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Law > Business and Financial

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Cover IMF Staff Country Reports
Bulgaria: 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Bulgaria
International Monetary Fund. European Dept.
This Article IV Consultation highlights that economic performance remains robust but risks to the outlook are tilted to the downside amid slowing external demand. Sound macroeconomic policies notwithstanding, Bulgaria faces a sizable income gap vis-à-vis the EU average and unfavorable demographic prospects. The main policy challenge is to raise growth potential, which calls for broad-based structural reforms to improve public goods provision and institutions. The Article IV discussions focused on medium-term reforms to improve public goods provision and raise potential growth and on near-term policies to enhance financial sector stability. Fiscal policy is broadly appropriate, but the efficiency of spending and revenue administration could be further improved. Stronger public investment management would improve investment efficiency and transparency. Better performance of state-owned enterprises would help raise growth potential and mitigate fiscal risks. Bank profits have risen and non-performing loans (NPLs) have continued to decline, although they are still high among EU countries. The central bank should ensure that banks with high NPLs have adequate capital buffers.
Keywords:
ISCR; CR; Revised Staff's projection; IMF TA; IMF staff estimate; authority; staff's projection; banking sector supervision; preliminary data; potential GDP; Wages; Capital spending; Global
Cover IMF Staff Country Reports
Bulgaria: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Bulgaria
International Monetary Fund. European Dept.
This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.6 percent in 2014, among the sharpest contractions in the European Union, but are projected to turn positive late in the year. The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure. The budget targets a 3 percent of GDP deficit in 2015, and a further 0.5 percentage point reduction per year in coming years. Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key.
Keywords:
ISCR; CR; government; government Spring Forecast; liquidity support framework; Bulgaria; Bulgarian authorities; income convergence; asset-price uncertainty; support depositor confidence; government activity; Income; Europe
Cover IMF Working Papers
Financial Supervisory Independence and Accountability–Exploring the Determinants
Donato Masciandaro, Mr. Marc G Quintyn, and Mr. Michael W Taylor
We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence arrangements. It also shows that decisions regarding levels of independence and accountability are not well-connected. The results also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located outside the central bank.
Keywords:
WP; governance arrangement; monetary policy; governance rating; independence rating