Republic of San Marino: Staff Report for the 2015 Article IV Consultation

International Monetary Fund

No 2015/094, IMF Staff Country Reports from International Monetary Fund

Abstract: Over the last half decade, San Marino’s economy has managed to weather the implosion of its offshore banking model, the global crisis, and Italy’s decision to put San Marino on a tax blacklist. Together, these shocks resulted in a loss of a third of output since 2008, caused banking system NPLs to rise to over 40 percent—with the largest bank requiring 13 percent of GDP in public support—and pushed up net public debt by some 20 percent of GDP (from virtually nil five years ago). Looking forward, the economy is stabilizing, reflecting the inclusion of San Marino in Italy’s tax whitelist, but downside risks persist.

Keywords: ISCR; CR; government; performing loan; Sta balance of payments statistics; IMF staff calculation; bank; quality assessment; Sta government finance statistics; Sammarinese authorities; Nonperforming loans; Commercial banks; Financial statistics; Capital adequacy requirements; Distressed assets; Global; Europe (search for similar items in EconPapers)
Pages: 40
Date: 2015-04-08
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=42833 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2015/094

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().