Russia’s long and winding road to a more efficient and resilient banking sector

This paper discusses the policy imperatives in the short term, in the face of the ongoing economic crisis, and reforms that could be implemented over the longer term to improve the efficiency and resilience of the financial system and raise Russia’s potential growth rate.

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• Economic Survey of Russia 2009

Understanding the world trade collapse

This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions have likely amplified the short-term trade response.

Iceland: Challenging Times for Monetary and Fiscal Policies (Economics Department Working Paper 726)

This working paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery.

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• Economic Survey of Iceland 2009

Estonia and euro adoption: Small country challenges of joining EMU - Annex supplement

Data and supplementary tables from Economics Department working paper on Estonia and euro adoption: Small country challenges of joining EMU.

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Estonia and euro adoption: Small country challenges of joining EMU

The ongoing financial crisis has put euro adoption at the top of Estonia's policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the structure of its economy also notably differs from the euro zone.

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• Economic Survey of Estonia 2009
• Estonia and euro adoption: Small country challenges of joining EMU: Data and tables

Iceland: The Financial and Economic Crisis (Economics Department Working Paper 725)

This working paper begins with a discussion of the factors that made the banks, non-financial firms and households vulnerable to deterioration in global financial markets. It then describes the failure of the banks, its direct impact on government debt, the IMF SBA and the economic outlook.

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• Economic Survey of Iceland 2009

Economic Survey of Japan 2009: Overcoming the global crisis: the need for a new growth model

As attention shifts to fiscal consolidation, sustaining output growth will depend increasingly on private domestic demand, requiring reforms, particularly in the labour market and the non-manufacturing sector.

The role of transparency in the conduct of monetary policy

In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy.

Economic Survey of Japan 2009: Financial stability: overcoming the crisis and improving the efficiency of the banking sector

Emergency measures adopted in the wake of the global crisis should be phased out once a recovery is in place, while adopting reforms to address chronic problems in the financial sector and increase efficiency.

Economic Survey of the European Union 2009: Policies to overcome the crisis

The EU economy has experienced a deep economic slump. Ongoing financial reforms and the structural reform agenda must be pursued to make future crises less likely and improve growth prospects.