Since the Brazil 2012 FSAP, the financial system has been stable despite the deep recession. The resiliency of the banking system was supported by high profitability, buoyed by large interest margins. While the financial system has grown since the 2012 FSAP, its structure remains largely...

Tanzania's bank-dominated financial sector is small, concentrated, and at a relatively nascent stage of development. Financial services provision is dominated by commercial banks, with the ten largest institutions being preeminent in terms of mobilizing savings and intermediating credit....

The macroeconomic environment has improved, reflecting the authorities' efforts, supported by an IMF arrangement. Previously, years of high fiscal deficits, public enterprise borrowing, and financial sector bailouts led to rapid government debt accumulation, crowded out private credit, increased...

The Armenian banking sector is recovering from the 2014 economic slowdown, aided by additional capital injected by shareholders, several mergers, and improved regulation and supervision. However, banks, including the largest ones, are vulnerable to external shocks because high levels of...

Overall the resilience of large euro area banks has improved, but important vulnerabilities remain. Capital buffers are in aggregate sizeable relative to immediate threats, but some banks are especially vulnerable to credit risk and others to market risks, including a substantial rise in risk...

Peru's financial system has developed and become more resilient since the previous FSAP in 2011, but some challenges remain. Peru's main vulnerabilities are external, especially related to growth in trading partners (due to reliance on commodity exports), and exchange rate depreciation (due to...

Der Artikel definiert zunächst verschiedene Begriffe der Konvertibilität, insbesondere hinsichtlich der Zahlungs- und Kapitalbilanz und der internen Konvertibilität. In Kapitel 2 wird dargelegt wie die Konvertibilität der Zahlungs- und Kapitalbilanz die Produktion und die...