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Business and Economics > Public Finance

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Korea, Democratic People's Republic of x
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Cover IMF Staff Country Reports
People’s Republic of China: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
Keywords:
ISCR; CR; TF risk; risk assessment; banking sector; commercial bank; criminal activity; tax crime; predicate offense; PBC branch; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Financial sector; Corruption; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Italy: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Italy as at the date of the onsite visit. It analyzes the level of compliance with the Financial Action Task Force recommendations and the level of effectiveness of Italy's AML/CFT system, and provides recommendations on how the system could be strengthened. Italy has a mature and sophisticated AML/CFT regime, with a correspondingly well-developed legal and institutional framework. Law enforcement agencies access, use, and develop good quality financial intelligence. Financial sector supervisors have been using a risk-based approach to varying degrees, but their supervisory tools could be improved.
Keywords:
ISCR; CR; TF risk; organized crime; predicate offense; financial system; bank account; extremist group; PIE auditor; risk management; beneficial owner; parent company; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Tax evasion; Corruption; Global; Europe
Cover IMF Working Papers
Addressing Korea’s Long-Term Fiscal Challenges
Mr. Murtaza H Syed
,
Mr. Michael Skaarup
, and
Mr. Tarhan Feyzioglu
Korea is on the verge of an unprecedented demographic shift. In coming decades, rapid aging will transform it from one of the youngest populations in the OECD to among the oldest in record time. In turn, this shift will put tremendous pressure on the pension system and health and long-term care expenditures. This paper evaluates the impact of population aging on the long-term fiscal position in Korea, and assesses potential policy responses using the IMF's Global Fiscal Model. The paper finds that the key to maintaining a sound long-run fiscal position is to act early and with a range of policy tools, including pension reform, tax base broadening (and, if necessary, rate hikes), improved tax administration and some expenditure reallocation.
Keywords:
WP; rate; expenditure pressure; expenditure growth; consumption pattern
Cover IMF Staff Country Reports
Republic of Korea: Staff Report for the 2002 Article IV Consultation
International Monetary Fund
This 2002 Article IV Consultation highlights that the economic growth of Korea rose to about 6 percent in 2002 from 3 percent in 2001. Buoyant consumption and residential construction spending underpinned the recovery beginning in late 2001. In 2002, exports rebounded strongly in spite of a weaker-than-expected recovery in the global economy. Unemployment has eased to near pre-crisis levels, although wage rises have been matched by productivity growth. In terms of macroeconomic policies, the fiscal surplus was substantially higher than budgeted, resulting in a contractionary fiscal stance in 2002.
Keywords:
ISCR; CR; headline CPI; core CPI; government; CPI; food; staff appraisal; Core CPI inflation; public funds; IMF staff estimate; Financial sector; Commercial banks; Budget planning and preparation; Corporate sector; Global; East Asia; Asia and Pacific
Cover IMF Working Papers
Growth and Convergence in a Two-Region Model: The Hypothetical Case of Korean Unification
Mr. Michael Funke
and
Mr. Holger Strulik
The paper discusses the impact and implications of Korean unification by setting up a two-region endogenous growth model. The numerical solutions are based on the formal analytical model, and have been calibrated so that they reflect the observed features of the North and South Korean economies. The numerical solutions provide evidence about the speed of convergence and the large amount of interregional transfers that are required to make the North Korean economy economically viable.
Keywords:
WP; fiscal policy; Korean Unification; Regional Convergence; Economic Growt; government policy; policy rule; consumption-capital ratio; budget constraint; depreciation rate; economic development; government share; regime design; Income; Capital budget; Infrastructure; Wages
Cover Economic Dislocation and Recovery in Lebanon
Economic Dislocation and Recovery in Lebanon
Mr. Jose Martelino
,
Mr. S. Nuri Erbas
,
Mr. Adnan Mazarei
,
Ms. Sena Eken
, and
Mr. Paul Cashin

Abstract

This paper provides background information on the Lebanese economy, based on an analysis of the economic consequences of war, and discusses several issues that will be central to Lebanon's prospects for recovery

Keywords:
OP; exchange rate; Lebanese pound; economy; exchange rate movement; currency substitution; net foreign currency position; US$ exchange rate series; Lebanese economy; Exchange rates; Monetary aggregates; Dollarization; Personal income; Middle East; South America; Africa; Europe; dollar currency; access to flow; Total expenditures
Cover Poland
Poland
The Path to a Market Economy
Mr. Charalambos Christofides
,
Mr. Paul Mylonas
,
Ms. Inci Ötker
,
Mr. Liam P. Ebrill
,
Mr. Gerd Schwartz
, and
Mr. Ajai Chopra

Abstract

Poland's economy rebounded dramatically in 1992-93, several years after the nation embarded on a comprehensive program of economic transformation. This paper describes Polan's steps in the areas of public finance, monetary policy and financial sector reform, trade and exchange rate policy, and microeconomic liberalization, as well as the social impact of transition.

Keywords:
OP; bottom; exchange rate; enterprise; government; State budget; success Poland; company unit; poverty gap; retirement age; Commercial banks; Exports; Imports; Pension spending; Western Europe; Eastern Europe; Central and Eastern Europe; Europe; Baltics
Cover The Mongolian People's Republic
The Mongolian People's Republic
Toward a Market Economy
Mr. Padej Sukachevin
,
Mr. John E Leimone
,
Mr. F. Rozwadowski
, and
Miss Elizabeth Milne

Abstract

This paper is based on an IMF staff report prepared in connection with the application of the Mongolian People's Republic (Mongolia) for membership in the International Monetary Fund. It reviews Mongolia's political and economic history, highlighting its changing economic structure following World War II and its recent efforts to introduce market mechanisms.

Keywords:
OP; enterprise; state enterprise; government; state bank; foreign trade enterprise; Intra-enterprise sales; government ministry; issues note; enterprise investment; Currency convertibility; Monetary unions; Exports; Imports; Middle East; Central Asia; Global; Europe; Asia and Pacific; reformist government; price liberalization; enterprise reform
Cover The Czech and Slovak Federal Republic
The Czech and Slovak Federal Republic
An Economy in Transition: Occa Paper No.72
International Monetary Fund

Abstract

This paper is based on an internal report prepared by the IMF staff in connection with the application of the Czech and Slovak Federal Republic (Czechoslovakia) for membership in the IMF. The paper surveys the economic system that had developed up to the time of the reforms begun in 1987 and outlines the economy's performance during 1945–1985. It then discusses the economic developments of 1985–1990, with separate sections on output, prices, public finance, money, and the balance of payments. Prices served mainly as an instrument of central planning: each price was set independently and a change in one price had no influence on other prices. The annual foreign exchange plan, derived from the state plan, strictly controlled foreign exchange transactions. It specified imports and exports of goods and services by enterprises for the convertible and nonconvertible area. The exact modalities of the denationalization scheme have not yet been determined. However, consideration is being given to a scheme whereby state enterprises would be transformed into joint stock companies, and “ownership vouchers” would be distributed to the population which would entitle their holders to purchase stock in these companies.

Keywords:
OP; enterprise; government; state bank; state; state budget; balance of payments table; economic system; net material product; CMEA country; Currency convertibility; Exports; Credit; Imports; Eastern Europe; Europe; Western Europe; State planning commission; transition government; consumer goods; Exchange rates