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Europe > Ireland

You are looking at 1 - 10 of 18 items for :

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Cover Technical Notes and Manuals
Special Purpose Entities: Guidelines for a Data Template
Mr. Carlos Sanchez-Munoz
,
Artak Harutyunyan
, and
Ms. Padma S Hurree Gobin
The Note is meant to assist compilers in the practical application of the agreed defini¬tion to identify resident Special Purpose Entities (SPE) in their jurisdictions and in collecting and reporting SPE-related cross-border data. To this end, these guidelines provide practical advice on the (1) implementa¬tion of the definition of SPEs, (2) possible data sources and processes for collecting and compiling SPE-related statistics, and (3) reporting within the agreed Data Template.
Keywords:
Globalization; multinationals; host jurisdictions; institutional units; control; cross-border flows and positions; SPE definition; SPE data collection; company B; SPE flow; SPE statistics; Special purpose vehicle; Data collection; External sector statistics; Foreign direct investment; International investment position; Global
Cover Departmental Papers
Taxing Multinationals in Europe
Ernesto Crivelli
,
Ruud A. de Mooij
,
J. E. J. De Vrijer
,
Mr. Shafik Hebous
, and
Mr. Alexander D Klemm
This paper aims to contribute to the European policy debate on corporate income tax reform in three ways. First, it takes a step back to review the performance of the CIT in Europe over the past several decades and the important role played by MNEs in European economies. Second, it analyses corporate tax spillovers in Europe with a focus on the channels and magnitudes of both profit shifting and CIT competition. Third, the paper examines the progress made in European CIT coordination and discusses reforms to strengthen the harmonization of corporate tax policies, in order to effectively reduce both tax competition and profit shifting.
Keywords:
Europe; International taxation; Corporate taxation; Multinational corporations; Corporate profits; Tax competition; MNE profits; revenue effect; EU code of conduct; effects of the CCCTB reform; profit shifting; Corporate income tax; Corporate taxes; Competition; Formula apportionment; Global
Cover IMF Working Papers
International Financial Integration in the Aftermath of the Global Financial Crisis
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
Keywords:
WP; debt securities; financial crisis; aggregate portfolio debt category; central bank; country group; International financial integration; financial globalization; portfolio debt liability; portfolio holding; equity liability; world GDP share; portfolio debt position; portfolio debt securities; portfolio equity liability; portfolio equity positions; World GDP; portfolio debt claim; Securities; Government securities; Foreign direct investment; Global financial crisis of 2008-2009; Global
Cover IMF Staff Country Reports
United Kingdom: Selected Issues
International Monetary Fund. European Dept.
This paper aims to provide European Union (EU), while recognizing that the choice of whether to remain in the EU is for U.K. voters to make and that their decisions will reflect both economic and noneconomic factors. The question of EU membership is both a political and an economic issue, and the referendum has sparked a wide-ranging debate on the United Kingdom’s role in the EU. Given the range of plausible alternative arrangements with the EU, the number of channels by which countries could be affected and the range of possible effects on the United Kingdom and other economies are broad.
Keywords:
ISCR; CR; EU membership; UK economy; single market; EU country; EU migrant; EU budget; UK-EU trade; EU regulation; EU economy; EU directive; EU immigrant; Exports; Migration; Tariffs; Income; Foreign direct investment; Global; Europe
Cover IMF Working Papers
Reassessing the Productivity Gains from Trade Liberalization
Mr. JaeBin Ahn
,
Ms. Era Dabla-Norris
,
Mr. Romain A Duval
,
Bingjie Hu
, and
Lamin Njie
This paper reassesses the impact of trade liberalization on productivity. We build a new, unique database of effective tariff rates at the country-industry level for a broad range of countries over the past two decades. We then explore both the direct effect of liberalization in the sector considered, as well as its indirect impact in downstream industries via input linkages. Our findings point to a dominant role of the indirect input market channel in fostering productivity gains. A 1 percentage point decline in input tariffs is estimated to increase total factor productivity by about 2 percent in the sector considered. For advanced economies, the implied potential productivity gains from fully eliminating remaining tariffs are estimated at around 1 percent, on average, which do not factor in the presumably larger gains from removing existing non-tariff barriers. Finally, we find strong evidence of complementarities between trade and FDI liberalization in boosting productivity. This calls for a broad liberalization agenda that cuts across different areas.
