The paper describes the evolution of the corporate stock and bond markets in Korea and the Government’s role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...

This paper explores the nature, significance and policy implications of spillovers in international corporate taxation-the effects of one country's rules and practices on others. It complements current initiatives focused on tax avoidance by multinationals, notably the G20-OECD project on Base...

This paper demonstrates that instability associated with investment risk is critical in explaining the level of foreign direct investment for the Middle East and North Africa (MENA) countries, which generally have higher investment risk than developed countries. The empirical results support...

This paper presents the views of Lawrence H. Summers on the U.S. current account deficit and the global economy. Summers highlights that the U.S. current account deficit is currently running well in excess of US$600 billion at an annual rate, in the range of 5.5 percent of GDP. It represents...

The Annual Report 2000 to the Board of Governors reviews the IMF's activities, policies, and financial position during the financial year (May 1, 1999 through April 30, 2000), as well as developments in the world economy. The Annual Report 2000 highlights the efforts of the IMF, together with...

This 2004 Annual Report highlights that during FY2004, the IMF continued to work with its member countries to foster sustained growth and financial stability—and reduce poverty in its low-income members—through its surveillance activities and policy advice; lending in support of stabilization...

This 2003 Annual Report highlights that during FY2003, the IMF held bilateral (country) discussions with 136 members. It also took a number of steps to enhance the effectiveness of its surveillance and crisis prevention work. Among these efforts, it continued to develop a system to assess...