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VAT Notches, Voluntary Registration, and Bunching: Theory and UK Evidence

New
VAT Notches, Voluntary Registration, and Bunching: Theory and UK Evidence »

Volume/Issue: 2019/205

Series: IMF Working Papers

Author(s): Li Liu , Ben Lockwood , Miguel Almunia , and Eddy Tam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513513812.001

ISBN: 9781513513812

Keywords: Tax revenue, Income tax revenue, Personal income taxes, Corporate income taxes, Tax systems, Value-Added Tax (VAT), Voluntary Registration, Bunching, WP, vat

Using administrative tax records for UK businesses, we document both bunching in annual turnover below the VAT registration threshold and persistent voluntary registration by almost half of the firms below the thre...

Republic of Moldova
			: Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

New
Republic of Moldova : Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arrangements and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova »

Volume/Issue: 2019/305

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2019

DOI: http://dx.doi.org/10.5089/9781513515434.002

ISBN: 9781513515434

Keywords: External sector, Macroprudential policies and financial stability, Fiscal policy, Financial sector reform, Credit, ISCR, CR, NBM, percent of GDP, Proj

The economy continued to strengthen. Robust growth in 2018 was propelled by infrastructure and private investments, while private consumption continued to expand into 2019, supported by growing real incomes and ban...

Brazil
			: Technical Assistance Report-Strengthening the Framework for Subnational Borrowing

New
Brazil : Technical Assistance Report-Strengthening the Framework for Subnational Borrowing »

Volume/Issue: 2019/302

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513514710.002

ISBN: 9781513514710

Keywords: Economic conditions, Fiscal indicators, Economic growth, Financial indicators, Fiscal policy, ISCR, CR, subnational, FRL, FRR

Brazil's states have been facing severe fiscal pressures over the last years. As the economy went through a deep economic recession in 2014-16, Brazilian subnational governments had to adjust to much weaker revenue...

How to Design Tax Policy in Fragile States

New
How to Design Tax Policy in Fragile States »

Volume: 19

Series: IMF How To Notes

Author(s): Mario Mansour , and Jean-Luc Schneider

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513508153.061

ISBN: 9781513508153

Keywords: Tax policy, Revenue mobilization, Efficiency of public spending, Equity and social spending, Tax revenue, Tax evasion, Tax reforms, Tax systems, Equity and social spending, FADHTN

The purpose of this note is to provide a framework for improving tax policy design in fragile and conflict-affected states, which face political and institutional constraints. This note begins with an overview of e...

Bangladesh
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh

New
Bangladesh : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh »

Volume/Issue: 2019/299

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2019

DOI: http://dx.doi.org/10.5089/9781513514239.002

ISBN: 9781513514239

Keywords: Central banks, Economic indicators, Public financial management, Balance of payments, Economic growth, ISCR, CR, percent of GDP, Bangladesh bank, percent change

Economic growth in Bangladesh continues to be strong with stable inflation. Sustained growth in the ready-made garment sector with abundant low-cost labor has helped the economy to diversify away from the agricultu...

Mongolia
			: Selected Issues

New
Mongolia : Selected Issues »

Volume/Issue: 2019/298

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2019

DOI: http://dx.doi.org/10.5089/9781513514208.002

ISBN: 9781513514208

Keywords: Public financial management, Expenditure policy, Revenue administration, Tax policy, Financial management information systems, ISCR, CR, Anti-Corruption, key recommendation, AML

Selected Issues...

Burkina Faso
			: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/257

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513514062.002

ISBN: 9781513514062

Keywords: Public financial management, Social safety nets, Public investments, Credit, Development, performance criterion, Proj, CFAF, Burkinabè, net lend

In light of widespread concern about the security crisis and protracted public sector pay disputes, the government resigned in January 2019. The new government, installed with a mission to combat the security crisi...

Manufacturing Jobs and Inequality: Why is the U.S. Experience Different?

Manufacturing Jobs and Inequality: Why is the U.S. Experience Different? »

Volume/Issue: 2019/191

Series: IMF Working Papers

Author(s): Natalija Novta , and Evgenia Pugacheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781498320450.001

ISBN: 9781498320450

Keywords: Agriculture, Capital income, Cross country analysis, Data analysis, Demographic indicators, Disposable income, Economic indicators, Economic sectors, Economies, Education

We examine the extent to which declining manufacturing employment may have contributed to increasing inequality in advanced economies. This contribution is typically small, except in the United States. We explore t...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

DOI: http://dx.doi.org/10.5089/9781513513485.002

ISBN: 9781513513485

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

Selected Issues...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513513638.002

ISBN: 9781513513638

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

Selected Issues...

A Possible Approach to Fiscal Rules in Small Islands - Incorporating Natural Disasters and Climate Change

A Possible Approach to Fiscal Rules in Small Islands - Incorporating Natural Disasters and Climate Change »

Volume/Issue: 2019/186

Series: IMF Working Papers

Author(s): Ryota Nakatani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513511047.001

ISBN: 9781513511047

Keywords: Economic stabilization, Public financial management, Fiscal policy, Economic growth, Business cycles, Fiscal Rule, Expenditure Rule, Recurrent Expenditure, Natural Disaster, Climate Change

A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertai...

Advancing Inclusive Growth in Cambodia

Advancing Inclusive Growth in Cambodia »

Volume/Issue: 2019/187

Series: IMF Working Papers

Author(s): Niels-Jakob Hansen , and Albe Gjonbalaj

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513510552.001

ISBN: 9781513510552

Keywords: National accounts, Tax revenue, Disposable income, Consumption, Employment, Inequality, Public Investment, Cambodia., WP, property taxation

We evaluate the impact of fiscal reforms on growth and inequality in Cambodia using a calibrated general equilibrium model with heterogeneous agents (Peralta-Alva et al., 2018). Over the last two decades, Cambodia'...

Reallocating Public Spending to Reduce Income Inequality: Can It Work?

Reallocating Public Spending to Reduce Income Inequality: Can It Work? »

Volume/Issue: 2019/188

Series: IMF Working Papers

Author(s): Djeneba Doumbia , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513511863.001

ISBN: 9781513511863

Keywords: Economic policy, Financial crises, Expenditure efficiency, Unemployment, Education spending, Income inequality, public spending reallocation, institutions, WP, health spend

Can a government reduce income inequality by changing the composition of public spending while keeping the total level of expenditure fixed? Using newly assembled data on spending composition for 83 countries acros...

