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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Digitalization to Improve Tax Compliance: Evidence from VAT e-Invoicing in Peru
Mr. Matthieu Bellon
,
Jillie Chang
,
Ms. Era Dabla-Norris
,
Salma Khalid
,
Frederico Lima
,
Enrique Rojas
, and
Pilar Villena
This paper examines the impact of e-invoicing on firm tax compliance and performance using administrative tax data and quasi-experimental variation in the rollout of VAT electronic invoicing in Peru. We find that e-invoicing increases reported firm sales, purchases and value-added by over 5 percent in the first year after adoption. The impact is concentrated among smaller firms and sectors with higher rates of non-compliance, suggesting that e-invoicing enhances compliance by lowering compliance costs and strengthening deterrence. The reform’s positive effects on tax collection are hindered by shortcomings in the VAT refund mechanism in Peru, suggesting that digital tools such as e-invoicing should be complemented by other reforms to improve revenue mobilization.
Keywords:
WP; firm; VAT; authority; electronic invoicing; tax compliance; digitalization; VAT collection; firm size interaction term; VAT liability; VAT credit; construction firm; VAT payment; Value-added tax; Credit; Tax administration core functions; Tax return filing compliance; Stocks; Caribbean
Cover IMF Working Papers
Dynamic Loan Loss Provisions in Uruguay: Properties, Shock Absorption Capacity and Simulations Using Alternative Formulas
Torsten Wezel
This paper assesses the merits of countercyclical loan loss provisioning in Uruguay. Using a stress test methodology, it quantifies the protection against macroeconomic shocks provided by the stock of dynamic provisions accumulated since 2001 and finds that medium-sized shocks would be fully absorbed, offsetting the additional costs caused by rising specific provisions. In addition, the paper simulates the path of dynamic provisions under the formulas used in Spain, Peru and Bolivia, showing that the alternative paths diverge significantly from the actual buildup and in part better conform to the Uruguayan credit cycle.
Keywords:
WP; provision; loan; dynamic provision; fund
Cover IMF Policy Discussion Papers
Pension Reform, Investment Restrictions and Capital Markets
Mr. Jorge Roldos
Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies.
Keywords:
PDP; emerging market; market; asset; portfolio; bond market; capital market; Pension fund regulation; asset allocation; capital market development; institutional investor; pension funds; market participant; a number of emerging market economies; portfolio restriction; Pension spending; Emerging and frontier financial markets; Securities markets; Stock markets; Stocks; Global
Cover Foreign Direct Investment Statistics
Foreign Direct Investment Statistics
How Countries Measure FDI 2001
International Monetary Fund

Abstract

International standards for measuring foreign direct investment (FDI) have become important in today’s global economy, where multinational enterprises exercise economic clout and FDI statistics can reflect investor sentiment about the climate of investment in a country. This joint IMF/OECD report assesses progress toward standardization in the compilation of FDI statistics and provides information on statistical methodologies in 61 countries. The report is based on data from the 2001 update of the joint IMF/OECD Survey of Implementation of Methodological Standards for Direct Investment (SIMSDI), which covers 30 OECD countries and 31 other IMF member countries

Keywords:
BOOK; position data; transaction; enterprise; transactions data; OECD country; FDI statistics; OECD survey; Foreign direct investment; Income; Stocks; Wages; Personal income; Africa; Australia and New Zealand; Global
Cover Official Financing for Developing Countries 1997
Official Financing for Developing Countries 1997
International Monetary Fund

Abstract

This study provides information on official financing for developing countries with the focus on low and lower-middle-income countries. It updates the 1995 edition and reviews developments in direct financing by offical and multilateral sources. Topics of interest include external debt sustainability for heavily indebted poor countries; new official financing flows to developing countries; developments in export credits;financing from multilateral institutions; debt restructuring by official bilateral creditors; plus, numerous appendices.

Keywords:
WEFS; debt; country; export credit; financing; agreement; export credit agency; service export credits; NPV debt reduction; export credit exposure; IMF staff estimate; IBRD debt; Export credits; Debt rescheduling; Public and publicly-guaranteed external debt; Arrears; Development assistance; Europe; Global; Eastern Europe; Asia and Pacific; Baltics
Cover Primary Commodities
Primary Commodities
Market Developments and Outlook
International Monetary Fund

Abstract

This study prepared by the Commodities Division of the Research Department reviews and analyzes the developments in commodity markets.

Keywords:
WEFS; price; index; commodity; food; food commodity; commodity coverage; INRA buffer stock manager; world cotton production; world consumption; Agricultural commodities; Consumption; Commodity prices; Stocks; Global; West Africa; Central America; North America; Western Europe; Asia and Pacific
Cover IMF Working Papers
Voluntary Debt Reduction: Incentives and Welfare
International Monetary Fund
In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt’s face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and investment depending on the degree of international capital mobility and attitudes toward risk. There may also exist multiple equilibria; with high and low investment levels. The paper explores the desirability of debt reduction in this environment. First, it characterizes circumstances in which debt reduction is desirable from the collective point of view of the creditors. Second, it formulates the forgiveness decision as a noncooperative game among creditors and explores the scope for debt reduction as an outcome of this game.
Keywords:
WP; debtor country; demand price; market value; investment equilibrium; debt reduction; investment level; investment response; equilibrium creditor; debt forgiveness; demand curve; Debt reduction; Stocks; Securities markets; Debt relief; Debt service payments