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

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  • 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.

Suggested Citation

  • International Monetary Fund, 2015. "Republic of San Marino: Staff Report for the 2015 Article IV Consultation," IMF Staff Country Reports 2015/094, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2015/094
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=42833
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    Cited by:

    1. Raissi, Mehdi & Tulin, Volodymyr, 2018. "Price and income elasticity of Indian exports—The role of supply-side bottlenecks," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 39-45.
    2. Miroslav Nedelchev, 2018. "Reforms Of Banking Supervision In Bulgaria," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(1), pages 125-134.
    3. World Bank Group, 2017. "Global Economic Prospects, January 2017," World Bank Publications - Books, The World Bank Group, number 25823, December.

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