Federated States of Micronesia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

Federated States of Micronesia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia »

Volume/Issue: 2019/288

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513513263.002

ISBN: 9781513513263

Keywords: Real sector, Tax policy, Tax revenue, External sector, Gross domestic product, ISCR, CR, FSM, percent of GDP, CTF

The economy of the Federated States of Micronesia (FSM) has performed well in recent years, with relatively high growth and low inflation. Fiscal and current account balances have recorded large surpluses since 201...

Federated States of Micronesia
			: Climate Change Policy Assessment

Federated States of Micronesia : Climate Change Policy Assessment »

Volume/Issue: 2019/292

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

DOI: http://dx.doi.org/10.5089/9781513513669.002

ISBN: 9781513513669

Keywords: Economic growth, Economic analysis, Balance of payments, Sustainable development, Fiscal policy, ISCR, CR, FSM, disaster risk, GCF

This Climate Change Policy Assessment (CCPA) takes stock of the Federated States of Micronesia (FSM)'s climate response plans, from the perspective of their macroeconomic and fiscal implications. The CCPA is a join...

Niger
			: Selected Issues

Niger : Selected Issues »

Volume/Issue: 2019/240

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513577.002

ISBN: 9781513513577

Keywords: Real sector, Tax evasion, Money laundering, Civil society, Revenue administration, SOEs, WAEMU, anti-corruption, AML, CFT

Selected Issues...

Niger
			: 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger

Niger : 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger »

Volume/Issue: 2019/239

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513430.002

ISBN: 9781513513430

Keywords: External sector, Public financial management, Economic growth, Fiscal policy, Development, arrears, payment arrears, percent of GDP, SOEs, BCEAO

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP growth picked up to 6.5 percent last year- and should average above...

Mali
			: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2019/289

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513513362.002

ISBN: 9781513513362

Keywords: ISCR, CR, percent of GDP, ECF, overall balance, GDP, net lend

Mali is a low-income fragile country facing significant development challenges that have intensified due to insurgency, terrorism, and social tensions. Implementation of the 2015 peace agreement is challenging, and...

Mali
			: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali : Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali »

Volume/Issue: 2019/289

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

DOI: http://dx.doi.org/10.5089/9781513513300.002

ISBN: 9781513513300

Keywords: Balance of payments, External sector, Fiscal policy, Economic growth, Domestic debt, ISCR, CR, percent of GDP, ECF, overall balance

Mali is a low-income fragile country facing significant development challenges that have intensified due to insurgency, terrorism, and social tensions. Implementation of the 2015 peace agreement is challenging, and...

Democratic Republic of the Congo
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo

Democratic Republic of the Congo : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo »

Volume/Issue: 2019/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512822.002

ISBN: 9781513512822

Keywords: External sector, Economic indicators, Central banks, Balance of payments, Financial and Monetary Sector, ISCR, CR, DRC, Congolese authority, bcc

This is the first Article IV mission to DRC since June 2015. The inauguration of President Tshisekedi in January 2019 marks the first peaceful transfer of power since independence. He has pledged to improve governa...

Democratic Republic of the Congo
			: Selected Issues

Democratic Republic of the Congo : Selected Issues »

Volume/Issue: 2019/286

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2019

DOI: http://dx.doi.org/10.5089/9781513512853.002

ISBN: 9781513512853

Keywords: Poverty, Civil society, Expenditures, Tax revenue, Fiscal sector, ISCR, CR, DRC, bcc, exploitation right

Selected Issues...

Optimal Macroprudential Policy and Asset Price Bubbles

Optimal Macroprudential Policy and Asset Price Bubbles »

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513511078.001

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

State Institutions and Tax Capacity: An Empirical Investigation of Causality

State Institutions and Tax Capacity: An Empirical Investigation of Causality »

Volume/Issue: 2019/177

Series: IMF Working Papers

Author(s): Olusegun Ayodele Akanbi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513509860.001

ISBN: 9781513509860

Keywords: Tax revenue, Tax exemptions, Tax administration, Tax reforms, Tax rates, Tax capacity, institutions, causality, GDP, state institution

Would better state institutions increase tax collection, or would higher tax collection help improve state institutions? In the absence of conclusive guidance from theory, this paper searches for an empirical answe...

Cook Islands
			: Technical Assistance Report-International Financial Services Industry

Cook Islands : Technical Assistance Report-International Financial Services Industry »

Volume/Issue: 2019/270

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 2019

DOI: http://dx.doi.org/10.5089/9781513510880.002

ISBN: 9781513510880

Keywords: Financial services industry, National accounts, Financial regulation and supervision, Tax revenue, International capital markets, trustee company, ship registry, international financial service, captive insurance, FSC

The Pacific Financial Technical Assistance Centre was approached to estimate how international companies, and the wider international financial services industry, contribute to the Cook Islands' economy and revenue...

Burkina Faso
			: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Burkina Faso : Second Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Volume/Issue: 2019/257

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509563.002

ISBN: 9781513509563

Keywords: Public financial management, Social safety nets, Public investments, Credit, Development, performance criterion, Proj, CFAF, Burkinabè, net lend

In light of widespread concern about the security crisis and protracted public sector pay disputes, the government resigned in January 2019. The new government, installed with a mission to combat the security crisi...

Indonesia
			: Selected Issues

Indonesia : Selected Issues »

Volume/Issue: 2019/251

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509136.002

ISBN: 9781513509136

Keywords: Exchange rate policy, Public financial management, Economic conditions, Fiscal policy, Tax policy, ISCR, CR, exist tax, pass-through, policy report

Selected Issues...

Republic of Lithuania
			: 2019 Article IV Consultation-Press Release; Staff Report

Republic of Lithuania : 2019 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2019/252

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2019

DOI: http://dx.doi.org/10.5089/9781513509235.002

ISBN: 9781513509235

Keywords: Balance of payments, Economic indicators, Financial services, Financial soundness indicators, National accounts, percent of GDP, labor market, HICP, wage growth, medium-term

Lithuania needs sustained productivity gains to ensure higher living standards and convergence with Western Europe. This is the only way to address, or even reverse, negative demographic dynamics. Macroeconomic and...

Cameroon
			: Fourth Review under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

Cameroon : Fourth Review under the Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon »

Volume/Issue: 2019/247

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2019

DOI: http://dx.doi.org/10.5089/9781513508771.002

ISBN: 9781513508771

Keywords: Financial and Monetary Sector, Fiscal policy, Fiscal sector, Real sector, External sector, BEAC, arrears, non-oil, CEMAC, Proj

Growth is estimated to have rebounded to 4 percent in 2018, supported by stronger-than-anticipated oil and gas production and Africa Cup of Nations (CAN) projects. The overall fiscal deficit declined by half to 21/...

