The Thai economy has demonstrated its strength in its rapid rebound from the global crisis. But the loss of its former dynamism has slowed trend growth and left it largely dependent on exports. Executive Directors encourage an infrastructure-led growth strategy to make a difference to...

This 2009 Article IV Consultation highlights that the credit-fueled boom has resulted in a relatively large nonfinancial private sector debt stock in Estonia. With declining incomes, unemployment increasing sharply, and asset prices depressed, balance sheets of households and firms are under...

Thailand is recovering from a challenging year marked by natural disasters of historic magnitude. This 2012 Article IV Consultation highlights that positive signs of a recovery are already under way with sharp improvements seen in high frequency indicators since December 2011. Executive...

In the article was analyzed the presence of foreign capital in the banking system of Ukraine, ways and methods of its inflow. The basis of the study was the dynamics of the value and number of mergers and acquisitions of Ukrainian banks with foreign investors during the period 2004-2009. Were...

Specific feature of the present stage of financial markets development is strengthening of internationalization processes, manifested in erasing national borders between states, formation of international financial market, establishment of transnational financial corporations as well as growing...

We model an economy in which domestic banks and firms face incentive constraints, as in Holmstrom and Tirole (1997). Firms borrow from banks and uninformed investors, and can collude with banks to reduce the intensity of monitoring. We study the general equilibrium effects of capital flows...

This paper examines the institutional and macroeconomic determinants of stock market development using a panel data of 42 emerging economies for the period 1990 to 2004. The paper finds that macroeconomic factors such as income level, gross domestic investment, banking sector development,...

This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

This paper uses a general equilibrium model to examine the central role played by commercial banks in intermediating and amplifying the capital flow shocks to the local economy in the 1997 Asia financial crisis. It finds that a sudden stop of capital inflows affects the equilibrium credit supply...

Following a period of privatization and restructuring, commercial banks in Central and Eastern Europe and, more recently, in the Balkans have rapidly expanded their lending to the private sector. This paper describes the causes of this expansion, assesses future trends, and evaluates its policy...