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International Monetary Fund. External Relations Dept.

IMF Deputy Managing Director Eduardo Aninat announced on March 7 that he plans to leave his post in June 2003. In December 1999, he joined the IMF’s four-member management team with broad responsibilities in running the IMF, including chairing its Executive Board meetings.

L.M. GOREUX

Compensatory financing may be considered as an insurance scheme allowing members to borrow at low interest rates when their export earnings fall below trend and to repay when their export earnings rise above trend. An insurance company can forecast the sum of the claims likely to be presented by all its customers during a given year although it may not be able to predict which of its customers will present a claim. The Fund is in a similar position regarding drawings made under the compensatory financing facility.

GEORGE E. LENT

The basic approaches to the taxation of corporate profits by developing countries are modeled on those of developed countries, and are subject to evaluation on similar grounds. As is true of industrial countries, the issues involved have never been satisfactorily resolved, and shifts continue to be made from one system to another. There is, therefore, an abundance of experience with different forms of corporation tax, even within particular countries, and a voluminous literature exists on the comparative merits and limitations of each.1 Differences in the economic environment and in the relationships between shareholders and corporations in different stages of economic development, however, call for a re-examination of the tax treatment of corporations that is most appropriate for developing countries.

NICOLA ROSSI

Empirical results establishing a firm empirical relationship between dependency rates and savings behavior in developing countries are still lacking. Two demographic extensions of the representative household’s stochastic dynamic optimization problem are presented. The relationship between expected dependency rates and consumption growth is shown to depend on two parameters: demographically varying committed consumption and the intertemporal elasticity of substitution. Thus, the expected path of demographic variables can provide information on consumer willingness to smooth consumption, and on the savings responsiveness to changes in the real interest rate.

International Monetary Fund. External Relations Dept.

Europe’s upswing is showing momentum, creating bright prospects for 2007 and 2008, according to Michael Deppler, head of the IMF’s European Department. “The situation in Europe, which improved markedly last year, is set for a sustained expansion,” he told journalists at an April 14 press briefing during the IMF-World Bank Spring Meetings. Europe as a whole is expected to see growth of 3.4 percent in 2007, against 3.7 percent last year (see table). The euro area is set to expand by at least 2.3 percent this year.

International Monetary Fund. External Relations Dept.

At the invitation of the Governor of the Central Bank of Cyprus, the IMF in March 2001 assessed the extent to which the Cypriot supervisory arrangements for the offshore financial sector complied with certain internationally accepted standards. The assessment concentrated on the supervision of the offshore banking center and on the provision of company services to the international business companies registered in Cyprus. An IMF-led team, including supervisory experts from Germany and Jersey, carried out the assessment.

P.A.V.B. SWAMY and GEORGE S. TAVLAS

Factors contributing to the deregulation of the Australian financial system are reviewed and the implications of deregulation are discussed for the transmission mechanism of monetary policy, the interest elasticity of money balances, and the stability of money demand. Several models of money demand, using three definitions of money, are estimated by both fixed- and random-coefficient techniques. Empirical results provide evidence that financial deregulation has led to a breakdown in the well-behaved money demand relationships that held in the regulated financial environment.

International Monetary Fund. External Relations Dept.
La edición en Internet del Boletín del FMI, que se actualiza varias veces a la semana, contiene numerosos artículos sobre temas de actualidad en el ámbito de las políticas y la economía. Consulte las últimas investigaciones del FMI, lea entrevistas y escuche podcasts de los principales economistas del FMI sobre importantes temas relacionados con la economía mundial. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
Stanley Fischer, IMF First Deputy Managing Director for the past seven years, stepped down from his position at the end of August. Fischer was appointed in 1994 to an initial five-year term and to a second term in 1999. He was previously the Killian Professor and head of the Department of Economics at the Massachusetts Institute of Technology. From 1988 to 1990, he served as Vice President for Development Economics and Chief Economist at the World Bank. Fischer recently spoke with the IMF Survey about his experience at the IMF and the changes he has witnessed during his tenure.