Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Western Hemisphere > Argentina

You are looking at 1 - 10 of 54 items for :

  • Type: Journal Issue x
Clear All Modify Search
Cover IMF Working Papers
A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers
Eugenio M Cerutti
,
Jiaqian Chen
, and
Martina Hengge
The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally. We provide a detailed description of available methodologies and datasets, and discuss the crucial assumptions behind the quantification of cross-border flows. We then present novel stylized facts about Bitcoin cross-border flows and study their global and domestic drivers. Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows, and differences appear between on-chain and off-chain Bitcoin cross-border flows. Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions.
Keywords:
Crypto assets; Bitcoin; Cross-border flows; Capital flows; bitcoin blockchain; capital flow restriction; bitcoin flow; cross-border flow; Bitcoin transaction; Blockchain and DLT; Currencies; Financial activity tax; Global
Cover IMF Working Papers
Measuring the Redistributive Capacity of Tax Policies
Charles Vellutini
and
Juan Carlos Benitez
This paper presents a novel technique to measure and compare the redistributive capacity of observed tax (or transfer) policies. The technique is based on income distribution simulations and controls for differences in pre-tax income distributions. It assumes that the only information on the pre-tax distribution available in each country-year is the Gini coefficient and the mean (GDP per capita). We illustrate the technique with an application to the personal income tax, using a dataset of 108 countries over the 2007-2018 period.
Keywords:
Income distribution; redistribution; progressivity; personal income tax; novel technique; PIT redistribution; TRANSPLANT-AND-COMPARE method; PIT Progressive; market income Gini Coefficients; Income distribution; Income; Personal income tax; Progressive taxation; Income inequality; Global
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
replacement rate; contribution rate; loan growth; price-earnings ratio; household income; household loan demand; Pension spending; Personal income tax; Income; Foreign exchange intervention; Global; Caribbean
Cover IMF Working Papers
Markups, Quality, and Trade Costs
Natalie Chen
and
Luciana Juvenal
We investigate theoretically and empirically how exporters adjust their markups across destinations depending on bilateral distance, tariffs, and the quality of their exports. Under the assumption that trade costs are both ad valorem and per unit, our model predicts that markups rise with distance and fall with tariffs, but these effects are heterogeneous and are smaller in magnitude for higher quality exports. We find strong support for the predictions of the model using a unique data set of Argentinean firm-level wine exports combined with experts wine ratings as a measure of quality.
Keywords:
WP; trade cost; FOB price; free on board; unit value; export price; wine export; Tariffs; Exports; Public expenditure review; Export prices; Demand elasticity; North America; Distance; export unit values; heterogeneity; markups; quality; trade costs; exports data
Cover IMF Working Papers
Pricing Sovereign Debt in Resource-Rich Economies
Thomas McGregor
How do oil price movements affect sovereign spreads in an oil-dependent economy? I develop a stochastic general equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous sovereign default risk. The model explains a large proportion of business cycle fluctuations in interest-rate spreads in oil-exporting emerging market economies, particularly the countercyclicallity of interest rate spreads and oil prices. Higher risk-aversion, more impatient governments, larger oil shares and a stronger correlation between domestic output and oil price shocks all lead to stronger co-movements between risk premiums and the oil price.
Keywords:
WP; oil price; open economy; Risk premium; natural resources; sovereign debt; and default; development; cost parameter; policy makers; oil revenue cost; standard deviation terms; equilibrium bond price; oil price volatility; oil revenue cost of default; oil price state; steady-state price; steady state bond price; output volatility; Oil prices; Emerging and frontier financial markets; Asset prices; Consumption; Oil; gas and mining taxes; Global; Sub-Saharan Africa; Asia and Pacific
Cover Regional Economic Outlook, October 2018, Western Hemisphere Department
Regional Economic Outlook, October 2018, Western Hemisphere Department
An Uneven Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

Amid escalating trade tensions, tighter financial conditions, and volatile commodity markets, economic recovery in Latin America and the Caribbean has both moderated and become more uneven.