Niger
			: 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger

Niger : 2019 Article IV Consultation, Fourth Review Under the Extended Credit Facility, and Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, and Extension and Rephasing of the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Niger »

Volume/Issue: 2019/239

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508191.002

ISBN: 9781513508191

Keywords: External sector, Public financial management, Economic growth, Fiscal policy, Development, arrears, payment arrears, percent of GDP, SOEs, BCEAO

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP growth picked up to 6.5 percent last year- and should average above...

Niger
			: Selected Issues

Niger : Selected Issues »

Volume/Issue: 2019/240

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508245.002

ISBN: 9781513508245

Keywords: Real sector, Tax evasion, Money laundering, Civil society, Revenue administration, SOEs, WAEMU, anti-corruption, AML, CFT

Selected Issues...

Republic of Serbia
			: Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia

Republic of Serbia : Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia »

Volume/Issue: 2019/238

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2019

DOI: http://dx.doi.org/10.5089/9781513508122.002

ISBN: 9781513508122

Keywords: Real sector, Economic growth, Macroprudential policies and financial stability, Financial and Monetary Sector, Balance of payments, NBS, SOEs, Proj, percent of GDP, amortization

Macroeconomic stability has been maintained with robust economic growth, declining public debt, as well as low and stable inflation. While Serbia continues to address structural challenges, supported by the Policy...

Honduras
			: Selected Issues

Honduras : Selected Issues »

Volume/Issue: 2019/237

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781513507859.002

ISBN: 9781513507859

Keywords: Tax revenue, Tax evasion, Tax incentives, Tax rates, Tax increases, tax expenditure, distribution loss, external shock, successful reform, mobilization

Selected Issues...

Benin
			: 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin

Benin : 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin »

Volume/Issue: 2019/203

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507675.002

ISBN: 9781513507675

Keywords: Eurobond, net lend, percent of GDP, WAEMU, ECF

The economy continues to grow at a fast pace, driven by port activity and cotton production. The execution of the 2019 budget is on track to bring the fiscal deficit within the WAEMU convergence criterion of 3 perc...

Benin
			: Selected Issues

Benin : Selected Issues »

Volume/Issue: 2019/204

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507620.002

ISBN: 9781513507620

Keywords: Fiscal policy, Tax revenue, Public investments, Revenue mobilization, Tax administration, WAEMU, pending issue, WEO, country experience, BCEAO

Selected Issues...

Cote d'Ivoire
			: Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire

Cote d'Ivoire : Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire »

Volume/Issue: 2019/197

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781513507507.002

ISBN: 9781513507507

Keywords: Tax revenue, Public debt, Expenditures, Credit, Gross domestic product, WAEMU, macroeconomic stability, ECF, overall balance, percent of GDP

The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouat...

Impacts of Labor Market Institutions and Demographic Factors on Labor Markets in Latin America

Impacts of Labor Market Institutions and Demographic Factors on Labor Markets in Latin America »

Volume/Issue: 2019/155

Series: IMF Working Papers

Author(s): Adriana Kugler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2019

DOI: http://dx.doi.org/10.5089/9781484393840.001

ISBN: 9781484393840

Keywords: Labor market institutions, Labor market regulations, Labor market reforms, Labor productivity, Labor taxes, labor demographics, inequality, Latin America., EPL, payroll tax

This paper documents recent labor market performance in the Latin American region. The paper shows that unemployment, informality, and inequality have been falling over the past two decades, though still remain hig...

Argentina
			: Fourth Review under the Stand-By Arrangement, Request for Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Staff Supplement

Argentina : Fourth Review under the Stand-By Arrangement, Request for Waivers of Applicability and Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2019/232

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2019

DOI: http://dx.doi.org/10.5089/9781498326537.002

ISBN: 9781498326537

Keywords: Central banks, Bank credit, Inflation, Monetary policy, Social safety nets, primary balance, performance criterion, percent of GDP, BCRA, Proj

Financial markets stabilized in May and June after a period of turmoil in late April prompted by political uncertainties and a significant increase in inflation and inflation expectations. High interest rates, seas...

Portugal
			: Selected Issues

Portugal : Selected Issues »

Volume/Issue: 2019/222

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

DOI: http://dx.doi.org/10.5089/9781498325196.002

ISBN: 9781498325196

Keywords: Social security, Pension funds, Pension reforms, Pensions, Private savings, pension scheme, sample average, save rate, asset allocation, household save rate

Selected Issues...

Slovak Republic
			: 2019 Article IV Consultation-Press Release; Staff Report

Slovak Republic : 2019 Article IV Consultation-Press Release; Staff Report »

Volume/Issue: 2019/220

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

DOI: http://dx.doi.org/10.5089/9781498325127.002

ISBN: 9781498325127

Keywords: Real sector, Financial indicators, Credit, Expenditures, Balance of payments, capacity expansion, output gap, policy effort, percent of GDP, medium-term

Leveraging its location and low-cost skilled labor, Slovakia has attained a very high level of integration with the global value chains, which has proved pivotal to exports growth and income convergence with the Eu...

Germany
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

Germany : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany »

Volume/Issue: 2019/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2019

DOI: http://dx.doi.org/10.5089/9781498324625.002

ISBN: 9781498324625

Keywords: External sector, Price indexes, Capital, Economic growth, Unemployment, account surplus, energy transition, current account surplus, wage growth, Haver

Germany's economic performance has been strong for the past decade, but external factors and structural challenges are now weighing on growth. The export-dependent economy has been hit by the recent slowdown in glo...

Germany
			: Selected Issues

Germany : Selected Issues »

Volume/Issue: 2019/214

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2019

DOI: http://dx.doi.org/10.5089/9781498324632.002

ISBN: 9781498324632

Keywords: Tax revenue, Disposable income, Income distribution, Tax rates, Tax reforms, wealth inequality, LBT, marginal tax rate, euro area, inequality

Selected Issues...

Central African Republic
			: Sixth Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

Central African Republic : Sixth Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic »

Volume/Issue: 2019/216

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2019

DOI: http://dx.doi.org/10.5089/9781498324793.002

ISBN: 9781498324793

Keywords: Public financial management, Fiscal policy, Economic growth, External sector, Domestic debt, ISCR, CR, arrears, C.A.R., percent of GDP

President Touadéra signed a new peace agreement on February 6, 2019 with 14 armed groups. This agreement calls for the establishment of an inclusive government, the deployment of joint brigades, an acceleration of...

