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International Monetary Fund. Research Dept.
The paper discusses the application of economic analysis and statistics to several questions of tax administration and legislation bearing on it. The principle of equalizing marginal administrative costs and marginal tax revenue is suggestive, but persuasive arguments can be made for spending more or less than it indicates. The marginal principle, nevertheless, is valuable as a guide for allocating a fixed appropriation that is too small to cover all remunerative activities. Human capital theory corroborates the productivity of staff training but implies that different financing arrangements may be appropriate for general and specialized training. Economic studies can help in establishing criteria for identifying cases for detailed examination or audit and in making administrative or alternative assessments where accounts are inadequate. A lump-sum, first-year depreciation allowance equal to the discounted value of normal allowances would have merit as a simple method of adjusting for inflation. Tax administrators and economists could benefit from acquaintance with the attitudes and methods of each other's discipline.
International Monetary Fund. Research Dept.
This paper outlines the Asian currency market provides an intermediation function between several Asian countries and the Eurocurrency market. However, soon after its creation in 1968, the Asian market went beyond this function and has now developed a substantial regional network of financial transactions. The Asian currency market was developed when the economy of Singapore was going through an important period of transition that was caused by the independence of the island in the mid-1960s and by a rapid phasing out of large British military installations. In addition to an important effort of economic development at home, this period of transition has involved expanding financial and trade relations to countries other than the British Commonwealth and the immediate neighbors. Several factors contributed to the establishment of the Asian currency market in Singapore. In the 1960s, the rapid economic growth of a number of Asian countries, an increased flow of direct investment, and a greater participation of multinational corporations in the economy of Asia generated a growing pool of foreign currencies in the hands of the private sector.