Kuwait’s economy was affected significantly by the global crisis. The financial sector experienced funding pressures and deterioration in asset quality. The economic outcome depends largely on government spending and the associated private investment. Stress tests indicate that the...

This paper introduces a new database of financial reforms, covering 91 economies over 1973–2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of...

A very ambitious fiscal adjustment effort is under way. Fiscal institutional and sectoral reforms have been elaborated for a more durable adjustment. Greece’s determination toward a comprehensive modernization of the health sector, beginning with a far-reaching reform of state enterprises...

This technical note discusses the lessons learned from the financial crisis in Russia in 2008. The note summarizes key findings and recommendations, and analyzes the institutional framework and coordination arrangements for systemic risk monitoring and crisis management. It also covers crisis...

Belgian financial conglomerates (FCs) remained important players in the Belgian financial sector, despite significant restructuring following the global financial crisis. FCs operated in multiple streams of the financial sector, especially in banking and insurance. Owing to their economic reach...

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....

This paper presents an Ex Post Assessment of Long-Term IMF Engagement in Ethiopia. IMF involvement since 1992 helped underpin the authorities’ gradualist policies. Initially, IMF-supported programs aimed at stabilizing the economy and breaking with the legacy of central planning. Later...

This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combination of structural and socio-economic factors. By way of preview, the analysis...

The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt...