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This Selected Issues paper and Statistical Appendix deals with the data interpretation problems in the Croatian balance of payments and discusses in detail the overestimation of the size of the external current account deficit in the official statistics. It examines the behavior of the monetary aggregates in Croatia using econometric methods. The structure and performance of the banking sector is also analyzed, including the effects of competition and ownership structure on profitability and interest rate spreads.

Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Exports and Imports --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Demand for Money --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Trade: General --- Banking --- Monetary economics --- Currency --- Foreign exchange --- International economics --- Demand for money --- Currencies --- Bank deposits --- Money --- Exports --- International trade --- Imports --- Banks and banking --- Croatia, Republic of

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This paper examines the efficiency of the Stock Exchange of Singapore and the relationship between the stock market and the overall economy. Using a wide range of methods for testing market efficiency, the paper establishes that the Singapore stock market is both “weakly” and “semi-strongly” efficient in asset-pricing terms but not “strongly” efficient. Granger causality tests based on the efficiency test results indicate that developments in the stock market appear to be systematically related to the overall economy in Singapore and can thus serve as a leading indicator of its intertemporal behavior.

Econometrics --- Finance: General --- Investments: Stocks --- Macroeconomics --- Money and Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Price Level --- Inflation --- Deflation --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Demand for Money --- Finance --- Investment & securities --- Econometrics & economic statistics --- Monetary economics --- Stock markets --- Stocks --- Asset prices --- Vector autoregression --- Demand for money --- Financial markets --- Financial institutions --- Prices --- Econometric analysis --- Money --- Stock exchanges --- Singapore

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The experiences of seven countries that have undergone banking crises show that crises have significant implications for the short-run stability of the demand for money, the money multiplier, the transmission mechanism, and the signal variables of monetary policy. Monetary and credit instability, coupled with changes in the nature of the monetary and credit aggregates, complicate monetary management. These findings may require redesigning monetary instruments in favor of faster-reacting instruments, such as open market operations, and introducing additional indicators of the monetary stance, such as asset price and exchange rate movements. More frequent reviews of monetary programs may also be necessary.

Banks and Banking --- Money and Monetary Policy --- Demand for Money --- Studies of Particular Policy Episodes --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Economic & financial crises & disasters --- Monetary economics --- Banking crises --- Commercial banks --- Demand for money --- Monetary aggregates --- Financial crises --- Money --- Credit --- Financial institutions --- Banks and banking --- Money supply --- Venezuela, República Bolivariana de

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This Selected Issues paper on Korea provides background information on economic developments and policies, with particular emphasis on 1995–96. Following two years of rapid expansion, led by buoyant investment and exports, economic growth moderated in late 1995 and the first half of 1996. The moderation was in response to the earlier tightening of monetary conditions and less favorable short-term export prospects. The slowdown was reflected in a sharp deceleration in final domestic demand, whose contribution to growth fell from 9.1 percent in 1995 to 6.6 percent in the first half of 1996.

Banks and Banking --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Production and Operations Management --- Macroeconomics: Production --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Current Account Adjustment --- Short-term Capital Movements --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Demand for Money --- Monetary economics --- International economics --- Labour --- income economics --- Banking --- Monetary aggregates --- Total factor productivity --- Demand for money --- Labor --- Potential output --- Money supply --- Balance of payments --- Economic theory --- Industrial productivity --- Money --- Korea, Republic of

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The development of empirical foundations to the conduct of monetary policy in Tunisia is the central concern of this paper. Finding stable money demand functions, it broadly corroborates the choice of monetary aggregates as intermediate targets of monetary policy by the Tunisian Central Bank. It finds, however, a lower income elasticity than the one currently applied by the Central Bank and proposes a different methodology for defining monetary growth targets. The paper also finds that both interest rates and reserve money are feasible operating targets and suggests that the Central Bank orients its monetary policy more towards transparent operating targets.

Banks and Banking --- Investments: General --- Money and Monetary Policy --- Macroeconomics --- Model Evaluation and Selection --- Demand for Money --- Monetary Policy --- Economic History: Macroeconomics --- Growth and Fluctuations: Asia including Middle East --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Personal Income, Wealth, and Their Distributions --- Monetary economics --- Investment & securities --- Banking --- Monetary base --- Demand for money --- Treasury bills and bonds --- Monetary aggregates --- Money --- Financial institutions --- Personal income --- National accounts --- Money supply --- Government securities --- Banks and banking --- Income --- Tunisia