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2010
INTERNATIONAL MONETARY FUND
INTERNATIONAL MONETARY FUND
1934-7685 | 2227-8907
EPUB
Country Report No. 10/66
9781451989618 | 9781451982336 | 9781451989618 | 9781455275199

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.

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