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Petrus J. Van de Ven and Dirk J. Wolfson

From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.” The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments. Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to: THE SECRETARY International Monetary Fund 19th and H Streets, N.W. Washington, D. C. 20431

Mr. Douglas A. Scott and Mr. Christopher Browne


Fiji covers a land area of 18,000 square kilometers in the South Pacific, midway between Hawaii and Australia. The country is made up of about 400 islands, of which the two largest comprise 90 percent of the total area and population. Owing to its volcanic origin, about four fifths of the land is mountainous and unsuitable for cultivation, but contains forests, mineral resources, and hydroelectric potential. Agricultural land is fertile with plentiful rainfall, although it is subject to drought and cyclones.

Mr. Daniel S Kanda

budget estimates. For tax revenue, the null hypothesis was not rejected in May, but was rejected from June onward, with the rejection tending to be stronger with every passing month. Similarly, for total revenue the null hypothesis was not rejected in June, but was rejected from July onward, with the rejection tending to be stronger with every passing month. IV. E mpirical R esults for the U nited S tates To demonstrate the applicability of the test to a wide variety of countries, we also evaluate US federal government budget receipt estimates for fiscal

Mr. Daniel S Kanda
A simple statistical methodology is developed to help evaluate monthly progress toward an annual fiscal revenue target, and the applicability of the methodology to both developing and industrial countries is demonstrated using data for Sri Lanka and the United States.
Richard Goode and Eugene A. Birnbaum

current account surplus. In some capital budgets, the principal item on the receipts side is proceeds of borrowing; in other systems, borrowing is not listed as a capital budget receipt but is considered an appropriate means of covering any excess of capital outlays over capital receipts. Other common items of capital receipts include transfers from the operating budget, proceeds of sales of state property, and recoveries of loans. It is sometimes suggested that revenues from death duties, capital levies, and other taxes that are presumed to be paid from private capital

International Monetary Fund

, Non-Rent, and Non-rent Non-Food CPI Inflation (In percent) Source: Country authorities. 5. The fiscal and external balances will remain in surplus in 2011 . Despite the sharp rise in current expenditure and lower than budgeted receipt of profit transfers from public enterprises, the overall fiscal balance (net lending/borrowing) remained in a surplus of 2.7 percent of GDP in 2010/11. 1 The government did not raise any new external borrowings in 2010/11, but issued domestic bonds and Treasury bills (T-bills) to facilitate sterilization and liquidity

International Monetary Fund

( Table 6 ), taking into account borrowing plans of the city of Kyiv and the government’s intention to ensure the financial balance of all social insurance funds. The authorities and staff agreed that the privatization process was currently too slow to achieve the budget receipt target of 1 percent of GDP and that additional domestic borrowing may be needed to finance the shortfall. Even in this case, total government and NBU debt would still decline by about 3 percentage points of GDP in 2003, to 32 percent of GDP. 3 Table 6. Ukraine: Consolidated Government

International Monetary Fund
This 2011 Article IV Consultation highlights that Qatar is using its fiscal space, generated from an increase in hydrocarbon production and prices, to implement a large public spending program. Large infrastructure investments are expected to sustain strong growth of 9 percent to 10 percent in the nonhydrocarbon sector in the medium term. The potential inflationary effect of the recent fiscal package is estimated to be about 1 percentage point. This underscores the need for fiscal policy to monitor aggregate demand and for the Qatar Central Bank to manage liquidity.
International Monetary Fund

funds. It also publishes an annual report detailing its activities. However, Commission’s funding is outside its control and it does not receive all the fees charged to market participants for its services. This results in limited or no resources available to carry out necessary functions. The Commission’s fee structure presently raises more funds than it receives from the SHCP in the budget. Receipt of the full amount of fees charged to the industry and full control over how those funds are allocated would enhance the CNBV’s independence. Where the legislation

International Monetary Fund
A detailed assessment on the observance of Mexico’s compliance with International Organization of Securities Commissions objectives and principles of securities regulation is presented. The regimes governing the regulation of issuers, collective investment schemes, and secondary markets, and with respect to cooperation and information sharing, are extensive. The most significant issues regarding full implementation of the Principles fall under the Regulator Principles. Much of the activity on the Bolsa Mexicana de Valores comes from computer-driven program trading orders that are placed to take advantage of price asymmetries between markets.