{
  "title": "Republic of San Marino: Selected Issues",
  "publication": "IMF Staff Country Reports, March 15, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705",
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  "summary": "This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk. The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerabil",
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    {
      "heading": "Summary",
      "content": "- This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk.\n- The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort.\n- The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability."
    },
    {
      "heading": "Systemic liquidity risk and crisis management",
      "content": "- Key observation: Financial dollarization/euroization or a currency board arrangement can complicate banking crisis management.\n- Mechanism highlighted: These arrangements increase vulnerability to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort."
    },
    {
      "heading": "Pension system review and sustainability analysis",
      "content": "- The paper reviews the current pension system of San Marino in comparison with other European pension systems.\n- The paper analyzes the sustainability of San Marino’s pension system.\n\n---\n\n Content in this bundle\n\n- Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010\n  - Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 15, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451982350.002",
    "This Selected Issues paper for the Republic of San Marino analyzes options for managing systemic liquidity risk.",
    "The paper states that financial dollarization/euroization—as in the case of San Marino—or a currency board arrangement can complicate banking crisis management and increase the vulnerability of financial systems to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort.",
    "The paper reviews the current pension system of San Marino, in comparison with other European pension systems, and analyzes its sustainability.",
    "Key observation: Financial dollarization/euroization or a currency board arrangement can complicate banking crisis management.",
    "Mechanism highlighted: These arrangements increase vulnerability to liquidity shocks because they limit the ability of the monetary authority to act as a lender of last resort.",
    "The paper reviews the current pension system of San Marino in comparison with other European pension systems.",
    "The paper analyzes the sustainability of San Marino’s pension system.",
    "**Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010**"
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