This paper examines Cambodia’s 2002 Article IV Consultation and Sixth Review Under the Poverty Reduction and Growth Facility (PRGF). Supported by inflows of development aid, economic activity regained vitality in 1999. The government’s macroeconomic strategy, which was supported by a PRGF...

This paper develops a model merging the monetary approach to the balance of payments and a neoclassical growth model into a unified framework in which inflation, growth, and the balance of payments are simultaneously determined. The empirical part of the paper presents estimates of the key...

Trade integration can play a much larger role in boosting shared prosperity. The current focus on trade tensions threatens to obscure the great untapped benefits possible from further trade reform. The opportunities provided by information technology and other fundamental changes in the global...

In the discussion of the Board work program on June 3, 2013, it was urged that the Fund be more present in current discussions of international tax issues. This note reviews key issues and initiatives in this area, and sets out a work plan that is focused on the Fund's mandate and macroeconomic...

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 summarizes the theory and empirical evidence on the determinants of foreign direct investment. These determinants include expected relative rates of return, risk diversification, market size, technological advantage, market failure, oligopolistic rivalry, liquidity, currency strength,...

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...

Capital flows to the nonindustrial countries share three striking characteristics. First, the bulk, of these flows was in the form of debt, not equity; second, the loans were mostly to, or guaranteed by, debtor governments; and third, these debts were largely bank loans, not bonds. This paper...