Despite Mexico’s recent remarkable progress in adjusting its fiscal and external accounts and in restructuring its economy, the recovery of growth has remained elusive. This paper reviews some aspects of Mexico’s recent performance and suggests that systemic adjustment uncertainty, and...

This paper shows how growth and demography, two important determinants of the savings rate in the life-cycle approach, explain a large part of the diversity in savings behavior in Asia across eight countries as well as over time. Inflation and adverse movements in the terms of trade are found to...

The main findings are as follows: (1) an increase in private national saving during 2001-03 was the key contributor to the turnaround in Pakistan''s external current account during this period; (2) while Pakistan''s growth was mainly export-led before 2003-04, it was largely led by domestic...

This paper compares the effective rates of taxation faced by a representative investor located in a major capital-exporting country for investments in machinery and buildings in nine capital-importing European countries. Poland and Hungary are found to have relatively high effective tax rates on...

This paper explores how the tax treatment of investment and savings affects international capital flows as well as national and global welfare. Focusing on portfolio investment, it evaluates the international effects of capital income taxes in the United States and Japan. During the 1980s, these...

On March 22, 2017, the Executive Board adopted the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the 'Guidelines') to establish the investment objectives and policies to guide the investment of assets of the PRG, PRG-HIPC, and CCR Trusts (the'Trusts') which are available for...

Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets (the "Guidelines"), which were adopted on March 22, 2017, were further amended on January 12, 2022, by the Executive Board of the IMF. The Guidelines establish the investment objectives and policies to guide the investment of assets of...