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Estonia The Challenge Of Financial Integration
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Book Synopsis Estonia, the Challenge of Financial Integration by : Carlos Brandão Cavalcanti
Download or read book Estonia, the Challenge of Financial Integration written by Carlos Brandão Cavalcanti and published by World Bank Publications. This book was released on 1998 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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].
Book Synopsis Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by : Otaviano Canuto
Download or read book Dealing with the Challenges of Macro Financial Linkages in Emerging Markets written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-10-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the challenges of macro financial linkages in the emerging markets.
Book Synopsis Estonia by : Carlos Brandão Cavalcanti
Download or read book Estonia written by Carlos Brandão Cavalcanti and published by World Bank Publications. This book was released on 1999-01-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.
Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Contemporary Trends and Challenges in Finance by : Krzysztof Jajuga
Download or read book Contemporary Trends and Challenges in Finance written by Krzysztof Jajuga and published by Springer. This book was released on 2017-04-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis OECD Economic Surveys: Estonia 2011 by : OECD
Download or read book OECD Economic Surveys: Estonia 2011 written by OECD and published by OECD Publishing. This book was released on 2011-04-18 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Building the Financial Foundations of the Euro: Experiences and Challenges by : Lars Jonung
Download or read book Building the Financial Foundations of the Euro: Experiences and Challenges written by Lars Jonung and published by Taylor & Francis. This book was released on with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the effect of the introduction of the Euro and the establishment of economic and monetary union on the financial landscape of Europe.
Book Synopsis The Long Shadow of Informality by : Franziska Ohnsorge
Download or read book The Long Shadow of Informality written by Franziska Ohnsorge and published by World Bank Publications. This book was released on 2022-02-09 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis On the Fast Track to EU Accession by : Mr.Günther Taube
Download or read book On the Fast Track to EU Accession written by Mr.Günther Taube and published by International Monetary Fund. This book was released on 1999-11-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Integrated Transboundary Water Management in Theory and Practice by : Geoffrey D. Gooch
Download or read book Integrated Transboundary Water Management in Theory and Practice written by Geoffrey D. Gooch and published by IWA Publishing. This book was released on 2006-06-30 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis European Union and the Race for Foreign Direct Investment in Europe by : Pervez N. Ghauri
Download or read book European Union and the Race for Foreign Direct Investment in Europe written by Pervez N. Ghauri and published by Emerald Group Publishing. This book was released on 2003-12-16 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries create different type of incentives for foreign firms, such as; direct incentives/subsidies, tax relief, soft loans and preferred handling. This volume aims to analyze the impact of European Union on inward foreign direct investment in Europe and to discuss what type of effects are being created by this race for FDI.
Book Synopsis Estonia's Transition to the EU by : Marju Lauristin
Download or read book Estonia's Transition to the EU written by Marju Lauristin and published by Routledge. This book was released on 2020-11-25 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two decades on from the start of the ‘Singing Revolution’, and five years on from the Baltic States’ entry to the European Union, the time is ripe to take stock of Estonia’s remarkable transition from Soviet Republic to EU member state and address the challenges - some new, some ongoing - and uncertainties that have arisen following the country’s entry to the EU. This book locates the post-accession period within the broader sweep of post-communist transition and diagnoses the problems facing Estonia as the global economic downturn takes hold and a new mood of pessimism reigns in Central and Eastern Europe. Until recently, Estonia enjoyed an international reputation as an emerging high-growth ‘tiger economy’ and reform pioneer, not least in the sphere of IT. This economic success story, however, masked the continued problematic political and social legacies of the Soviet period, including the issue of ethnic integration, which again hit the headlines following riots in Tallinn in April 2007. This fully up-to-date appraisal - the first in English - covers all of the key issues, and will appeal to specialists in Baltic and Central and Eastern European politics and society, as well as to anyone with an interest in European integration more generally. This book was published as a special issue of the Journal of Baltic Studies.
Book Synopsis OECD Public Governance Reviews Estonia: Towards a Single Government Approach by : OECD
Download or read book OECD Public Governance Reviews Estonia: Towards a Single Government Approach written by OECD and published by OECD Publishing. This book was released on 2011-08-04 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review looks at how, building on its significant accomplishments to date, the Estonian public administration can work together as a single government to improve and sustain service delivery to citizens and to meet new challenges on the horizon.
Book Synopsis Financial Development, Integration and Stability by : Klaus Liebscher
Download or read book Financial Development, Integration and Stability written by Klaus Liebscher and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d Italia and Chairman of the Financial Stability Forum This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Book Synopsis Calm After the Storms by : Francisco H. G. Ferreira
Download or read book Calm After the Storms written by Francisco H. G. Ferreira and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Post-Crisis Growth and Integration in Europe by : E. Nowotny
Download or read book Post-Crisis Growth and Integration in Europe written by E. Nowotny and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries. Whilst having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy-makers, commercial bankers and academics. Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.
Download or read book Policy Research Working Papers written by and published by . This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
