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Ruud A. de Mooij, Mr. Alexander D Klemm, and Ms. Victoria J Perry

Abstract

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitalization have created fundamental problems, not foreseen at its inception. These include tax competition—as governments try to attract tax bases through low tax rates or incentives, and profit shifting, as companies avoid tax by reporting profits in jurisdictions with lower tax rates. The book then discusses solutions, including both evolutionary changes to the current system and fundamental reform options. It covers both reform efforts already under way, for example under the Inclusive Framework at the OECD, and potential radical reform ideas developed by academics.

International Monetary Fund. African Dept.
This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a decline in commercial banks’ net foreign assets. Contingent on the implementation of government’s consolidation plans, and helped by a favorable oil price outlook, the current account deficit would further gradually decline and be matched by enough financial inflows in the medium term. According to various metrics, the real exchange rate appears to be broadly aligned with fundamentals. International reserve coverage should increase to provide stronger buffers against immediate short-term risks. Structural competitiveness and investment efficiency improvements will be essential to ensure that the planned large investment programs translate into growth and export gains as well as increased private inflows into the region.
International Monetary Fund
Chile's overall economic performance during 1990–97 was very strong. By early 1998, Chile faced the difficult combination of a widening external current account deficit and a slowdown of capital inflows. The authorities scaled back expenditure plans and tightened monetary policy strongly to prevent a large depreciation of the currency. Executive Directors welcomed the new three-pillar framework for policies consisting of conservative, rules-based fiscal and monetary policies, greater emphasis on sound supervisory and regulatory frameworks, as well as new social policies.
Mr. Howard Handy

Abstract

Determined macroeconomic policy, combined with favorable external developments, has reduced inflation, improved public finances, led to a stable currency, and helped strengthen the banking system in Egypt. Nonetheless, the task of delivering sustained growth of output and employment is incomplete. This paper is a collection of studies focusing on economic developments in Egypt in the 1990s, a period of transformation toward a dynamic market economy.

International Monetary Fund
This Background Paper and Statistical Annex examines selected issues pertaining to the Mauritian economy, which are all related to the question of how Mauritius will be able in the future to sustain its export-led development and diversify its economy. The paper discusses the impact of the Uruguay Round agreement on the Mauritian economy. The paper also utilizes available data to assess Mauritius’s external competitiveness, which is a major issue as regards the sustainability of high export growth.
Mr. Saíd El-Naggar

Abstract

The challenge facing the Arab countries to maintain economic growth in the face of the deteriorating terms of trade affecting all developing countries was addressed in a seminar held in Abu Dhabi in early 1992. This volume, edited by Said El-Naggar, includes papers by contributors from the region as well as from the IMF.

International Monetary Fund

Abstract

This paper summarizes major measures taken in the international exchange and trade systems in 1988 and developments in exchange arrangements and the evolution of exchange rates. The exchange arrangements adopted by members since 1973 cover a broad spectrum of degrees of flexibility, from single-currency pegs to a freely floating system. Most countries have adopted arrangements that fall clearly into one or another of the major categories of the present classification system adopted by the IMF in 1982, and countries with dual markets usually have one market that is clearly more important than the other, which allows accurate classification by major market. Changes in IMF members' arrangements for their currencies during this decade have shown a distinct tendency to move toward more flexible arrangements and away from single-currency pegs, continuing a trend that began in the mid-1970s. A qualitative sense of the significance of the trend toward more flexible arrangements can be conveyed by the degree that world trade is affected by countries adopting different arrangements.

International Monetary Fund. Research Dept.
The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the debtor countries, creditor banks, and owners of the facility would be affected; in particular, what redistribution of gains and losses there would be among them. The “market price effect” and the “ceiling effect” are distinguished. A crucial consideration is whether debt retained by banks is subordinated to debt bought by the facility.
International Monetary Fund. Research Dept.
This paper presents the demonstration effect imparted by the economic performance of a select group of developing countries, particularly in Southeast Asia, where the growth of trade has played a major role. The outward-oriented strategies have been typically characterized, inter alia, by the provision of incentives for export production, the encouragement of import competition for most domestically produced goods, and the use of the nominal exchange rate for the maintenance of realistic real exchange rates. The generally increasing integration of the world economy, in both goods and capital markets, has meant that countries have been drawn into closer international relationships, whether expressly desired or not. The longer-term factors just discussed can clearly inhibit the opening up of an economy, but perhaps equally important in this context are the short-run and medium-run effects that occur when such a strategy is adopted. Simple casual observation shows that there are serious, even if transitory, costs as a country moves from a relatively closed economy to a more open one.