Keywords:
WP; input tariff; output tariff; tariff data; Trade; Productivity; Tariffs; Inputs; Liberalization; FDI; Reforms; Growth; tariff rate; complementarity regression; tariff liberalization; Total factor productivity; Foreign direct investment; Trade liberalization; Global; research department; fiscal affair; productivity gains from trade liberalization
Cover IMF Working Papers
Cross-Country Experience in Reducing Net Foreign Liabilities: Lessons for New Zealand
Ding Ding
,
Mr. Werner Schule
, and
Ms. Yan M Sun
This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.
Keywords:
WP; GDP; crisis; private sector; Net foreign liabilities; Current account balance; Public savings; Fiscal consolidation; crisis risk; exchange rate; crisis database; gross private sector debt; inflation crisis; reductions in NFL; New Zealand's NFL; Foreign liabilities; Foreign assets; Trade balance; Global
Cover IMF Working Papers
Boosting Competitiveness to Grow Out of Debt: Can Ireland Find a Way Back to Its Future?
Ms. Mwanza Nkusu
This paper investigates the prospects for Ireland to grow its economy against the backdrop of high indebtedness. The paper uses vector autoregressive analysis to explore the interlinkages among competitiveness, exports, economic growth, and fiscal performance. The emerging conclusion is that Ireland, which has regained cost competitiveness following the crisis-driven fall in domestic prices, is poised to return to its path of strong exports and economic growth and lower imbalances provided that it maintains competitiveness, though a pickup in external demand is critical. Three main findings underpin this conclusion. First, external demand is an important driver of exports and also the single most important determinant of Ireland’s GDP and government revenue. Second, declines in price competitiveness, featured by real effective exchange rate (REER) appreciations, restrain exports and economic growth. Third, exports boost output, which in turn enhances fiscal performance.
Keywords:
WP; export; Ireland; GDP; FDI; revenue; Simultaneous equation models; economic growth; financial crises; public debt; economywide country studies; trading partners; FDI flow; market share; high-tech export sector; triangle exports growth; FDI dynamics; inward FDI; exports of G&S; Euro area debt crisis; Ireland's export; REER appreciation; housing market bubble; Exports; Real effective exchange rates; Export performance; Foreign direct investment; Vector autoregression; Global
Cover IMF Working Papers
Economic Policies and FDI Inflows to Emerging Market Economies
Ms. Elif C Arbatli Saxegaard
This paper investigates the determinants of FDI inflows to emerging market economies, concentrating on the effects of economic policies. The empirical analysis also addresses the role of external push factors and of political stability using a domestic conflict events database. The results suggest that lowering corporate tax rates and trade tariffs, adopting fixed or managed exchange rate policies and eliminating FDI related capital controls have played an important role. Domestic conflict events and political instability are found to have significant negative effects on FDI, which highlights the role of incluside policies to promote growth and avoid sudden stops of FDI inflows.
Keywords:
WP; FDI inflow; FDI; FDI flow; Emerging Market Economies; Economic Policies; growth rate; country specific pull factors; government stability; major government crisis; government policy; crisis lead; time series; FDI inflows to EME; A. FDI inflow; moving average; Foreign direct investment; Corporate income tax; Emerging and frontier financial markets; Capital account; Real interest rates; Global; Central and Eastern Europe
Cover Coordinated Portfolio Investment Survey Guide (second edition)
Coordinated Portfolio Investment Survey Guide (second edition)
International Monetary Fund

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Keywords:
M&G; certificate; short-term debt; note
Cover IMF Working Papers
Europe and Global Imbalances
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Keywords:
WP; U.S. dollar; dollar position; euro area; monetary policy