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Mr. Alexander D Klemm
This paper provides an overview of full and partial allowance for corporate equity (ACE) tax systems in practice. In the recent past, ACE systems have been used in Austria, Croatia, and Italy. Brazil still applies a variant of such a system and Belgium introduced one this year. This paper summarizes the empirical literature on past ACE systems, and provides a theoretical and empirical assessment of the Brazilian ACE variant. The main finding is that the Brazilian reform introduced an ACE system for a minority of firms only, with the majority instead having a system of dividend deductibility. Despite the reduction in the tax preference for debt finance, capital structures have not changed much, but dividends have increased. Investment appears to have benefited from the reform, although the extent to which this was due to the new structure rather than the tax cut is unclear.
International Monetary Fund


International standards for measuring foreign direct investment (FDI) have become important in today’s global economy, where multinational enterprises exercise economic clout and FDI statistics can reflect investor sentiment about the climate of investment in a country. This joint IMF/OECD report assesses progress toward standardization in the compilation of FDI statistics and provides information on statistical methodologies in 61 countries. The report is based on data from the 2001 update of the joint IMF/OECD Survey of Implementation of Methodological Standards for Direct Investment (SIMSDI), which covers 30 OECD countries and 31 other IMF member countries

International Monetary Fund
This paper presents key findings of the Financial System Stability Assessment for the Republic of Croatia, including Reports on the Observance of Standards and Codes on Banking Supervision, Payments Systems, Securities Regulation, Insurance Regulation, and Monetary and Financial Policy Transparency. The financial system of Croatia is now more resilient and seems better prepared to cope with moderate shocks. The larger banks are generally better capitalized, and their risk management capacity has improved. The economy, however, remains highly euroized and susceptible to shifts in residents’ sentiments toward the local currency.