Sierra Leone
			: Economic Development Documents-National Development Plan, 2019-23

Sierra Leone : Economic Development Documents-National Development Plan, 2019-23 »

Volume/Issue: 2019/218

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2019

DOI: http://dx.doi.org/10.5089/9781498324960.002

ISBN: 9781498324960

Keywords: Economic growth, Economic stabilization, Financial sector development, Demographic indicators, Economic recovery, MDAs, government of sierra, national development plan, development partner, key target

The Government of Sierra Leone's new Medium-term National Development Plan (MTNDP) 2019-2023 has been founded on a strong political commitment to deliver devel-opment results that would improve the welfare of Sierr...

Pakistan
			: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

Pakistan : Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan »

Volume/Issue: 2019/212

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2019

DOI: http://dx.doi.org/10.5089/9781498324496.002

ISBN: 9781498324496

Keywords: External sector, Fiscal policy, Central banks, Flexible exchange rates, Development, pakistani authority, pakistani rupee, SOEs, SBP, Proj

Pakistan's economy is at a critical juncture. Misaligned economic policies, including large fiscal deficits, loose monetary policy, and defense of an overvalued exchange rate, fueled consumption and short-term grow...

Albania
			: Second Post-Program Monitoring Discussions-Press Release; and Staff Report

Albania : Second Post-Program Monitoring Discussions-Press Release; and Staff Report »

Volume/Issue: 2019/207

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2019

DOI: http://dx.doi.org/10.5089/9781498324069.002

ISBN: 9781498324069

Keywords: Real sector, External sector, Fiscal sector, Economic growth, Fiscal policy, arrears, medium-term, general government debt, PPPs, Proj

Growth was strong in 2018, backed by high electricity production. Inflation remains subdued, notwithstanding very accommodative monetary conditions. The fiscal stance in 2018 was somewhat tighter than expected, sup...

Grenada
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada

Grenada : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada »

Volume/Issue: 2019/192

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2019

DOI: http://dx.doi.org/10.5089/9781498323000.002

ISBN: 9781498323000

Keywords: Economic growth, Supply and demand, Systemically important financial institutions, Business cycles, Financial indicators, ECCB, FRL, percent of GDP, ECCU, resilience

Owing to improved policy frameworks and favorable external conditions, Grenada's economy has been growing rapidly. Policies have remained prudent, helping reduce public debt and financial system vulnerabilities. Th...

Grenada
			: Climate Change Policy Assessment

Grenada : Climate Change Policy Assessment »

Volume/Issue: 2019/193

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2019

DOI: http://dx.doi.org/10.5089/9781498323147.002

ISBN: 9781498323147

Keywords: Economic growth, Public sector investments, Fiscal policy, Sustainable development, Greenhouse gas emissions, FRL, disaster risk, resilience, NDC, climate-related

Grenada has made significant strides to counter climate change but meeting the daunting remaining challenges will require domestic policy actions and sustained international support. Climate change is an existentia...

Benin
			: 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin

Benin : 2019 Article IV Consultation, Fourth Review under the Extended Credit Facility Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Benin »

Volume/Issue: 2019/203

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2019

DOI: http://dx.doi.org/10.5089/9781498323802.002

ISBN: 9781498323802

Keywords: Expenditures, Credit, Gross domestic product, Debt sustainability, Debt management, Eurobond, net lend, percent of GDP, WAEMU, ECF

The economy continues to grow at a fast pace, driven by port activity and cotton production. The execution of the 2019 budget is on track to bring the fiscal deficit within the WAEMU convergence criterion of 3 perc...

Benin
			: Selected Issues

Benin : Selected Issues »

Volume/Issue: 2019/204

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2019

DOI: http://dx.doi.org/10.5089/9781498323864.002

ISBN: 9781498323864

Keywords: Fiscal policy, Tax revenue, Public investments, Revenue mobilization, Tax administration, WAEMU, pending issue, WEO, country experience, BCEAO

Selected Issues...

Public Wealth in the United States

Public Wealth in the United States »

Volume/Issue: 2019/139

Series: IMF Working Papers

Author(s): Fabien Gonguet , and Klaus-Peter Hellwig

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2019

DOI: http://dx.doi.org/10.5089/9781498312219.001

ISBN: 9781498312219

Keywords: Balance sheets, Financial statements, Economic recovery, Financial crises, Social security, Fiscal sustainability, Government finance statistics, GSEs, percent of GDP, intertemporal

We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War...

The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects

The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effects »

Volume/Issue: 2019/141

Series: IMF Working Papers

Author(s): Antonio David , Jaime Guajardo , and Juan Yepez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2019

DOI: http://dx.doi.org/10.5089/9781498317054.001

ISBN: 9781498317054

Keywords: Fiscal consolidation, Fiscal policy, Indicators of economic activity, Tax increases, Tax reforms, Sovereign spreads, emerging markets, austerity., austerity, basis point

This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to...

Cote d'Ivoire
			: Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire

Cote d'Ivoire : Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Information and Statement by the Executive Director for Côte d'Ivoire »

Volume/Issue: 2019/197

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498323246.002

ISBN: 9781498323246

Keywords: Tax revenue, Public debt, Expenditures, Credit, Gross domestic product, WAEMU, macroeconomic stability, ECF, overall balance, percent of GDP

The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouat...

Maldives
			: Technical Assistance Report-Reform Options to Strengthen Tax Policy

Maldives : Technical Assistance Report-Reform Options to Strengthen Tax Policy »

Volume/Issue: 2019/196

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498323239.002

ISBN: 9781498323239

Keywords: Tax revenue, Tax evasion, Tax reforms, Tax incentives, Tax exemptions, tax treaty, tax rule, immovable property, MOF, GST

This report reviews tax policy in the Maldives and identifies reform options to support efficiency, equity, and revenue. The absence of a broad-based personal income tax (PIT) generates revenue leakages and signifi...

The Bahamas
			: 2019 Article IV Consultation-Press Release; and Staff Report

The Bahamas : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498323253.002

ISBN: 9781498323253

Keywords: External sector, Real sector, Financial statistics, Central banks, Price indexes, percent of GDP, international sector, FRL, medium-term, PFM

Growth has returned after years of stagnation. The reform-oriented government is tackling structural issues, with notable achievements in the fiscal area. The financial sector is sound and resilient to current stab...

The Bahamas
			: Financial Sector Assessment Program-Technical Note on Financial Inclusion, Retail Payments, and SME Finance

The Bahamas : Financial Sector Assessment Program-Technical Note on Financial Inclusion, Retail Payments, and SME Finance »

Volume/Issue: 2019/201

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498323291.002

ISBN: 9781498323291

Keywords: Central banks, Bank credit, Central bank accounting, Financial regulation and supervision, Bank accounting, e-money, SMEs, ACH, credit transfer, payment service provider

The CBOB considers increased financial inclusion as a critical reform area. In this regard, the FSAP assessed developments in financial inclusion for individuals and enterprises (SME finance), retail payments and p...

