This technical note on the Republic of Poland underlies the country’s credit, growth, and financial stability. A broad-based statistical and econometric analysis of financial and household balance sheet data implies that exchange rate-related credit risk and liquidity risk are currently...

This Selected Issues paper on Uganda discusses the progress toward harmonization of capital account regulations and capital market integration. A unified East African Community financial market would offer several benefits to the regional economy. It would expand the opportunities for savings...

In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region (“bad luck”). Rapid credit growth followed from a high liquidity in global...

Export credit agencies (ECAs) have played a critical role in financing for developing countries in recent years, and officially supported export credits have been growing in volume. The current export credit exposure to developing countries and economies in transition has reached almost half a...

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the...

Following a review and assessment of recent developments in capital market and banking systems, this year's International Capital Markets report reviews and assesses recent developments in mature and emerging financial markets and continues the analysis of key issues affecting global financial...

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the...

The Fund has made good progress over the past two years in integrating macrofinancial analysis into Article IV surveillance for a wide range of members. Building on past work to enhance financial sector analysis, Fund staff has sought to develop a consistent and forward-looking view on how the...