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Business and Economics > Public Finance

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Cover IMF Working Papers
Pension Reform and Stock Market Development
Shujaat Khan
,
Bo Li
, and
Yunhui Zhao
We highlight the strong connection between developing fully-funded, individually-owned, collectively-managed, mandatory/incentivized (FICMI) pension schemes and the development of domestic stock markets. We do so by building a stylized model and complementing the analysis with cross-country empirical analysis and case studies. We also highlight the challenges of individual impatience, network externalities, and coordination failure in long-term equity investments, which are crucial for stock market development and technological innovation. We find that FICMI pension schemes—when sufficiently wide in coverage and large in size—can serve as coordination devices to support long-term equity investments. Such investments will not only promote domestic stock market development and make it easier for firms to raise long-term equity capital, therefore supporting long-term economic growth, but also enhance financial inclusion and enable more households to benefit from the overall economic development, therefore contributing to inclusive growth. Moreover, we find that the introduction of FICMI pension schemes can impact household savings in two ways: first, FICMI pension can increase household savings through “forced/incentivized” savings channel, where households save too little without FICMI pension (such as in many EMDEs); and second, FICMI pension can decrease household savings and increase household consumption by reducing non-pension savings and decreasing precautionary savings, where households save too much without FICMI pension (such as in China). In both cases, FICMI pension schemes can help move the economy closer to the optimal level of household savings, and may also help improve the structure of such savings. Finally, we discuss the enabling conditions (such as a strong political commitment to the reform and a well-designed fiscal strategy for financing the transition) and policy design for FICMI pension schemes.
Keywords:
Pension Reforms; Stock Market Development; Equity Financing; Innovation' Financial Inclusion; Intertemporal Optimization; Public Pensions; Funded and Private Pensions; FICMI pension schemes; household saving; savings channel; IMF working paper No. 25/49; Pension spending; Pensions; Stock markets; Pension reform; Capital markets; East Asia
Cover IMF Working Papers
Government Debt and Growth: The Role of R&D
Can Sever
Economic growth in the advanced economies (AEs) has been slowing down since the early 2000s, while government debt ratios have been rising. The recent surge in debt at the onset of the Covid-19 pandemic has further intensified concerns about these phenomena. This paper aims to offer insight into the high-debt low-growth environment in AEs by exploring a causal link from government debt to future growth, specifically through the impact of debt on R&D activities. Using data from manufacturing industries since the 1980s, it shows that (i) government debt leads to a decline in growth, particularly in R&D-intensive industries; (ii) the differential effect of government debt on these industries is persistent; and (iii) more developed or open financial systems tend to mitigate this negative impact. These findings contribute to our understanding of the relationship between government debt and growth in AEs, given the role of technological progress and innovation in economic growth.
Keywords:
Government debt; fiscal policy; economic growth; R&D; innovation; financial development; economic growth in the advanced economies; R&D activity; impact of debt; debt level; affect tax dynamics; Financial sector development; Manufacturing; Productivity; Aging; Global
Cover IMF Working Papers
Strengthening Tax Governance Through Legal Design
Lydia E Sofrona
,
Christophe J Waerzeggers
, and
Brendan Crowley
Well-functioning tax systems anchor their governance arrangements in law. This paper develops an analytical framework from which the core legal principles for sound tax governance can be derived to inform the design of countries’ legal frameworks for administration and tax procedure. It then applies this analytical framework to derive key legal features that should be embedded in laws for tax administration—including additional considerations for semi-autonomous revenue authorities— and tax procedure, to ensure a balance between tax administration powers and adequate taxpayer protections.
