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Thin Capitalization Rules and Multinational Firm Capital Structure

Thin Capitalization Rules and Multinational Firm Capital Structure »

Volume/Issue: 2014/12

Series: IMF Working Papers

Author(s): Jennifer Blouin , Harry Huizinga , Luc Laeven , and Gaetan Nicodeme

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2014

DOI: http://dx.doi.org/10.5089/9781484384442.001

ISBN: 9781484384442

Keywords: Thin capitalization rule, Multinational firm, Capital structure, Taxation, tax burdens, interest payments, tax countries, tax authorities, Business Taxes and Subsidies, Taxation.,

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin...

Winner-Loser Reversals in National Stock Market Indices
			: Can they Be Explained?

Winner-Loser Reversals in National Stock Market Indices : Can they Be Explained? »

Volume/Issue: 1997/182

Series: IMF Working Papers

Author(s): Anthony Richards

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

DOI: http://dx.doi.org/10.5089/9781451859232.001

ISBN: 9781451859232

Keywords: International equity pricing, winner&;amp;#x2013;loser reversals, contrarian strategies, stock market, stock market indices, constant term, predictability, stock markets

This paper examines possible explanations for “winner–loser reversals” in the national stock market indices of 16 countries. There is no evidence that loser countries are riskier than winner co...

IV Corporate Tax Harmonization and Capital Allocation

IV Corporate Tax Harmonization and Capital Allocation »

Source: Tax harmonization in the European Community : Policy Issues and Analysis

Series: Occasional Papers

Author(s): George Kopits

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1992

ISBN: 9781557752253

Keywords: taxation, tax rates, tax harmonization, tax systems, tax evasion

Economic theory suggests that high tax rates on income from capital are likely to discourage capital formation and that differences in tax burdens across countries can be expected to induce an inefficient al...

Latvia

Latvia »

Source: Latvia : Recent Economic Developments

Volume/Issue: 1995/125

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 1995

ISBN: 9781451824391

Keywords: bank of latvia, banking, foreign exchange, banking system, banking crisis

This paper reviews economic developments in Latvia during 1993-94. During 1994, Latvia began to enjoy the fruits of its steadfast efforts to achieve macroeconomic stabilization and the transformation to a market ec...

The Markets in Financial Instruments Directive

The Markets in Financial Instruments Directive »

Source: The Markets in Financial Instruments Directive : Banking on Market and Supervisory Efficiency

Volume/Issue: 2007/250

Series: IMF Working Papers

Author(s): François Haas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2007

ISBN: 9781451868135

Keywords: Best Execution, Market Liquidity, Securities Supervision, financial services, financial instruments, market participants, market intermediaries,

The Markets in Financial Instruments Directive (MiFID) which comes to life on November 1, 2007, represents a major step toward the creation of a single, more competitive, cross-border securities market in Europe. T...

Measuring the Role of Subnational Governments

Measuring the Role of Subnational Governments »

Source: Measuring the Role of Subnational Governments

Volume/Issue: 1991/8

Series: IMF Working Papers

Author(s): Jonathan Levin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1991

ISBN: 9781451842456

Keywords: expenditures, expenditure, government expenditures, general government expenditures, public finance

To measure subnational governments, only external money flows are counted, excluding intra-level transactions in measuring a level of government and all intergovernmental transactions in measuring general governmen...

Real Exchange Rate Levels, Productivity and Demand Shocks

Real Exchange Rate Levels, Productivity and Demand Shocks »

Source: Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries

Volume/Issue: 1997/66

Series: IMF Working Papers

Author(s): Louis Johnston , and Menzie Chinn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1997

ISBN: 9781451962161

Keywords: exchange rate, real exchange rate, exchange rates, cointegration, equation

We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests....

Real Exchange Rates and the Prices of Nontradable Goods

Real Exchange Rates and the Prices of Nontradable Goods »

Source: Real Exchange Rates and the Prices of Nontradable Goods

Volume/Issue: 1994/19

Series: IMF Working Papers

Author(s): S. Micossi , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

ISBN: 9781451922516

Keywords: exchange rate, relative price, real exchange rate, real exchange rates, inflation

This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables...

Recognizing the Bias

Recognizing the Bias »

Source: Recognizing the Bias : Financial Cycles and Fiscal Policy

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Republic of Latvia: Staff Report for the 1999 Article IV Consultation

Republic of Latvia: Staff Report for the 1999 Article IV Consultation »

Source: Republic of Latvia : Staff Report for the 1999 Article IV Consultation

Volume/Issue: 1999/77

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 1999

ISBN: 9781451824421

Keywords: banking, bank of latvia, banking system, banking supervision, fiscal deficit

This 1999 Article IV Consultation highlights that macroeconomic developments in Latvia were severely affected by the Russian economic crisis. Real GDP declined by 1.9 percent in the fourth quarter of 1998, and furt...