This Technical Note reviews banking sector soundness and stress testing in Serbia. Serbia’s banking sector is well capitalized and liquid, but the corporate sector’s weak performance is a source of concern because of its adverse impact on nonperforming loans. Stress tests indicate that banks...

This paper compares the effective rates of taxation faced by a representative investor located in a major capital-exporting country for investments in machinery and buildings in nine capital-importing European countries. Poland and Hungary are found to have relatively high effective tax rates on...

Australia’s four largest banks can be considered domestically systemic. They make up the lion’s share of the banking system, use similar business models, and are interconnected. The top four banks are relatively similar in terms of systemic importance, partly reflecting the authorities’...

This technical note summarizes stress tests undertaken for the Czech banking system as part of the Financial Sector Assessment Program (FSAP) Update. The tests were tailored to capture the specificities of the Czech banking system, characterized by a high share of foreign-owned banks. The...

This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....