This paper presents key findings of the Financial System Stability Assessment of the Republic of Estonia. The Estonian financial sector is highly concentrated and foreign owned. Financial indicators suggest a sound banking sector, and show particular strength in asset quality and earnings. The...

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...

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...

The Netherlands showed economic recovery, supported by strong polices, public finances, and structural reforms. Executive Directors commended the strong fiscal framework and agreed that it meets the good practice standards according to the reports on the observance of standards and codes. They...

This paper presents findings of Financial System Stability Assessment for the Netherlands, including Reports on the Observance of Standards and Codes on Banking Supervision, Securities Regulation, Insurance Regulation, and Corporate Governance. Overall, the financial system is sound, resilient...

Preliminary estimates show that pension costs will continue to grow for several years, and controlling and curbing pension costs will be a challenge for Bolivia. Market-friendly reforms could limit the scope for dollarization and its risks. A gradual shift toward a more flexible exchange rate...

This Selected Issues paper analyzes the macroeconomic impact of workers’ remittances on Moldova. The paper focuses on Moldova’s labor emigration since the late-1990s using survey data designed to shed light on the economic and social consequences of migration. The survey results...

This technical note for the Republic of Poland on competition and performance explains the Polish pension system and domestic capital market. Competition policies may need to be reviewed, in particular the combination of measures to maintain small pension funds operating while imposing strict...

This technical note analyses the key aspects of the regulatory and supervisory regime for pension funds in Iceland. Pension funds in Iceland play a vital role in the domestic financial sector, acting as investors and lenders. This Financial Sector Assessment Program (FSAP) reviews recent...

The Dutch insurance sector is undergoing further consolidation, the life sector has been steadily shrinking over the last two decades, and the non-life market is relatively saturated. Sales of new life products, especially individual life business, have decreased since the early 2000s, putting...