EXECUTIVE SUMMARYEuroclear Bank is a securities settlement system that contributes to the safety and efficiency of global markets for government bonds and other international securities but also concentrates systemic risk. It is one of the largest securities settlement systems worldwide with a...

Israel was mildly affected by the global recession: following a slowdown in 2009, output is projected to grow by some 4 percent in 2010, led by consumption and exports. Robust fundamentals—including sustained pre-crisis fiscal consolidation—and a swift monetary and fiscal policy...

This Selected Issues paper examines implications for long-term bond yields in case of Japan. The analysis finds that so far, upward pressure on interest rates from high public debt has been offset by domestic factors, including a stable investor base with a preference for safe assets. As these...

This report reviews Costa Rica’s performance under the Stand-By Arrangement. At the time of the global crisis, Costa Rica’s macroeconomic policy framework was constraining policy options. The financial program’s design was consistent with its policies and objectives....

This 2002 Article IV Consultation for Norway highlights that the mainland GDP growth edged up to an estimated 1.4 percent in 2002, from 12 percent in 2001, driven by strong consumption growth. Mainland investment and traditional exports slackened, as a result of weak external demand, high real...

This paper on the Staff-Monitored Program (SMP) on Djibouti explains economic developments and policy discussions. Djibouti faces important challenges to reduce widespread poverty. Since the mid-1990s, the government has been engaged in adjustment and reform programs to restore macroeconomic...

This paper presents an Ex Post Assessment of Longer-Term Program Engagement for Sierra Leone. Sierra Leone has had almost continuous involvement with IMF programs since 1994 under a variety of arrangements. All the IMF-supported programs in Sierra Leone during 1994–2004 had the same...