This paper discusses Bosnia and Herzegovina’s Third Review Under the Stand-By Arrangement and Request for Waiver of Applicability of a Performance Criterion. Financial sector indicators through end-March 2013 suggest that the banking system remains profitable and adequately capitalized at...

This Selected Issues paper analyzes the fiscal strength of the economy of the Czech Republic. Fiscal policy in the Czech Republic has shown a procyclical bias temporarily interrupted during the crisis years. The large stimulus implemented has been more than compensated by a frontloaded...

This 2013 Article IV Consultation highlights that the Czech economy, despite its strong fundamentals, is in the midst of a prolonged recession because of the euro area slump and weak domestic demand. A further slowdown in the euro area would exacerbate the situation, creating the risk of lower...

The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we rely on historical evidence from a sample of 91 adjustment episodes of countries...

Examines legislative changes since 1990 in Central and Eastern European countries with regard to the mechanisms, institutions and levels of collective bargaining, the legal nature of collective agreements, union representativeness, and labour dispute settlement.

Stock investors require financial statements of listed companies for their investment decision-making. J. Gassen and K. Schwedler (2008) have empirically proved that EU investors who use financial statements prefer reported assets’ fair values over historical costs. The purpose of this study...