Republic of Serbia : : Selected Issues Paper

• Record Nr.: UNINA9910787667503321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2013
• ISBN: 1-4843-5921-6; 1-4843-0802-6; 1-61635-850-5
• Descrizione fisica: 1 online resource (132 p.)
• Collana: IMF Staff Country Reports
• Soggetti: Monetary policy - Serbia; Exports and Imports; Labor; Money and Monetary Policy; Public Finance; Demography; Corporate Taxation; National Government Expenditures and Related Policies: General; Wages, Compensation, and Labor Costs: General; Debt; Debt Management; Sovereign Debt; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination; Business Taxes and Subsidies; Public finance & taxation; Labour; income economics; Pensions; Monetary economics; International economics; Expenditure; Aging; Wages; Corporate income tax; Taxes; Population and demographics; Debts, Public; Expenditures, Public; Credit; Population aging; Corporations; Taxation; Serbia Economic conditions; Serbia, Republic of
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Cover; Contents; IN SEARCH OF AN EFFECTIVE GROWTH MODEL; A. The Pre-Crisis Growth Paradigm and its Legacy Vulnerabilities; B. Policy Recommendations Towards an Effective Growth Model; FIGURE; 1. Business Environment and Growth Constraints; IMPROVING THE LABOR MARKET: CHALLENGES AND OPTIONS; A. Background; FIGURES; 1. Labor Market Indicators, 2004-2012; 2. Wage Indicators, 2009-13; B. What Are the Possible Causes of Meager Labor Market Outcomes?; 3. EBRD Transition Indicators, 2012; 4. Wage and Productivity Indicators, 2012; C. Policy Implications; 5. Labor Market Indicators from The Global Competitiveness Report 2011REFERENCES; EXTERNAL COMPETITIVENESS ASSESSMENT; A. Export Performance; FIGURES; 1. Recent Trade Developments; 2. Trade, 2008-2012; B. Competitiveness Pressures; REFERENCES; EXTERNAL SUSTAINABILITY ASSESSMENT; A. Partial External Adjustment; FIGURES; 1. Balance of Payments, 2004-2012; B. External Vulnerabilities and Buffers; C. External Sustainability Illustrative Simulations; 2. External Sustainability Illustrative Simulations; REFERENCES; EXPLORING OPTIONS FOR ENHANCING FISCAL CONSOLIDATION; A. Background; B. Achieving a Credible and Durable Fiscal ConsolidationFIGURES; 1. General Government Expenditure in Serbia and Selected Economies; 2. Public Debt in Serbia and Selected Economies; REFERENCES; HAS SUB-NATIONAL SPENDING ADDED TO FISCAL PRESSURES?; A. Expenditure Decentralization in a Regional Context-Stylized Facts; B. Fiscal Decentralization in Principle and in Practice; FIGURES; 1. Subnational Revenue and Expenditures; C. Empirical Findings; D. Are Known Decentralization Risk-Factors Relevant in a Serbia Context?; TABLE; 1. Subnational Fiscal Rules in Selected Transition Economies; E. Strengthening Fiscal Decentralization Policies in Serbia: Policy Options2. 2011 Amendments to Subnational Financing Framework; BOX; Box 1. Local Government Arrears Clearance Strategy; REFERENCES; DIAGNOSING AND ADDRESSING SERBIA'S STRUCTURAL FISCAL CHALLENGES; A. Evolution of Serbia's Fiscal Challenges; B. Diagnosing Serbia's Fiscal Challenges; C. A Roadmap for Reform; REFERENCES; PENSION REFORM; A. Current Pension Framework; B. Baseline Projections; C. Reform Options; TABLE; 1. Savings from Different Reform Options, in percent of GDP; FIGURE; 1. Pension Model Simulations, 2010-50; APPENDIXI. Model Assumptions; REFERENCES; CORPORATE INCOME TAX ; AND OTHER CORPORATE TAXES; A. CIT Rate and Exceptions; B. Non-Tax Levies; TABLES; 1. Revenue Losses Associated with Corporate Income Tax Incentives and Projected Savings from Enacted Reforms, 2009-11; REFERENCES; MACRO-FINANCIAL LINKAGES; A. Low Credit Growth: a Consequence of Weak Demand or a Driving Force of Economic Slowdown?; FIGURES; 1. Credit Growth Indicators, 2004-13; 2. Supply-Side Factors of Credit, 2006-13; BOX; Box 1. Construction of a Financial Stress Index (FSIX); B. Changing Banks' Business Models and External Deleveraging: How Did It Affect Serbia's Economy?
• Sommario/riassunto: This Selected Issues paper on Serbia’s Article IV Consultation reviews the precrisis growth paradigm and its legacy vulnerabilities. The underlying growth model proved vulnerable to shocks, being associated with a high share of nontradable, low domestic savings, and a fragile external position. Convergence to EU income levels was relatively moderate. Economic growth fell following the onset of the global financial crisis and further slowed the pace of convergence. Serbia’s postcrisis income gap remains larger by comparison to more advanced regional economies. Structural bottlenecks continue to undermine overall competitiveness and constrain growth potential.