Barbados
			: First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Barbados

Barbados : First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Barbados »

Volume/Issue: 2019/182

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321648.002

ISBN: 9781498321648

Keywords: Public financial management, Economic recovery, Domestic debt, Public debt, Debt sustainability, ISCR, CR, SOEs, debt restructure, CBB

First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive D...

Switzerland
			: 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Switzerland

Switzerland : 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Switzerland »

Volume/Issue: 2019/180

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321488.002

ISBN: 9781498321488

Keywords: Real sector, External sector, Economic indicators, Expenditures, Exchange markets, Swiss national bank, safe-haven, SNB, Swiss franc, Haver

The Swiss economy has performed relatively well since the global financial crisis. Growth compares favorably with most other advanced countries and aggregate employment has grown robustly. The fiscal position is st...

Switzerland
			: Selected Issues

Switzerland : Selected Issues »

Volume/Issue: 2019/181

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321501.002

ISBN: 9781498321501

Keywords: Central banks, Exchange rate policy, Financial crises, Reserve currencies, Inflation targeting, Swiss franc, SNB, GFC, wage gap, currency

Selected Issues...

Fiscalité des entreprises dans l'économie mondiale

Fiscalité des entreprises dans l'économie mondiale »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2019

Language: French

DOI: http://dx.doi.org/10.5089/9781498320917.007

ISBN: 9781498320917

Keywords: Tax competition, Tax reforms, Tax coordination, Tax systems, Tax administration, accord fiscal; érosion de la base d'imposition et transfert de bénéfices; bénéfices résiduels; numérisation; entreprise multinationale

Le document Fiscalité des entreprises dans l'économie mondiale insiste sur la nécessité de préserver et de mettre à profit les progrès de la coopération fiscale internationale accomplis ces dernières années qui, su...

Guatemala
			: 2019 Article IV Consultation-Press Release and Staff Report

Guatemala : 2019 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 June 2019

DOI: http://dx.doi.org/10.5089/9781498320108.002

ISBN: 9781498320108

Keywords: Central banks, External sector, Financial soundness indicators, Bank accounting, Expenditures, account balance, remittance, percent, private sector growth, article IV consultation

Fundamentals remain strong and growth has revived after three years of subpar performance. Improved budgetary execution and monetary accommodation, broadly in line with past staff advice, are providing demand suppo...

Ireland
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ireland

Ireland : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ireland »

Volume/Issue: 2019/164

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

DOI: http://dx.doi.org/10.5089/9781498319867.002

ISBN: 9781498319867

Keywords: Real sector, Employment, Financial indicators, Disposable income, Central banks, output gap, demand pressure, net export, central bank of Ireland, CBI

The Irish economy continues to expand strongly, benefitting from higher net exports by multinational enterprises and robust domestic demand. Accelerating wage growth reflects tight labor market conditions and infla...

Ireland
			: Selected Issues

Ireland : Selected Issues »

Volume/Issue: 2019/165

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

DOI: http://dx.doi.org/10.5089/9781498319904.002

ISBN: 9781498319904

Keywords: Personal income taxes, Tax revenue, Tax collection, Tax rates, Tax systems, progressivity, central bank of Ireland, money market fund, non-bank, income tax

Selected Issues...

How Does Taxation Affect Hours Worked in EU New Member States?

How Does Taxation Affect Hours Worked in EU New Member States? »

Volume/Issue: 2019/130

Series: IMF Working Papers

Author(s): Agustin Velasquez , and Svetlana Vtyurina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

DOI: http://dx.doi.org/10.5089/9781498315708.001

ISBN: 9781498315708

Keywords: Tax revenue, Tax exemptions, Tax incentives, Tax rates, Fiscal policy, hours worked, labor supply, labor tax, consumption tax, EU new member states

Hours worked vary widely across countries and over time. In this paper, we investigate the role played by taxation in explaining these differences for EU New Member States. By extending a standard growth model with...

A Strategy for IMF Engagement on Social Spending

A Strategy for IMF Engagement on Social Spending »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498318884.007

ISBN: 9781498318884

Keywords: Equity and social spending, Sustainable Development Goals (SDG), Social safety nets, Poverty, Age-related spending, Fiscal policy, Social welfare programs, social spend, conditionality, social safety net

Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial...

Norway
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway

Norway : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway »

Volume/Issue: 2019/159

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2019

DOI: http://dx.doi.org/10.5089/9781498319157.002

ISBN: 9781498319157

Keywords: Financial statistics, Fiscal policy, Unemployment, Credit, Gross domestic product, Norges bank, non-oil, percent of GDP, output gap, CFT

While many advanced economies are experiencing slower growth, Norway's output has continued to expand strongly, helped by a robust labor market, positive terms of trade, and some competitiveness gains. Core inflati...

Fiscal Consolidation and Public Wages

Fiscal Consolidation and Public Wages »

Volume/Issue: 2019/125

Series: IMF Working Papers

Author(s): Juin-Jen Chang , Hsieh-Yu Lin , Nora Traum , and Shu-Chun Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2019

DOI: http://dx.doi.org/10.5089/9781498316835.001

ISBN: 9781498316835

Keywords: Public sector wages, Real interest rates, Income tax revenue, Wage policy, Consumption taxes, public wage, fiscal consolidation, government spending, fiscal policy, New Keynesian model

A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the t...

Kingdom of the Netherlands - Aruba
			: 2019 Article IV Consultation Discussions-Press Release and Staff Report

Kingdom of the Netherlands - Aruba : 2019 Article IV Consultation Discussions-Press Release and Staff Report »

Volume/Issue: 2019/148

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2019

DOI: http://dx.doi.org/10.5089/9781498318006.002

ISBN: 9781498318006

Keywords: Economic recovery, Central banks, Demographic indicators, Statistics, Financial soundness indicators, medium term, percent change, current account balance, percent of GDP, overall balance

Aruba is a small open economy with a pegged exchange rate to the U.S. dollar. The island is heavily dependent on tourism and has living standards among the highest in the Caribbean. The economy is gradually recover...

Republic of Armenia
			: 2019 Article IV Consultation and Request for a Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia

Republic of Armenia : 2019 Article IV Consultation and Request for a Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia »

Volume/Issue: 2019/154

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2019

DOI: http://dx.doi.org/10.5089/9781498318563.002

ISBN: 9781498318563

Keywords: External sector, National income, Development, Credit, Fiscal policy, percent change, CBA, structural reform, percent of GDP, external shock

Since the 2014-16 regional economic slowdown, economic activity has recovered, while policies have remained broadly in line with staff's advice. Supported by the upgraded fiscal rule, fiscal consolidation remains o...

