## Republic of San Marino: Selected Issues

_IMF Staff Country Reports, March 15, 2010_

## Source details

**Canonical URL:** [Republic of San Marino: Selected Issues](https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705/bundle-manifest.json)

## Bibliographic details
- Published: March 15, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451982350.002

---

### 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 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.

### Systemic liquidity risk and crisis management
- 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.

### Pension system review and sustainability analysis
- 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.

---

## Content in this bundle

- **Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010**
  - [Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr1066.pdf.md){rel="alternate" type="text/markdown"}
  - [Republic of San Marino: Selected Issues; IMF Country Report 10/66; February 2, 2010 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr1066.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-san-marino-selected-issues-23705_