Hungary was severely affected by the crisis. The financial sector has remained resilient throughout the crisis. The Central Bank (MNB) paused in mid-2010 and has tightened interest rates by 50 basis points since November in response to a sharp rise in risk premia and higher headline inflation...

This 2008 Article IV Consultation highlights that Sweden’s economy has performed well, but is sensitive to global demand. The activity is now moderating. Exports have benefited from sound competitiveness, but euro area and U.S. slowing is causing them to decelerate. Private consumption growth...

Kazakhstan’s financial system remains highly stressed despite large-scale government support; the economy is expected to contract in the near future. The staff report for Kazakhstan’s 2009 Article IV Consultation discusses economic developments and policies. Kazakhstan is better placed than...

The Costa Rican economy has grown at rapid rates in the last three years, underpinned by a robust world expansion, sound economic policies, and strong business and consumer confidence. Economic policies have been well oriented. The fiscal position has substantially improved. The exchange rate...

South Africa has made substantial progress in addressing the recommendations of the Financial Sector Assessment Program and is continuing to build upon these accomplishments. The Financial Services Board and Department of Trade and Industry both are organizations with the legal authority to...

Indonesia’s growth in 2009 was four and a half percent, the third highest in the G-20 group of countries; and the pace is accelerating in 2010. Both push and pull factors have attracted large portfolio inflows, particularly into government bonds and Short-term Bank Indonesia certificates...

This paper discusses the Financial System Stability Assessment for South Africa, and reviews the Report on the Observance of Standards and Codes on Securities Regulation. The assessment reveals that South Africa’s sophisticated financial system is fundamentally sound and has so far weathered...

The study shows that the Israeli economy has emerged unscathed from the global financial crisis. The first part of the study outlines the relationship between risk and Israel’s macroeconomic performance, estimated through a regression analysis. The second part of the study focuses on...

Uruguay has consolidated economic gains, supported by strong macroeconomic policies and a broadly favorable external environment. Growth has exceeded expectations, unemployment has reached record lows, and poverty has continued to fall, while economic vulnerabilities have been significantly...

This Detailed Assessment of the Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for Portugal highlights the market analysis of the insurance market. Investment in domestic government bonds has decreased and is outweighed by nondomestic government...