Keywords:
REO; economy; IMF staff calculation; commodity; market; nominal GDP; commodity price; monetary policy; economic activity; exchange rate; labor market; system database; central bank; trade tension; Tariffs; Inflation; Imports; Exports; Global; Central America; Caribbean; Western Hemisphere; North America
Cover IMF Staff Country Reports
Argentina: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Argentina
International Monetary Fund. Western Hemisphere Dept.
An inherited legacy of imbalances. Upon taking office in December last year, Argentina’s new government faced pervasive macroeconomic imbalances, microeconomic distortions, and a weakened institutional framework. These encompassed unsustainably high consumption levels, historically low levels of investment, and large fiscal deficits financed by money creation, which led to high inflation. Distortions at the micro level included an extensive network of administrative controls (for example, trade barriers, foreign exchange restrictions, and price controls) and a business environment that eroded competitiveness and undermined medium-term growth. There was also an important weakening of the institutional framework for economic policymaking, perhaps most evident in the loss of credibility of the national statistics agency.
Keywords:
ISCR; CR; deficit; peso bond; GDP; government; FX inflow; utilities tariff rollback; IFC portfolio; growth projection; Inflation; Tariffs; Pension spending; Global
Cover IMF Working Papers
Food Prices and the Multiplier Effect of Trade Policy
Paolo Giordani
,
Nadia Rocha
, and
Michèle Ruta
This paper studies the relationship between trade policy and food prices. We show that, when individuals are loss averse, governments may use trade policy to shield the domestic economy from large food price shocks. This creates a complementarity between the price of food in international markets and trade policy. Specifically, unilateral actions give rise to a "multiplier effect": when a shock drives up the price of food, exporters respond by imposing restrictions while importers wind down protection, thus exacerbating the initial shock and soliciting further trade policy activism. We test the key prediction of the theory with a new dataset that comprises monthly information on trade measures across 77 countries and 33 food products for the period 2008-11, finding evidence of a multiplier effect in food trade policy. These findings contribute to inform the broader debate on the proper regulation of food trade policy within the multilateral trading system.
Keywords:
WP; staple food; Loss aversion; Trade policy; Multiplier effect; Food crisis; food price; price of food; international price; import tariff; reference price; price change; instrument trade policy utilization; aversion term; food price change; trade measure; world price surge; moving average; Food prices; Tariffs; Imports; Exports; Global
Cover Administering Fiscal Regimes for Extractive Industries
Administering Fiscal Regimes for Extractive Industries
A Handbook
Mr. Jack Calder

Abstract

This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies with practical guidelines to establish a robust legal framework, organization, and procedures for administering revenue from these industries. It discusses transparency and how to promote it in the face of increasing demands for clarity and how developing countries can strengthen their managerial and technical capacity to administer these revenues.

Keywords:
BOOK; natural resource; government; tax authority; natural resource company; Large taxpayer office; revenue administration; government natural resource revenue; Natural resources; Natural resource taxes; Tax administration core functions; Transfer pricing rules; Global; Australia and New Zealand; Europe; equity participation; tax authorities; tax department; Auditing
Cover IMF Staff Country Reports
Mexico: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Mexico is an open economy with strong real and financial links to the rest of the world with risks of spillovers from global turbulence. Recent gains in market share in the U.S. manufacturing market are owed to improved relative unit labor costs and reemergence of a location advantage. Mexico’s current fiscal framework requires measures to offset the emerging challenges of a decline in oil revenues and the projected increase in health- and pensions-related spending. The sustained increase of bank credit after the global crisis has been reversed. The effects of migration depend on labor reform.
Keywords:
ISCR; CR; Mexico; migration flow; financing; migration; bank financing; banking sector credit; financing level; market financing; unemployment in Mexico; Income and capital gains taxes; Manufacturing; Bank credit; Tax expenditures; Global; Europe