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International Monetary Fund. External Relations Dept.

Corporate sector behavior in the major industrial countries has undergone a sea change since the equity market bubble burst in 2000. Companies in many industrial countries have elected to use sharply higher profits, net of interest payments and taxes, to accumulate financial assets and repay debt rather than reinvest in their businesses or increase dividend payments. As a result, nonfinancial companies have, in effect, been lending resources to the household and government sectors rather than borrowing from them—a reversal of the pattern of behavior generally seen in past decades (see chart).

International Monetary Fund

The paper discusses potential output, the output gap, and inflation in Korea. The paper explores the information content of potential leading indicators of inflation. A broadly balanced current account has been the suggested norm for Korea over the medium term. The challenge is to help build a more robust bond market that prices risk appropriately. The features of pension schemes in Korea and the problems they face are outlined. The paper reviews pension reform, banking sector, corporate sector, and foreign exchange crises with respect to Korea.

International Monetary Fund. European Dept.

This report for the 2012 Article IV Consultation with Turkey discusses the macroeconomic conditions after the 2008 global financial crisis. After two years of rapid growth, the economy has slowed and imbalances are unwinding. However, owing to slower domestic demand, the Turkish financial system continues to remain sound. IMF staff supports the authorities’ fiscal objective for 2013 and also the medium-term fiscal plan for 2013–15. But, they recommend a tighter monetary policy stance given the upside risks to inflation.

Mr. John D Brondolo, Annette Chooi, Trevor Schloss, and Anthony Siouclis
All tax administrations seek to maximize the overall level of compliance with tax laws. Compliance improvement plans (CIPs) are a valuable tool for increasing taxpayers’ compliance and boosting tax revenue. This note is intended to help tax administrations develop a CIP, by providing guidance on the following issues: (1) how to identify and rate compliance risks; (2) how to treat risks to achieve the best possible outcome; and (3) how to measure the impacts that treatments have had on compliance outcomes.