taxation, Informal Economy
More informationFDI in Central, East and Southeast Europe: Recovery amid Stabilising Economic Growth
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at wiiw FDI Report 217 FDI in Central, East and Southeast Europe: Recovery amid
More informationFinancial Crises and Emerging Market Economies Challenges and medium term persepctives
Financial Crises and Emerging Market Economies Challenges and medium term persepctives OECD 18 th Global Forum on Public Debt Management 3 December 2008 Bernd Braasch International Relations Department
More informationCross-Border Bank Supervision and Resolution: The Home-Host Dilemma for Significant-Material Subsidiaries from a Small Host State Perspective
Cross-Border Bank Supervision and Resolution: The Home-Host Dilemma for Significant-Material Subsidiaries from a Small Host State Perspective Dalvinder Singh, Professor of Law, School of Law, University
More informationAnnual Financial Stability Report Belgrade, 30 July 2018
Annual Financial Stability Report 17 Belgrade, 3 July 18 External risks and measures - Diverging monetary policies of the Fed and the ECB may affect capital flows towards emerging markets; - Price volatility
More informationThe World Bank. Asia (ECA) Economic Update. Annual Meetings Istanbul October 3, 2009
The World Bank Europe and Central Asia (ECA) Economic Update Annual Meetings Istanbul October 3, 2009 More than $350 billion of ECA s foreign debt matures in 2010 Source: World Bank, DEC Prospects Group
More informationBest practice insolvency and creditor rights systems: key for financial stability
Best practice insolvency and creditor rights systems: key for financial stability Prepared by F. Montes-Negret 1 When the World Bank in 2001 approved Insolvency and Creditors Rights (ICRs) Principles,
More information