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The Stability and Growth Pact: crisis and reform
In: Occasional paper series 129
The ECB Survey of Professional Forecasters (SPF): a review after eight years' experience
In: Occasional paper series 59
Determinants of growth in the Central and Eastern European EU member states: a production function approach
In: Occasional paper series 61
Assessing fiscal soundness: theory and practice
In: Occasional paper series 56
Analysis of revisions to general economic statistics
In: Occasional paper series 74
Output growth differentials across the euro area countries: some stylised facts
In: Occasional paper series 45
Portfolio and risk management for central banks and sovereign wealth funds: proceedings of a joint conference organised by the BIS, the ECB and the World Bank in Basel, 2 - 3 November 2010, Banking
In: BIS papers 58
Regional integration in Europe and Latin America: monetary and financial aspects
Financial stability challenges in candidate countries: managing the transition to deeper and more market-oriented financial systems
In: Occassional paper series no 95 (September 2008)
This paper reviews financial stability challenges in the EU candidate countries Croatia, Turkey and the former Yugoslav Republic of Macedonia. It examines the fi nancial sectors in these three economies, which, while at very different stages of development and embedded in quite diverse economic settings, are all in a process of rapid financial deepening. This manifests itself most clearly in the rapid pace of growth in credit to the private sector. This process of financial deepening is largely a natural and welcome catching-up phenomenon, but it has also increased the credit risks borne by the banking sectors in the three economies. These credit risks are compounded by the widespread use of foreign currency-denominated or -indexed loans, leaving unhedged bank customers exposed to potential swings in exchange rates or foreign interest rates. Moreover, these financial risks form part of a broader nexus of vulnerabilities in the economies concerned, in particular the external vulnerabilities arising from increasing private sector external indebtedness. That said, the paper also fi nds that the authorities in the three countries have taken several policy actions to reduce these fi nancial and external vulnerabilities and to strengthen the resilience of the financial sectors.
Central bank reserves and sovereign wealth management
"This book comprises the papers presented and discussed at the SAA conference, held 24-25 November 2008. It offers an exchange of views on technical and implemental issues of financial models relevant for strategic asset allocation"--Provided by publisher