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2019

DOI: http://dx.doi.org/10.5089/9781498318082.007

ISBN: 9781498318082

Keywords: Developing countries, Sustainable development, Financial sector, Development, Public investments, SDGs, 2030 Agenda for Sustainable Development, Technical Assistance, Capacity Development, Domestic Resource Mobilization

The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national ta...

Macro-Fiscal Gains from Anti-Corruption Reforms in the Republic of Congo

Macro-Fiscal Gains from Anti-Corruption Reforms in the Republic of Congo »

Volume/Issue: 2019/121

Series: IMF Working Papers

Author(s): Giovanni Melina , Hoda Selim , and Concepcion Verdugo-Yepes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2019

DOI: http://dx.doi.org/10.5089/9781498312042.001

ISBN: 9781498312042

Keywords: Oil revenues, Oil production, Economic growth, Public investment programs, Public investments, Congo, Africa, corruption, PFM, oil curse

This paper argues that oil revenue management and public investment in Congo are vulnerable to corruption as a result of limited transparency and accountability. Corruption has potentially contributed to poor macro...

U.S. Investment Since the Tax Cuts and Jobs Act of 2017

U.S. Investment Since the Tax Cuts and Jobs Act of 2017 »

Volume/Issue: 2019/120

Series: IMF Working Papers

Author(s): Emanuel Kopp , Daniel Leigh , Susanna Mursula , and Suchanan Tambunlertchai

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2019

DOI: http://dx.doi.org/10.5089/9781498317047.001

ISBN: 9781498317047

Keywords: Capital formation, Economic growth, Corporate investment, National income accounts, Structural vector autoregression, Investment, fiscal policy, market power, uncertainty., business investment

There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Ot...

Tax Reforms and Fiscal Shock Smoothing

Tax Reforms and Fiscal Shock Smoothing »

Volume/Issue: 2019/113

Series: IMF Working Papers

Author(s): David Amaglobeli , Laura Jaramillo , Pooja Karnane , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2019

DOI: http://dx.doi.org/10.5089/9781498315623.001

ISBN: 9781498315623

Keywords: Tax reforms, Fiscal policy, Tax rates, Tax collection, Tax elasticity, Fiscal Stabilization, tax reform, progressivity, blue bar, tax base

This paper examines the role of tax policy reforms in enhancing fiscal shock smoothing in a panel of 13 OECD economies during the period 1980-2017. The results suggest that tax reforms, in particular those that bro...

Designing Labor Market Institutions in Emerging and Developing Economies
			: Evidence and Policy Options

Designing Labor Market Institutions in Emerging and Developing Economies : Evidence and Policy Options »

Volume/Issue: 2019/4

Series: Staff Discussion Notes

Author(s): Romain Duval , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2019

DOI: http://dx.doi.org/10.5089/9781498313261.006

ISBN: 9781498313261

Keywords: Labor market institutions, Labor markets, Labor market policy, Market economies, Labor taxes, Employment Protection, Unemployment Benefits, Social Assistance, Cash Transfers, Minimum Wage

Designing Labor Market Institutions in Emerging and Developing Economies: Evidence and IMF Advice....

Promoting Inclusive Growth in the Caucasus and Central Asia

Promoting Inclusive Growth in the Caucasus and Central Asia »

Volume/Issue: 2019/9

Series: Departmental Papers / Policy Papers

Author(s): Mercedes Vera-Martín , Dominique Fayad , Sergejs Saksonovs , Wei Shi , and Fang Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2019

DOI: http://dx.doi.org/10.5089/9781498313353.087

ISBN: 9781498313353

Keywords: Central Asia and the Caucasus, Inclusive growth, Financial inclusion, Fiscal policy, Economic growth, Unemployment, Total factor productivity, Credit, Caucasus and Central Asia, CCA

CCA countries achieved gains in inclusiveness over the past 20 years as incomes increased and poverty, inequality, and unemployment declined. Most of the progress occurred before the 2008-09 global financial crisis...

Jordan
			: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an Extension of the Arrangement, and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Jordan

Jordan : Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an Extension of the Arrangement, and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Jordan »

Volume/Issue: 2019/127

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2019

DOI: http://dx.doi.org/10.5089/9781498313841.002

ISBN: 9781498313841

Keywords: Fiscal policy, Unemployment, Public debt, Credit, Monetary policy, NEPCO, CBJ, Proj, overall balance, performance criterion

Since completion of the first review, Jordan has preserved macroeconomic stability in a most difficult environment. It has weathered a series of severe and highly persistent shocks, including regional conflicts, do...

Republic of Korea
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea

Republic of Korea : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea »

Volume/Issue: 2019/132

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2019

DOI: http://dx.doi.org/10.5089/9781498314794.002

ISBN: 9781498314794

Keywords: Financial and Monetary Sector, Consumption, Fiscal policy, Expenditures, Production, BOK, output gap, percent of GDP, potential growth, social safety net

Korea's economy has strong fundamentals, but is facing cyclical and structural headwinds. Growth is projected to moderate to around 2.6 percent in 2019, reflecting weaker export growth and investment. Internal dema...

Luxembourg
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg

Luxembourg : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg »

Volume/Issue: 2019/130

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

DOI: http://dx.doi.org/10.5089/9781498314510.002

ISBN: 9781498314510

Keywords: External sector, Fiscal policy, Unemployment, Development, Public investments, article IV consultation, euro area, percent of GDP, percent change, investment fund

The growth outlook remains favorable, but risks are tilted to the downside. Sound economic and fiscal policies together with favorable global conditions in recent years translated into solid growth and a decline in...

Luxembourg
			: Selected Issues

Luxembourg : Selected Issues »

Volume/Issue: 2019/131

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

DOI: http://dx.doi.org/10.5089/9781498314589.002

ISBN: 9781498314589

Keywords: Social security, Pension reforms, Government expenditures, Labor taxes, Real wages, contribution rate, pension system, pension reform, euro area average, retirement age

Selected Issues...