Keywords:
Tax governance; tax law; tax administration; tax procedure; legal design; A. tax Governance; governance arrangement; design consideration; taxpayer relationship; Tax administration core functions; Taxpayer charter; Semi-autonomous revenue bodies
Cover Technical Notes and Manuals
Revenue Authorities and their Boards of Management: Recent Developments
William Joseph Crandall
,
Elizabeth Gavin
,
Maureen Kidd
, and
Andrew R Masters
This technical note provides detailed and updated information on the semi-autonomous Revenue Authority (RA) governance model for revenue administration, a model developed 40 years ago and used by some 35 administrations world-wide. The update is provided through a review of relevant legislation, questionnaire results, and outcomes of a series of seminars. The RA governance model has a unique governance structure that includes a Minister, a board of management, and a Chief Executive Officer - three partners. RAs are set up using specific enabling legislation. Clarity in the language used in the law is critical for establishing the exact roles of the three partners. The board of management is unique in that it usually has a more limited role (due in part to the confidentiality of individual taxpayer information) than a board of directors in a private sector corporation. Emerging issues with these boards are examined, and it is noted that some see the RA board role as becoming more closely aligned with private sector boards of directors. RAs were initially founded on the belief that more nimble HR practices and appropriate funding would result in more robust revenue administration. While it is difficult to establish direct causality between the adoption of the RA governance model and improved revenue administration, practitioners are convinced this is the case and that the HR and funding advantages need to be protected.
Keywords:
Semi-autonomous Revenue Authorities; institutional arrangements for revenue administration; governance model; board of management; management autonomy; RA governance model; RA board role; semi-autonomous revenue authority; board chair; RA board; Revenue laws; Semi-autonomous revenue bodies; Tax administration core functions; Revenue administration transparency and accountability; Australia and New Zealand; Africa; Global; Sub-Saharan Africa
Cover Consumer Price Index Manual, 2020
Consumer Price Index Manual, 2020
Concepts and Methods
International Monetary Fund
,
International Labour Office
,
Statistical Office of the European Communities
,
United Nations
,
World Bank
, and
Organization for Economic Co-operation and Development

Abstract

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices national statistical offices (NSOs) should consider when making decisions on how to deal with the various problems in the compilation of a CPI. The chapters cover many topics. They elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. The primary purpose of the Manual is to assist countries in producing CPIs that reflect internationally recommended methods and practices.

Keywords:
cconsumer price index; CPI; CPI Manual; CPI concepts; CPI methods; CPI practice; CPI best practice; CPI international recommendations; CPI weights; CPI data; CPI compilation; CPI calculation; index formulas; scanner data; web scraping; CPI outlets; CPI publication; CPI dissemination; CPI sampling; CPI items; CPI varieties; CPI missing prices; CPI quality adjustment; CPI linking; CPI and SNA; CPI overview; CPI data collection; CPI uses; CPI definitions; M&G; reference period; price change; price collector; price collection; CPI compiler
Cover Policy Papers
Review of Data Provision to the Fund for Surveillance Purposes
International Monetary Fund
Data provision by member countries is a key input into the IMF’s surveillance activities. The 2024 Review of Data Provision to the Fund for Surveillance Purposes took place against the backdrop of profound shifts in the global economy, highlighting the important need for adequate macroeconomic and financial data to inform analysis and policymaking. This Review achieved a substantial, but manageable, update to the overall envelope of data that members are required to provide to the Fund in the areas of public sector, foreign exchange intervention, and macrofinancial indicators. Addressing these data gaps will reduce blind spots and support even-handedness in Fund surveillance. The Review also introduced a more structured and transparent assessment of data adequacy for surveillance. This strengthened framework will facilitate policy dialogue with the authorities on data issues and improve prioritization of capacity development efforts. Finally, the Review confirmed the long-standing practice of not applying the remedial framework when members do not provide certain data categories that the Fund considers outdated.
