Author: Carlos Brandão Cavalcanti
Publisher: World Bank Publications
ISBN:
Category : Bank management
Languages : en
Pages : 29

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Book Description
July 1998 To gain recognition from its counterparts in the European Union, Estonia must give priority to improving risk management in its banks and improving institutional capacity for bank regulation and supervision. The most important challenge of Estonia's strategy for integrating its financial sector with that of the European Union (EU) is to upgrade its capacity for prudential regulation and supervision enough to gain recognition from its EU counterparts. Doing so is also a crucial complement to Estonia's strategy for strengthening macroeconomic policy and stabilization-especially because, under a currency board, its banks are a central part of the transmission mechanism for capital flows. Under the currency board banks have been able to arbitrage between domestic and foreign financial markets-increasingly funding themselves from abroad. Such arbitrage has become the key funding source for rapidly expanding credit, contributing to the country's large current account deficit. Estonian authorities are justified in tightening prudential regulation and supervision because of the risks associated with an overheating economy, general market volatility, and the possible deterioration in the quality of credit. Improvements in prudential regulation should be followed by improvements in the country's capacity to supervise banks and an upgrading of the banks' risk management systems, to manage the increasingly complex operations and diverse markets in which they engage. These steps should be a priority. The institutional development of banks and supervision have lagged behind market developments. In improving the regulatory framework for banks, Estonia should avoid establishing incentives for tax arbitrage that lead to the creation of artificial and socially costly financial intermediaries. This paper is a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region. The authors may be contacted at [email protected] or [email protected].

Author: Otaviano Canuto
Publisher: World Bank Publications
ISBN: 1464800030
Category : Business & Economics
Languages : en
Pages : 307

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Book Description
This book deals with the challenges of macro financial linkages in the emerging markets.

Author: Carlos Brandão Cavalcanti
Publisher: World Bank Publications
ISBN: 9780821345566
Category : Business & Economics
Languages : en
Pages : 158

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Book Description
"Economic integration that leads to the convergence of incomes and living standards is at the heart of the EU accession process. The assumption is that trade integration combined with institutional harmonization will lead to sustainable capital flows from European Union member countries to acceding countries ...'" Estonia's case for accession is built, to a large extent, on a record of sound economic management. Indeed, since regaining independence in 1991, Estonia has successfully implemented a broad agenda of stabilization and structural reform policies. This commitment to sound economic management has yielded positive results. However, at present, Estonia is experiencing a sharp economic slowdown as a result of two major external shocks, the Asia and Russia crises. This country study emphasizes areas where there is greatest overlap between the accession agenda and measures to strengthen economic management. These areas of overlap include upgrading financial sector supervision and strengthening budget management. It also includes reforms in areas where there is complementarity between reforms designed to facilitate accession and structural reforms that will support long-term growth and economic integration. These are the modernization of public administration, the adherence to EU quality standards, the continuous improvement of the operations of the customs board, and the completion of land reform. Finally, the last two chapters of the study examine areas where implementing the accession agenda entail either a fundamental change in Estonia's trade policy regime, or have high compliance costs. These are the adoption of the EUs Common Agricultural Policy (CAP), as it evolves, and complying with EU environmental standards.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264852395
Category :
Languages : en
Pages : 94

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Book Description
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

Author: Krzysztof Jajuga
Publisher: Springer
ISBN: 3319548859
Category : Business & Economics
Languages : en
Pages : 307

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Book Description
This book contains a selection of the contributions presented at the conference. The articles reflect the extent, diversity and richness of research areas in the field, both fundamental and applied finance. The target audience of these proceedings includes researchers at universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in private or government institutions.

Author: OECD
Publisher: OECD Publishing
ISBN: 9789264096950
Category :
Languages : en
Pages : 144

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Book Description
The 2011 edition of OECD's periodic economic survey of Estonia's economy. This edition includes chapters covering emerging from the recessions, fiscal policy, public sector spending efficiency, and making the most of globalisation.

Author: Lars Jonung
Publisher: Taylor & Francis
ISBN: 1857434862
Category :
Languages : en
Pages : 464

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Book Description
Examines the effect of the introduction of the Euro and the establishment of economic and monetary union on the financial landscape of Europe.

Author: Franziska Ohnsorge
Publisher: World Bank Publications
ISBN: 1464817545
Category : Business & Economics
Languages : en
Pages : 397

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Book Description
A large percentage of workers and firms operate in the informal economy, outside the line of sight of governments in emerging market and developing economies. This may hold back the recovery in these economies from the deep recessions caused by the COVID-19 pandemic--unless governments adopt a broad set of policies to address the challenges of widespread informality. This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development. It finds that pervasive informality is associated with significantly weaker economic outcomes--including lower government resources to combat recessions, lower per capita incomes, greater poverty, less financial development, and weaker investment and productivity.

Author: Mr.Günther Taube
Publisher: International Monetary Fund
ISBN: 1451857381
Category : Business & Economics
Languages : en
Pages : 42

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Book Description
This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU and its potential adoption of the euro. Our analysis of the trade, financial, and fiscal channels includes a model-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are likely to outweigh the drawbacks of more pronounced macroeconomic imbalances that could accompany this process. To smooth Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand pressures, promoting saving, and ensuring efficient public investment.

Author: Geoffrey D. Gooch
Publisher: IWA Publishing
ISBN: 1843390841
Category : Science
Languages : en
Pages : 188

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Book Description
This book will examine and analyse the problems inherent in integrated water management in transboundary conditions. Integrated Transboundary Water Management in Theory and Practice will provide new knowledge and policy recommendations based on the experiences and results of a major 3-year interdisciplinary research project (MANTRA-East). Drawing on extensive studies of the Lake Peipsi region in Estonia and Russia, the book explores the political and social issues surrounding transboundary water management and introduces the way that qualitative-quantitative-qualitative scenarios have been used in real-life situations. The book presents conclusions and policy recommendations for integrated transboundary water management that will be invaluable to water managers, policy-makers and academic researchers working in this rapidly expanding field.