Case Studies in Tax Revenue Mobilization in Low-Income Countries

Case Studies in Tax Revenue Mobilization in Low-Income Countries »

Volume/Issue: 2019/104

Series: IMF Working Papers

Author(s): Bernardin Akitoby , Jiro Honda , Hiroaki Miyamoto , Keyra Primus , and Mouhamadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

DOI: http://dx.doi.org/10.5089/9781498314565.001

ISBN: 9781498314565

Keywords: Fiscal policy, Tax revenue, Tax reforms, Revenue measures, Tax rates, tax revenue mobilization, tax policy, revenue administration, reform strategy, percent of GDP

How can Low-Income Countries (LICs) enhance tax revenue collection to finance their vast development needs? We address this question by analyzing seven tax reform experiences in LICs (Burkina Faso, The Gambia, Mald...

Republic of Uzbekistan
			: 2019 Article IV Consultation-Press Release and Staff Report

Republic of Uzbekistan : 2019 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/129

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2019

DOI: http://dx.doi.org/10.5089/9781498314442.002

ISBN: 9781498314442

Keywords: External sector, Real sector, Economic growth, External debt, Economic indicators, ISCR, CR, CBU, Proj, percent of GDP

Given its bulging working-age population, creating more and better jobs is the country's overarching priority. Uzbekistan has already implemented a first wave of important economic reforms, including foreign exchan...

The Optimal Turnover Threshold and Tax Rate for SMEs

The Optimal Turnover Threshold and Tax Rate for SMEs »

Volume/Issue: 2019/98

Series: IMF Working Papers

Author(s): Feng Wei , and Jean-François Wen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 May 2019

DOI: http://dx.doi.org/10.5089/9781498312295.001

ISBN: 9781498312295

Keywords: Tax reforms, Tax rates, Tax revenue, Alternative minimum taxes, Effective tax rate, Turnover Tax, Threshold, Corporate Income Tax, Tax Compliance, Informality

Presumptive income taxes in the form of a tax on turnover for SMEs are pervasive as a way to reduce the costs of compliance and administration. We analyze a model where entrepreneurs allocate labor to the formal an...

The Value Added Tax and Growth: Design Matters

The Value Added Tax and Growth: Design Matters »

Volume/Issue: 2019/96

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and Atsuyoshi Morozumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 May 2019

DOI: http://dx.doi.org/10.5089/9781498312233.001

ISBN: 9781498312233

Keywords: Tax revenue, Tax evasion, Revenue measures, Tax collection, Income taxes, VAT, Economic growth, Standard rate, C-efficiency, Base broadening

Does the design of a tax matter for growth? Assembling a novel dataset for 30 OECD countries over the 1970-2016 period, this paper examines whether the value added tax (VAT) may have different effects on long-run g...

Fiscal Implications of Interest Rate Normalization in the United States

Fiscal Implications of Interest Rate Normalization in the United States »

Volume/Issue: 2019/90

Series: IMF Working Papers

Author(s): Huixin Bi , Wenyi Shen , and Shu-Chun Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2019

DOI: http://dx.doi.org/10.5089/9781498311151.001

ISBN: 9781498311151

Keywords: Economic growth, Business cycles, Capital income, Real interest rates, Interest rate increases, interest rate normalization, monetary and fiscal policy interaction, fiscal sustainability, non linear DSGE models, New Keynesian model

This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government liabilities, a rising pol...

Firm Size, Life Cycle Dynamics and Growth Constraints: Evidence from Mexico

Firm Size, Life Cycle Dynamics and Growth Constraints: Evidence from Mexico »

Volume/Issue: 2019/87

Series: IMF Working Papers

Author(s): Christian Saborowski , and Florian Misch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2019

DOI: http://dx.doi.org/10.5089/9781498311137.001

ISBN: 9781498311137

Keywords: Social security, Economic growth, Development, Services industry, Manufacturing sector, Firm size, Firm growth, Life cycle dynamics, Distortions, Klenow

This paper examines the variation in life cycle growth across the universe of Mexican firms. We establish two stylized facts to motivate our analysis: first, we show that firm size matters for development by illust...

Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates

Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates »

Volume/Issue: 2019/89

Series: IMF Working Papers

Author(s): David Coady , Ian Parry , Nghia-Piotr Le , and Baoping Shang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2019

DOI: http://dx.doi.org/10.5089/9781484393178.001

ISBN: 9781484393178

Keywords: Gasoline prices, Consumer subsidies, Sustainable development, Energy prices, Fossil fuels, energy subsidies, efficient taxation, revenue, environment, deadweight loss

This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue consi...

The Great Divide: Regional Inequality and Fiscal Policy

The Great Divide: Regional Inequality and Fiscal Policy »

Volume/Issue: 2019/88

Series: IMF Working Papers

Author(s): William Gbohoui , W. Raphael Lam , and Victor Lledo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2019

DOI: http://dx.doi.org/10.5089/9781498311625.001

ISBN: 9781498311625

Keywords: Cost of living, National income, Social security, Development, Social indicators, Regional inequality, fiscal redistribution, mobility, intergovernmental relations, regional disparity

Growing regional inequality within countries has raised the perception that 'some places and people' are left behind. This has prompted a shift toward inward-looking policies and away from pro-growth reforms. This...

Fiscal Policies for Paris Climate Strategies-from Principle to Practice

Fiscal Policies for Paris Climate Strategies-from Principle to Practice »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2019

DOI: http://dx.doi.org/10.5089/9781498311717.007

ISBN: 9781498311717

Keywords: Fiscal policy, Climate policy, Paris Club, Greenhouse emissions, Sustainable development, National budgets, Climatic changes, Debt sustainability, climate mitigation, Paris Agreement

This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options...

Colombia
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia

Colombia : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia »

Volume/Issue: 2019/106

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2019

DOI: http://dx.doi.org/10.5089/9781498311786.002

ISBN: 9781498311786

Keywords: Fiscal policy, Economic recovery, Central banks, National income, External sector, percent of GDP, output gap, migration flow, non-oil, GDP

Supported by very strong policy frameworks and well-executed policies, Colombia's recovery strengthened. The demand-led pick-up in growth is moving the economy toward internal balance but away from external balance...

Colombia
			: Selected Issues

Colombia : Selected Issues »

Volume/Issue: 2019/107

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2019

DOI: http://dx.doi.org/10.5089/9781498311847.002

ISBN: 9781498311847

Keywords: Tax revenue, Revenue measures, Tax reforms, Tax regimes, Income taxes, finance law, wealth tax, vat, capital good, revenue loss

Selected Issues...

