The 2007 Article IV Consultation with the Kingdom of the Netherlands explains fiscal policy and financial sector issues. Improvements in the macroeconomic and business environments and technological innovation have contributed positively to Dutch competitiveness. Executive Directors emphasized...

In this study, the stability of the economy of the Netherlands is overviewed. Bank profitability has recovered. The housing and mortgage markets are relatively stable, although vulnerabilities to household balance sheets are rising. The results of stress tests in the context of the Financial...

The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is...

This Selected Issues paper on the Republic of Moldova was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2012....

Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures are necessary to improve pension finances: an increase...

This Selected Issues paper for the Russian Federation discusses existing empirical efforts to measure the determinants of cross-country financial integration. Empirical studies that have adopted the gravity-model framework have found that it is generally successful in explaining bilateral...

Luxembourg’s 2006 Article IV Consultation reports that the dominant financial sector has supported a steady rebound in economic activity. Growth is projected to remain healthy in the near term, but trend growth may decline as the rapid financial sector expansion may decelerate. The...

The global crisis exacerbated the Slovenian economy’s previous imbalances in the fiscal, financial, and real sectors. The authorities agreed that fiscal consolidation including pension, health care, and financial management is essential for sustainable recovery. The Bank of Slovenia...

Bolivia showed a solid macroeconomic performance in recent years, owing to its strong trade and prudent economic policies. IMF staff stressed the need to tighten monetary conditions through increasing the policy interest rate as a means to combat inflation. The Executive Board praised...