{
  "title": "Republic of Serbia: Selected Issues",
  "publication": "IMF Staff Country Reports, February 5, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-21691",
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  "summary": "High capital inflows and rising vulnerabilities underscore the importance of a comprehensive approach to ensuring stability. Standard balance sheet indicators mask a substantial build-up of exposures to exchange rate, maturity, and rollover risks.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- High capital inflows and rising vulnerabilities underscore the importance of a comprehensive approach to ensuring stability.\n- Standard balance sheet indicators mask a substantial build-up of exposures to exchange rate, maturity, and rollover risks.\n- The fiscal balance has a strong and significant impact on the current account in Serbia.\n- The model is broadly able to reproduce recent economic and policy developments in Serbia.\n- The analysis indicates that privatization can result in sizable fiscal savings."
    },
    {
      "heading": "Balance sheet vulnerabilities",
      "content": "- Standard balance sheet indicators understate risks by concealing a substantial build-up of:\n  - Exchange rate risk exposures.\n  - Maturity risk exposures.\n  - Rollover risk exposures."
    },
    {
      "heading": "Household sector risks",
      "content": "- Household balance sheet risks originate from currency mismatches owing to credit euroization."
    },
    {
      "heading": "Fiscal–current account relationship",
      "content": "- The fiscal balance has a strong and significant impact on the current account in Serbia."
    },
    {
      "heading": "Model assessment and policy-relevant findings",
      "content": "- The model used in the analysis is broadly able to reproduce recent economic and policy developments in Serbia.\n- The analysis indicates that privatization can result in sizable fiscal savings.\n\nSource: Republic of Serbia: Selected Issues (IMF Staff Country Report, February 5, 2008).\n\n---\n\n Content in this bundle\n\n- Republic of Serbia: Selected Issues; IMF Country Report 08/55; January 14, 2008.\n  - Republic of Serbia: Selected Issues; IMF Country Report 08/55; January 14, 2008. (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of Serbia: Selected Issues; IMF Country Report 08/55; January 14, 2008. (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-21691/index.md)",
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    "Published: February 5, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451834901.002",
    "High capital inflows and rising vulnerabilities underscore the importance of a comprehensive approach to ensuring stability.",
    "Standard balance sheet indicators mask a substantial build-up of exposures to exchange rate, maturity, and rollover risks.",
    "The fiscal balance has a strong and significant impact on the current account in Serbia.",
    "The model is broadly able to reproduce recent economic and policy developments in Serbia.",
    "The analysis indicates that privatization can result in sizable fiscal savings.",
    "Standard balance sheet indicators understate risks by concealing a substantial build-up of:",
    "Household balance sheet risks originate from currency mismatches owing to credit euroization.",
    "The fiscal balance has a strong and significant impact on the current account in Serbia.",
    "The model used in the analysis is broadly able to reproduce recent economic and policy developments in Serbia.",
    "The analysis indicates that privatization can result in sizable fiscal savings.",
    "**Republic of Serbia: Selected Issues; IMF Country Report 08/55; January 14, 2008.**"
  ],
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