06338oam 22013454 450 991082130340332120230807210101.01-4843-7229-8(CKB)2670000000608529(EBL)2008588(MiAaPQ)EBC2008588(Au-PeEL)EBL2008588(CaPaEBR)ebr11041899(CaONFJC)MIL763477(OCoLC)907299707(IMF)REIEUREA2015001(EXLCZ)99267000000060852920020129d2015 uf 0engurcnu||||||||rdacontentrdamediardacarrierRegional Economic Issues, April 2015, Europe : The Western Balkans: 15 Years of Economic TransitionWashington, D.C. :International Monetary Fund,2015.1 online resource (120 p.)Regional Economic OutlookDescription based upon print version of record.1-4983-5651-6 1-4983-6294-X Includes bibliographical references.Cover; CONTENTS; FOREWORD; STRUCTURE AND FOCUS OF THE REPORT; COUNTRY COVERAGE AND ACRONYMS; EXECUTIVE SUMMARY; OVERVIEW: ECONOMIC TRANSFORMATION IN THE WESTERN BALKANS; CHAPTER 1: JOBS, GROWTH, AND CONVERGENCE: OBSTACLES AND THE ROADMAP TO REFORM; A. Growth and Convergence-A Cup Half Full or Half Empty?; B. Progress in Economic Transformation; BOXES; Box 1.1. Inequality and Poverty in the Western Balkans; C. Ranking Structural Reforms Priorities for Faster Growth; Box 1.2. Reform Gaps in Institutions, Infrastructure, Goods Market Efficiency, and Labor MarketsBox 1.3. Structural Reform in Kosovo: Past Achievements and Future Priorities D. The Quest for Jobs; E. Lessons for Stronger Convergence; CHAPTER 2: MACROECONOMIC DEVELOPMENTS AND POLICIES: BOOM, BUST, AND THE AFTERMATH; A. Background and Context-Macroeconomic Stabilization in the 1990's; B. Before the Global Financial Crisis: Optimism and Inflows; C. Recession and Recovery after the Global Financial Crisis; D. Lessons from the Crisis and Policy Challenges; Box 2.1. The Western Balkans and the IMF; Box 2.2. Public Pension Spending in the Western BalkansCHAPTER 3: FINANCIAL SECTOR: DEEPENING, RESILIENCE, AND ONGOING CHALLENGES A. Financial Deepening from a Low Base; B. Credit Swings and Financial Stability; C. Financial Sector Inclusion and Efficiency; D. The Unfinished Institutional Reform Agenda and International Cooperation; E. Cross-Border Finance and the Future of Western Balkan Banking; Box 3.1. Nonbank Financial Deepening in the Western Balkans; Box 3.2. Croatia's Defense against the Boom; Box 3.3. Nonperforming Loans in the Western Balkans: Why Has Progress Been So Limited?; ANNEXES; Annex 1.1. Growth AccountingAnnex 1.2. Convergence Analysis Annex 1.3. Trade Linkages; Annex 1.4. Structural Reform Gaps and Economic Growth; Annex 1.5. Labor Market Outcomes-Regression Analysis; Annex 2.1. Estimating the Determinants of Expenditure Policy; Annex 2.2. Estimating the Determinants of the Recession and the Recovery; Annex 2.3. Fiscal Policies in the Western Balkans; Annex 3.1. Benchmarking Financial Development and Explaining Gaps; REFERENCESThis report analyses the main economic developments and achievements in the Western Balkan countries, and lays out the key macroeconomic policy challenges for the future.Regional Economic OutlookEconomic developmentBalkan PeninsulaBanks and BankingimfExports and ImportsimfForeign ExchangeimfLaborimfMoney and Monetary PolicyimfMacroeconomicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfDemand and Supply of Labor: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInternational InvestmentimfLong-term Capital MovementsimfPrice LevelimfInflationimfDeflationimfMonetary economicsimfLabourimfincome economicsimfBankingimfCurrencyimfForeign exchangeimfInternational economicsimfLabor marketsimfCreditimfCapital inflowsimfMoneyimfBalance of paymentsimfCredit boomsimfPricesimfLabor marketimfBanks and bankingimfCapital movementsimfBosnia and HerzegovinaimfEconomic developmentBanks and BankingExports and ImportsForeign ExchangeLaborMoney and Monetary PolicyMacroeconomicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralDemand and Supply of Labor: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesInternational InvestmentLong-term Capital MovementsPrice LevelInflationDeflationMonetary economicsLabourincome economicsBankingCurrencyForeign exchangeInternational economicsLabor marketsCreditCapital inflowsMoneyBalance of paymentsCredit boomsPricesLabor marketBanks and bankingCapital movements338.9474International Monetary Fund.DcWaIMFBOOK9910821303403321Regional Economic Issues, April 2015, Europe4069126UNINA