Keywords:
data; public sector; fiscal policy; foreign exchange intervention; swaps; repos; financial system; banks; non-banks; bilateral surveillance; multilateral surveillance; data provision; IMF data standards initiative; Fund member; data adequacy; adequacy assessment framework; Nonbank financial institutions; Credit; Global
Cover Policy Papers
Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model
International Monetary Fund. Institute for Capacity Development
Capacity Development (CD), comprising technical assistance and training, fosters economic development by improving human capital and institutions in member countries. Every five years, the IMF reviews its CD Strategy to ensure that CD continues to be of high quality and well-focused on the needs of its members. This review calls for CD to become more flexible, integrated with the Fund’s policy advice and lending, and tailored to respond to member needs. The review benefitted from the recent independent evaluation of the Fund’s CD and a wide range of inputs, including internal and external consultations, surveys of recipients and development partners, staff background studies and recommendations of an External Advisory Group. The vision for CD is informed by the Fund’s comparative advantages and surveillance priorities. The proposals of the current review center around the six key areas: (1) strengthening CD prioritization and integration; (2) enhancing the funding model; (3) strengthening monitoring and evaluation; (4) modernizing modalities; (5) enhancing field presence; and (5) strengthening human resources policies for staff working on CD.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Center; Background Papers; CD personnel structure; CD priority; CD financing initiative; CD Strategy Review; CD governance; CD integration; CD relative; CD partner; strategy review; CD model; CD efficiency; CD stabilization mechanism; Comparative advantage; Artificial intelligence; Revenue mobilization; Climate change; Global
Cover Technical Assistance Reports
Republic of Armenia: Technical Assistance Report-Strengthening State-Owned Enterprises Accountability Framework
International Monetary Fund. Fiscal Affairs Dept.
Over the past decades the Republic of Armenia has implemented significant reforms to reduce the state footprint in their economy and to improve the performance of the State Owned Enterprises (SOEs) where the Government intends to retain ownership. The Government has taken concrete steps focusing on improving the financial transparency and fiscal viability of SOEs. This report discusses how the Government can further strengthen the SOE financial accountability, transparency and oversight, and SOEs corporate governance in line with good international practices. These measures should be combined with further efforts in reducing the number of SOEs, focusing on those that do not align with the Government strategic priorities and the state ownership policy.
Keywords:
CD; Republic of Armenia; State-Owned Enterprises; Oversight; Corporate Governance; Accountability; Transparency.; state-owned enterprises accountability framework; I. SOE landscape; IMF resident Representative; IMF's Fiscal Affairs Department; Armenia's SOE portfolio; Public enterprises; Fiscal risks; Financial statements; Middle East and Central Asia; Global; Middle East; North Africa; Central Asia; Asia and Pacific
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an international perspective to the authorities’ two recent policy measures: setting up new savings and counter cyclical and climate infrastructure funds and reforming the judicial review of planning decisions in Ireland. The first essay presents international best practices in the design and operation of sovereign wealth funds that could inform the setup of the two new funds in Ireland. It highlights the importance of operating the funds within a strong fiscal policy framework. The second essay reviews Ireland’s planning and permitting system, underscoring the key elements that have hindered public investment. It also looks into the government’s proposed Bill to reform the planning system and contrasts its key features with those of other international jurisdictions. It finds that several issues may contribute to the inefficiencies in the planning and judicial review system, such as the loose standing requirements and lack of mandatory timelines related to judicial review, as well as institutional governance issues within the planning board, which the newly proposed reforms and legislative measures seek to address.
Keywords:
housing affordability; D. policy option; savings fund; modernizing judicial review; impulse response; Housing; Housing prices; Pension spending; Global
Cover IMF Staff Country Reports
Brunei Darussalam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brunei Darussalam
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Brunei has begun to recover from the pandemic, with coronavirus disease 2019 (COVID-19) restrictions lifted and borders reopened in 2022. Brunei’s high vaccination rates have allowed for the removal of COVID-19 restrictions and reopening of borders; however, reduced oil and gas (O&G) production have undermined the recovery. The financial sector remains liquid and well capitalized. High fuel prices helped strengthen the fiscal and external positions in 2022. Inflation hit a historical high but has recently declined. The government is committed to diversifying toward a low-carbon economy. Growth in 2023 would remain negative due to extended O&G infrastructure maintenance, while non-oil sectors will contribute positively to growth, aiding diversification. Inflation is anticipated to moderate further. The overall fiscal and external positions are projected to weaken in 2023 and the medium term. Prioritize human capital development and digitalization, and strengthen the regulatory framework for public private partnership. Consider more extensive participation in regional trade and economic partnerships.
Keywords:
Brunei Darussalam's authorities; authorities' effort; sector production; revenue diversification; government of Brunei; Government finance statistics; External sector statistics; Global