This assessment covers the transparency of monetary policy in the Republic of Indonesia, and in particular, BI's role in the formulation and implementation of this policy. It forms part of the Financial Sector Assessment Program (FSAP) for Indonesia, which was conducted jointly by the IMF and...

These Technical Notes on France explain integration of global financial markets. The stress tests for the France Financial Sector Assessment Program (FSAP) were designed to yield as comprehensive and detailed a picture as possible within the constraints of the approach. Retail activity by...

The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

The Finnish financial sector has weathered during the global crisis. Banks’ capital buffers were sufficient, but liquidity and credit risks required monitoring. The study assessed that there is a need for strong crisis management framework. It is found that an evaluation of Deposit Guarantee...

Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks....

In light of potential changes in fiscal policy in Finland, the impact of changes in the fiscal stance on short-term economic growth is an issue of interest. This paper estimates the short-term impact of fiscal policy on growth in Finland. The estimates are based on a structural vector...

Finland has recovered from the depression of the early 1990s, and is engaged in a new phase of economic expansion. Problems remain on the structural front and should be tackled for robust long-term growth. The restraint on the growth of public expenditures should be complemented by a significant...

This Selected Issues paper and Statistical Appendix examines inflation and wage dynamics in Finland. The paper discusses the data set used (quarterly data covering from 1975 to 1995) and the statistical properties of the relevant time series. It presents the model and the empirical estimates,...