South East Europe, No. 9, Spring 2016 : Rebalancing for Stronger Growth

Autor:	World Bank Group
Jazyk:	angličtina
Rok vydání:	2016
Předmět:	MARKET DEVELOPMENTS INVESTMENT PRIVATE INVESTMENT AMOUNT OF CAPITAL INFLATIONARY PRESSURES HOUSEHOLD INCOMES DEPOSIT BOND YIELDS TAX CREDITS INFLATION EMERGING MARKET FISCAL DEFICIT BROAD MONEY INVESTMENTS EXPORT GROWTH STOCK CAPITAL REQUIREMENTS RETURNS CONSUMER PRICE INDEX POVERTY PENSION INVESTORS COLLATERAL CREDIT GROWTH BONDS SHARES FINANCIAL MARKET DEBT RATIOS PUBLIC FINANCES NON-PERFORMING LOANS PUBLIC SPENDING FINANCIAL SYSTEMS GOVERNMENT BUDGET TRANSPARENCY EMERGING MARKETS FINANCIAL MARKETS NPL PENSIONS DEBT LEVELS BORROWERS DEPOSITS REMITTANCE MARKETS PROFIT GLOBAL ECONOMY CORPORATE GOVERNANCE CREDIT RATINGS SWAPS BASIS POINTS BALANCE SHEET POST-CRISIS PERIOD MONETARY POLICY TAX COLLECTIONS GOVERNMENT EXPENDITURES LIQUIDITY FISCAL DEFICITS INTEREST RATES CREDIT EXPANSION DEBT SOURCE PUBLIC DEBT CREDIT RISK ARREARS CONTINGENT LIABILITIES GUARANTEES MARKET GOVERNMENT POLICIES DOMESTIC CREDIT PROPERTY BUDGET DEFICIT BANKING SYSTEMS FIXED CAPITAL PORTFOLIO INVESTMENT DEPOSIT MOBILIZATION BOND FINANCING INVESTMENT PROJECTS FOREIGN BANK CURRENCIES MARKET DEPTH TRADE BALANCE PORTFOLIO BUDGETS FLOATING EXCHANGE RATES GOVERNMENT REVENUES SECURITY LOCAL GOVERNMENT CAPITAL MARKETS COLLECTION PROCESSES AMORTIZATION CAPITAL STOCK ACCESS TO LOANS FISCAL POLICY FINANCIAL SYSTEM JUDICIAL REFORM EXCHANGE RATE INVESTMENT DECISIONS GOOD EQUIPMENT TELECOMMUNICATIONS REVENUE CURRENCY ECONOMIC POLICIES BOND PRIVATE CREDIT DIRECT INVESTMENT INTERNATIONAL MARKET EXTERNAL BORROWING EMERGING MARKET BONDS LOAN COMMODITY PRICES PUBLIC FINANCE NONPERFORMING LOANS TRADE BALANCES FUTURE LABOR MARKETS CENTRAL BANKS ISSUANCE CURRENT ACCOUNT DEFICITS FOREIGN INVESTMENT CAPITAL STOCKS CONTRACTS INVESTOR NATIONAL BANKS INTERNATIONAL FINANCIAL MARKETS TRADING SUPERVISORY AUTHORITIES CURRENCY MISMATCHES ACCUMULATION OF DEBT INCOME GROWTH BUDGETING LENDING REQUIREMENTS CAPITAL FORMATION LOCAL ECONOMY T-BILL REVENUES PUBLIC INVESTMENT DEFICIT INVESTMENT SPENDING LOCAL CURRENCY EXPORT PERFORMANCE BANK POLICY CAPITAL FLOWS VALUATION TAX INVENTORY BUDGET EXCHANGE RATES GOVERNMENT DEBT PRIVATE INVESTMENTS BANKING UNION STOCKS RISK AVERSION BANK LENDING LENDING DOMESTIC CAPITAL ASSET QUALITY PUBLIC INVESTMENTS FINANCIAL CRISIS BANK BALANCE SHEETS SOVEREIGN BONDS BALANCE SHEETS OPTIONS GUARANTEE RESERVES GOODS MARKET REFORMS LOANS FOREIGN FINANCING SETTLEMENT TAX COLLECTION LIVING STANDARDS FOREIGN DIRECT INVESTMENT PAYMENT SYSTEMS FINANCE EXPORTERS INTERNATIONAL MARKETS INTEREST COSTS EXTERNAL DEBT FUTURES LIABILITIES LABOR MARKET INTEREST RATE DIFFERENTIAL EXTERNAL DEFICITS CONSUMER LOANS COMPLIANCE COSTS DEBT BANKING SECTOR DURABLE CAPITAL ADEQUACY MONETARY POLICIES CENTRAL BANK RETURN NATIONAL BANK POLICY RESPONSES INVESTMENT CLIMATE CAPITAL MARKET BANKING REGULATION BANK REGULATION CDS DEFICITS FOREIGN EXCHANGE LOCAL CURRENCIES EXCHANGE ACCOUNTING PORTFOLIOS FINANCES CAPITAL GROWTH STRUCTURAL PROBLEMS REMITTANCES TARIFFS INTERNATIONAL DEVELOPMENT REPAYMENTS LOCAL GOVERNMENTS OIL PRICES HUMAN CAPITAL INSURANCE TURNOVER TAXES EQUITY ECONOMIC DEVELOPMENTS TREASURY EUROBOND MARKET CONDITIONS BASIS POINT PENSION SYSTEMS HUMAN RESOURCES HOUSEHOLD INCOME LOCAL BANKS GOVERNMENT SPENDING PROFITS PENSION REFORMS REFERENDUM EXPENDITURES COMMERCIAL BANKS INTERNATIONAL BANK CONTRACT MONETARY FUND EQUITY MARKETS GOVERNMENT DEFICIT INTEREST BANK ASSETS CAPITAL INFLOWS BANK BORROWERS CHECKS SHARE CURRENT ACCOUNT DEFICIT INTEREST RATE FOREIGN CURRENCY BENCHMARK YIELDS LEVEL PLAYING FIELD EXPENDITURE
Popis:	Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od______2456::e9bb9e2ab9315680be9ca0efb26ee8a9 http://documents.worldbank.org/curated/en/2016/04/26255394/south-east-europe-rebalancing-stronger-growth Zobrazit plný text záznamu