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Asia and Pacific > India

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Cover IMF Working Papers
Is Mobile Money Part of Money? Understanding the Trends and Measurement
Ms. Kazuko Shirono
,
Esha Chhabra
,
Ms. Bidisha Das
,
Ms. Yingjie Fan
, and
Mr. Hector Carcel Villanova
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
Keywords:
usage pattern; money account; customer funds; value chain; agent outlet; money issuer; measurement issue; monetary value; Mobile banking; Monetary base; Monetary statistics; Financial statistics; West Africa
Cover IMF Working Papers
Capital Flow Data – A Guide for Empirical Analysis and Real-time Tracking
Mr. Robin Koepke
and
Simon Paetzold
This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address common misconceptions about capital flow data and discuss differences between high-frequency proxies for portfolio flows. In a nowcasting “horse race” we show that high-frequency proxies have significant predictive content for portfolio flows from the balance of payments (BoP). We also construct a new dataset for academic use, consisting of monthly portfolio flows broadly consistent with BoP data.
Keywords:
WP; flow data; portfolio flow; debt flow; flow proxy; IMF balance of payments statistic; portfolio flows; fund flows; balance of payments; coincident indicators; IIF data; IMF balance of payments data; Capital flows; Stocks; Balance of payments statistics; Flow of funds; Emerging and frontier financial markets; Africa; Global
Cover IMF Working Papers
Tec(h)tonic Shifts: Taxing the “Digital Economy”
Aqib Aslam
and
Ms. Alpa Shah
The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or “user”—through their online activities—is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes—similar to wealth and solidarity taxes—which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration—from a modified permanent establishment definition combined with taxation by formulary apportionment, to user-based royalty-type taxes—each with their own merits and misdemeanors.
Keywords:
WP; user data; withholding tax; multinational enterprise; tax treatment; company activity; gross income; resource company; Corporate Taxation; Digitalization; income tax; social media; natural resource; digital economy; small business; Corporate income tax; Data collection; Income and capital gains taxes; Income tax systems; Global; profit margin; customer base; computer database; resident company; market power
Cover IMF Staff Country Reports
Nepal: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nepal
International Monetary Fund. Asia and Pacific Dept
This 2020 Article IV Consultation focuses on Nepal’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. During recent years, strong growth in Nepal has been supported by greater political stability, improved electricity supply, and reconstruction activity following the devastating earthquakes in 2015. Additional policies are needed to continue to support inclusive growth, while safeguarding macroeconomic and financial stability. Fiscal policy should remain prudent, and the transition to fiscal federalism carefully managed. Macroprudential measures should remain in place to limit the build-up of financial sector risk. Recent reforms to boost foreign investment need a supportive implementation environment. Strengthening the implementation of monetary policy requires a well-functioning interest rate framework that reduces volatility in short-term interest rates. Less short-term interest rate volatility would support financial market development and improve policy signaling and transmission. The IMF staff emphasizes the need to introduce a standing deposit facility as a first step toward establishing a reliable implementation track record for the interest rate corridor.
Keywords:
ISCR; CR; government; current account; GDP; remittance; remittance inflow; credit growth; r eal GDP growth; central government deficit; financing transaction; remittances slowdown; liability positions vis-à-vis nonresident; private sector; External sector statistics; Credit; Stress testing; Global; South Asia
Cover Fiscal Monitor, October 2019
Fiscal Monitor, October 2019
How to Mitigate Climate Change
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

Keywords:
FM; term id; firm; nominal GDP; country abbreviation; emission trading system; carbon prices country; tackling debt vulnerability; p LW; cost advantage; Carbon tax; Greenhouse gas emissions; Government finance statistics; Global; Africa; Middle East; North Africa; Sub-Saharan Africa; Europe; Asia and Pacific; power-generating firm; baseline price; efficiency cost; firms' emission; extraction firm; establishment of standard; emission price requirement; market mechanism; cost estimate; basic rate; floor price; mitigation cost; Climate change; Emissions trading
Cover IMF Staff Country Reports
Myanmar: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Myanmar
International Monetary Fund. Asia and Pacific Dept
This 2018 Article IV Consultation highlights that Myanmar’s economy is expected to gain steam albeit at a somewhat slower pace than previously envisaged but faces greater downside risks including from the crisis in Rakhine state. The country’s long-term prospects remain strong, supported by a growing demographic dividend, a competitive labor force and its strategic location. The discussions recommend that successful implementation of the second wave of reforms in the Myanmar Sustainable Development Plan with a focus on peace, stability and good governance will help sustain the growth take-off and achieve the Sustainable Development Goals (SDGs). Financial regulations and supervision should be strengthened with a view to ensuring financial stability and deepening, while forming contingency plans to address systemic banking risks, and strengthening the resolution framework. Fiscal policy should be directed towards SDG-related spending, while lowering Central Bank of Myanmar financing and ensuring debt sustainability. The business environment is expected to benefit from upgraded infrastructure, access to finance, and strengthening of the overall governance framework.
