In today's financial system, complex financial institutions are connected through an opaque network of financial exposures. These connections contribute to financial deepening and greater savings allocation efficiency, but are also unstable channels of contagion. Basel III and Solvency II should...

This 2009 Article IV Consultation highlights that following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia’s economic growth well below trend. The turmoil sparked by the collapse of Lehman Brothers in...

This study analyzes the impact of regional cross-listing of stocks on the depth of the stock markets in sub-Saharan Africa (SSA). It analyzes data from 1990 to 2007 for a panel of 13 stock markets in SSA countries, only some of which have regional cross-listings. Using event study methodology,...

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 Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2019 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee Communique into an Executive Board agenda from November 2019 to October 2020, focusing on the next...

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Spring 2018 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next twelve months

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2018 Global Policy Agenda and the International Monetary and Financial Committee Communique into an Executive Board agenda for the next twelve months. Its main policy priorities and deliverables...

This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communique into an Executive Board agenda for the next twelve months. Its main policy priorities and related...

Full text also available in Arabic, Chinese, French, Japanese, Russian, and Spanish. Despite signs of recovery and resilience in some economies, global growth continues to disappoint, with the expected pick-up driven primarily by emerging markets. This persistent underperformance has exposed...