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Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Technical Assistance Report-Review of Regulations to New Securities Act and Investment Funds Act
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Eastern Caribbean Securities Regulatory Commission (ECSRC), a Monetary and Capital Markets (MCM) Department mission conducted a review of a draft version of the new Investment Funds Regulations (IFR) and Securities Regulations (SR) form May 20–June 30, 2022. The two sets of regulations are a key part of the new regime to govern the capital markets in the member territories of the Eastern Caribbean Currency Union (ECCU).
Keywords:
Securities bill; ECCU member country; investment funds bill; Securities commission; IOSCO principle; Mutual funds; Securities; Securities regulation; Caribbean
Cover IMF Working Papers
Agglomeration, Innovation, and Spatial Reallocation: The Aggregate Effects of R&D Tax Credits
Alexandre Sollaci
I investigate the aggregate effects of R&D tax credits in the US. Because it subsidizes R&D activity and because credit rates vary between states, this policy has both spatial and dynamic effects on the economy. To address this issue, I construct an endogenous growth model with spatial heterogeneity and agglomeration spillovers in innovation. Aggregate outcomes in this model are thus affected by the spatial distribution of the population in the economy, which is itself endogenous and reacts to policy. I use this framework to identify a set of local R&D subsidies that maximize aggregate welfare.
Keywords:
agglomeration; innovation; R&D tax credits; R&D activity; R&D subsidy; R&D tax credit rate; aggregate outcome; Tax allowances; Credit ratings; Productivity; Wages; Global; elasticity of agglomeration; welfare effect; elasticity of congestion
Cover IMF Research Perspectives
Interview with Deniz Igan: Former Editor-in-Chief of IMF Research Perspectives
International Monetary Fund. Research Dept.

Let’s start with the basics. How did you choose economics as a profession? Growing up in Turkey, I had an early encounter with certain macro-economic concepts. Chronic high inflation was a defining feature, and even seven-year-olds understood how quickly the purchasing power of their weekly allowance dwindled. I would hear my parents—who are teachers, not economists-discuss the current account deficit during dinner. Soon enough, the economics section had become my favorite part of the newspaper, and I wanted to understand how the Turkish economy worked and why it appeared to be so different from the advanced economies.

Keywords:
IMF economist; IMF research; economics student; IMF RP work; economics section; Housing prices; Current account deficits; Greenhouse gas emissions; Global financial crisis of 2008-2009; Global
Cover IMF Staff Country Reports
United States: Financial Sector Assessment Program-Technical Note-Insurance Supervision and Regulation
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note (TN) is a targeted review of cross-cutting themes building on the detailed assessment of the Insurance Core Principles (ICPs) conducted in 2015. The targeted review was chosen, in part, due to the performance of the U.S. insurance regulatory system in the 2015 detailed assessment where it was assessed that the U.S. observed 8 ICPs, largely observed 13 ICPs and partly observed 5 ICPs. The analysis relied on a targeted self-assessment against a subset of ICPs covering valuation and solvency, risk management, conduct, winding-up, corporate governance and enforcement, and the objectives, powers and responsibility of supervisors. The choice of subjects covered in this review is based on those aspects most significant to financial stability and a follow-up on key recommendations from the 2015 detailed assessment. The focus of the analysis has been on the state-based system of regulation and supervision, reflecting the existing institutional setup.
Keywords:
ISCR; CR; insurance regulator; holding company; life insurance; risk management; balance sheet; financial condition; State insurance act; state insurance department; State insurance regulator; State regulator; federal government; Insurance companies; Insurance; Natural disasters; Financial statements; Solvency; Global
Cover Finance & Development
Book Reviews
William N. Goetzmann

Finance and Development, June 2016

Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter; supply and demand; economy expert; company tax reform; paper money; core thesis; Sharing economy; Progressive taxation; Income tax systems; Europe
Cover Finance & Development
People in Economics: The Challenger

Finance and Development March 2016

Keywords:
FD; F&D; fertility rate; oil exporter; Brixton pound note; country; research finding; management skill; IMF portfolio survey; Natural resources; Aging; Inflation; Income inequality; Global; Sub-Saharan Africa; Europe; East Asia; Middle East; minimum wage increase; wage inequality; labor economist; view from Card's window; job concern; Migration; Minimum wages; Wages; wage gap; employment rate; wage negotiations