Indonesia's Public Wealth: A Balance Sheet Approach to Fiscal Policy Analysis

Indonesia's Public Wealth: A Balance Sheet Approach to Fiscal Policy Analysis »

Volume/Issue: 2019/81

Series: IMF Working Papers

Author(s): Majdeline El Rayess , Avril Halstead , Jason Harris , John Ralyea , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2019

DOI: http://dx.doi.org/10.5089/9781498303798.001

ISBN: 9781498303798

Keywords: Financial soundness indicators, Economic growth, Interest rate increases, Real interest rates, Public financial corporations, Public Sector Balance Sheet, Intertemporal Fiscal Balances, Public Investment, Indonesia., intertemporal

Public sector balance sheets (PSBS) provide a framework for comprehensive and deep analysis of fiscal risks and policies. To illustrate these benefits, this paper shows how PSBS analysis can be applied to assess ri...

Death and Taxes: Does Taxation Matter for Firm Survival?

Death and Taxes: Does Taxation Matter for Firm Survival? »

Volume/Issue: 2019/78

Series: IMF Working Papers

Author(s): Serhan Cevik , and Fedor Miryugin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2019

DOI: http://dx.doi.org/10.5089/9781498305433.001

ISBN: 9781498305433

Keywords: Tax revenue, Tax burdens, Tax systems, Tax reforms, Tax regimes, Firm survival, effective marginal tax rate, total factor productivity, tax policy, firm-specific

This paper investigates the impact of taxation on firm survival, using hazard models and a large-scale panel dataset on over 4 million nonfinancial firms from 21 countries over the period 1995-2015. We find ample e...

Bosnia and Herzegovina
			: Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission, (October 1-5, 2018)

Bosnia and Herzegovina : Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission, (October 1-5, 2018) »

Volume/Issue: 2019/104

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2019

DOI: http://dx.doi.org/10.5089/9781498311045.002

ISBN: 9781498311045

Keywords: Financial statements, Real sector, Accounting reporting, Accounting standards, Balance sheets, GFS, compilation process, reconciliation process, extrabudgetary, Srpska

A technical assistance (TA) mission was conducted by Mr. Deon Tanzer, the government finance statistics (GFS) advisor1 for South East Europe during the period October 1-5, 2018, to support the Bosnia and Herzegovin...

Joint Responsibility Shared Rewards
			: The Managing Director's Global Policy Agenda

Joint Responsibility Shared Rewards : The Managing Director's Global Policy Agenda »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2019

DOI: http://dx.doi.org/10.5089/9781513510323.007

ISBN: 9781513510323

Keywords: Economic integration, Economic systems, Economic reforms, Economic policy, Fiscal policy, external linkage, trade tension, policy framework, structural reform, resilience

International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not b...

Fiscal Monitor, April 2019
			: Curbing Corruption

Fiscal Monitor, April 2019 : Curbing Corruption »

Series: Fiscal Monitor

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2019

DOI: http://dx.doi.org/10.5089/9781498302180.089

ISBN: 9781498302180

Keywords: Corruption, Corruption in politics. Economic aspects, Economic growth, Economic stabilization, Economic integration, Tax revenue, Fiscal policy, inclusive growth, global integration, fiscal outlook

This report discusses fiscal policies to prepare for the next downturn and foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration. It also cov...

Tributación internacional de empresas

Tributación internacional de empresas »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498306577.007

ISBN: 9781498306577

Keywords: Tax competition, Tax reforms, Tax coordination, Tax systems, Tax administration, mecanismos tributarios; BEPS; utilidades residuales; digitalización; empresa multinacional

El documento «Tributación internacional de empresas» resalta la necesidad de mantener y promover los avances logrados en los últimos años en el terreno de la cooperación internacional sobre cuestiones tributarias,...

Argentina
			: Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance Criteria-Press Release and Staff Report

Argentina : Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance Criteria-Press Release and Staff Report »

Volume/Issue: 2019/99

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2019

DOI: http://dx.doi.org/10.5089/9781498306737.002

ISBN: 9781498306737

Keywords: Central banks, Monetary policy, Poverty, Tax revenue, Monetary base, performance criterion, BCRA, percent change, percent of GDP, capital spend

The Argentina economy continues to contract, albeit at a modestly slower pace than had been expected under the program. After a brief period of falling monthly inflation, price pressures and inflation expectations...

Revenue Administration
			: Short-Term Measures to Increase Customs Revenue in  Low-Income and Fragile Countries

Revenue Administration : Short-Term Measures to Increase Customs Revenue in Low-Income and Fragile Countries »

Volume: 2019

Series: Technical Notes and Manuals

Author(s): Gilles Montagnat-Rentier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2019

DOI: http://dx.doi.org/10.5089/9781498305617.005

ISBN: 9781498305617

Keywords: Financial statistics, Tax revenue, Customs duties, Capital goods, Import tariffs, custom administration, transaction value, custom authority, custom procedure, valuation method

This note discusses administrative measures that can be implemented by customs administrations of low-income and fragile countries in a short period (about a year) to improve traders' compliance and improve revenue...

Albania
			: Technical Assistance Report-Revenue Administration: Supporting the Delivery of the Reform Agenda

Albania : Technical Assistance Report-Revenue Administration: Supporting the Delivery of the Reform Agenda »

Volume/Issue: 2019/94

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2019

DOI: http://dx.doi.org/10.5089/9781498306287.002

ISBN: 9781498306287

Keywords: Tax revenue, Tax evasion, Revenue sources, Tax administration, Tax reforms, GDT, LTO, arrears, vat, taxpayer

The General Directorate of Taxes (GDT) continues to make good progress in modernizing its administration of the taxation system. With strong support from the Minister of Finance and Economy, a dedicated management...

Fiscal Policy Multipliers in Small States

Fiscal Policy Multipliers in Small States »

Volume/Issue: 2019/72

Series: IMF Working Papers

Author(s): Ali Alichi , Ippei Shibata , and Kadir Tanyeri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2019

DOI: http://dx.doi.org/10.5089/9781498303996.001

ISBN: 9781498303996

Keywords: Business cycles, Real interest rates, Exchange rate depreciation, Government consumption, Public investments, Government Spending, Fiscal Policy, Fiscal Multipliers., WEO, government investment

Government debt in many small states has risen beyond sustainable levels and some governments are considering fiscal consolidation. This paper estimates fiscal policy multipliers for small states using two distinct...

Republic of San Marino
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

Republic of San Marino : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino »

Volume/Issue: 2019/85

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 March 2019

DOI: http://dx.doi.org/10.5089/9781498304887.002

ISBN: 9781498304887

Keywords: Central banks, Financial statistics, Banking systems, Financial soundness indicators, Balance of payments statistics, NPL, percent of GDP, credit condition, recapitalization, final consumption

Deep-rooted weaknesses in the banking system have undermined economic activity and are now threatening financial stability and fiscal sustainability. Significant deposit outflows have left the banking system with l...