This paper highlights key issues pertinent for the understanding of international effects of domestic tax policies and of international tax harmonization. The analytical framework adopts the saving-investment balance approach to the analysis of international economic interdependence focusing on...

Many countries around the globe, particularly the systemic advanced economies, face the challenge of closing output gaps and raising potential output growth. Addressing these challenges requires a package of macroeconomic, financial and structural policies that will boost both aggregate demand...

Five years after the global financial crisis, the severe tensions and risks rooted last year in some of the 'Systemic five' (S5)-China, euro area, Japan, United Kingdom, United States--have abated but all five are still operating below potential, id est, they are not contributing to global...

Spillover reports examine the external effects of domestic policies in five systemic economies (S5), comprising China, the Euro Area, Japan, the United Kingdom, and the United States. The report aims to provide an added perspective to the policy line developed in the Article IV discussions with...

Global spillovers have entered a new phase. With crisis-related spillovers and risks fading, changing growth patterns are the main source of spillovers in the global economy at this juncture. Two key trends are highly relevant here. First, signs of self-sustaining recovery in some advanced...

This paper discusses the 59th issue of the By-Laws and Rules and Regulations of the IMF. The By-Laws are adopted under the authority of, and are intended to be complementary to, the Articles of Agreement of the IMF. The Rules and Regulations supplement the Articles of Agreement and the By-Laws...

This paper was originally prepared for a seminar of the Executive Board of the Fund. In the seminar, Executive Directors expressed a broad range of views with regard to both the adequacy of the Fund's approach to financial programming and the validity of the analysis presented in this paper

In View of the continuation of substantial movements in exchange rate relationships among major currencies, the recent increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about the possible adverse effects of exchange rate...

In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of the IMF and World Bank suggests that the availability of collateralized financing...

This paper proposes a further six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas. The current deadline is due to expire on December 31, 2015, however, Board of Governors Resolution No. 66-2 provides that the Executive Board may extend...