Keywords:
ISCR; CR; FDI project approval; deposit auction rate; capital goods import; inflation rate.; rate; FDI inflow; Myanmar's Union parliament; External sector statistics; Monetary operations; Global; Asia and Pacific
Cover IMF Staff Country Reports
Bhutan: Technical Assistance Report-Report on the External Sector Statistics Technical Assistance Mission (April 2–13, 2018)
International Monetary Fund. Statistics Dept.
As part of the IMF-South Asia Regional Training and Technical Assistance Center (SARTTAC) work program, a technical assistance (TA) mission on external sector statistics (ESS) was conducted during April 2–13, 2018. The mission assisted the Royal Monetary Authority (RMA) in compiling and disseminating external debt statistics (EDS) consistent with the international investment position (IIP), reviewed the compilation method of direct investment statistics, and assessed the coverage of external flows related to hydropower projects.
Keywords:
ISCR; CR; FDI company; FDI data; compilation file; FDI worksheet; loans liabilities transaction; resident in Bhutan; accrued interest; Foreign direct investment; External sector statistics; International investment position; Loans; Asia and Pacific
Cover IMF Staff Country Reports
Mauritius: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Mauritius
International Monetary Fund. African Dept.
This paper discusses key issues related to the economy of Mauritius. In 2015, the economy of Mauritius has grown at moderate rate; inflation is low; and the external position has improved. However, macroeconomic conditions remain stable but the authorities face macrofinancial challenges stemming from the recent collapse of a large financial conglomerate, which affected the real economy, as well as risk exposures and potential spillovers from the massive offshore sector and its sizeable inter-linkages with domestic banking activities. Despite these challenges, the medium-term outlook remains favorable, as economic growth is set to be boosted by continued low fuel prices and the start of important investment programs.
Keywords:
ISCR; CR; deficit; foreign currency; exchange rate; transmission mechanism; reform strategy; monetary policy transmission mechanism; Mauritian economy; long-term debt; economy status; reform effort; Domestic credit; Loans; Balance of payments statistics; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Bhutan: Technical Assistance Evaluation Report (March 4-8, 2013)
International Monetary Fund. Statistics Dept.
This paper discusses Bhutan’s Technical Assistance Evaluation report. Participation in the statistical projects financed by the Japanese government in national accounts, prices, government finance, and balance-of-payments statistics is having a major effect on Bhutan’s statistical development. The statistical compilers were well informed about the donor as the source of funding. The method of combining regional workshops and multiple missions was considered to be particularly suitable. Cross-sectoral data consistency and coordination are increasingly recognized as important. Computerized accounting systems for the budgetary central government have been introduced, namely the Multi-Year Rolling Budget and the Public Expenditure Management System.
Keywords:
ISCR; CR; TA mission; Sta TA; TA provider; evaluation mission; TA effort; TA recommendation; fund course; RMA staff; availability fund staff; collection procedure; TA work; course nomination; enhancing TA policy; TA evaluation mission; compilation procedure; External sector statistics; Government finance statistics; Balance of payments statistics; Monetary statistics; Asia and Pacific
Cover IMF Working Papers
New Indicators for Tracking Growth in Real Time
Mr. Troy D Matheson
We develop monthly indicators for tracking growth in 32 advanced and emerging-market economies. We test the historical performance of our indicators and find that they do a good job at describing the business cycle. In a recursive out-of-sample forecasting exercise, we find that the indicators generally produce good GDP growth forecasts relative to a range of time series models.
Keywords:
WP; real GDP