Prudential regulation and competition in financial markets

This paper examines how a range of stability-oriented regulatory policies for banking and insurance are related to selected stability and competition outcomes in these sectors.

Pedal to the metal: Structural reforms to boost long-term growth in Mexico and spur recovery from the crisis

While Mexico’s growth performance has gradually improved over the past decades, its convergence toward OECD countries has been less rapid than in several other emerging markets.

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• Economic Survey of Mexico 2009

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

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

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.

Is there a case for price-level targeting?

There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations.