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Tax Policy, Leverage and Macroeconomic Stability

International Monetary Fund - 2016

Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. 'Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a...

Persistent link: https://www.econbiz.de/10014408716

A Model of Adjustment and Growth : An Empirical Analysis

International Monetary Fund - 1989

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...

Persistent link: https://www.econbiz.de/10014396167

Public Finance in Islam

International Monetary Fund - 1989

The paper analyzes the bearing of Islamic teachings on the conduct of fiscal policy. It is shown that Islamic teachings do not prescribe any rigid system of public finance. The major emphasis is on the state’s responsibility to assure at least a basic minimum standard of living for all...

Persistent link: https://www.econbiz.de/10014396236

Debt Relief and Leveraged Buy-Outs

International Monetary Fund - 1988

Analyses of debt relief that focus on the behavior of debtors and existing creditors understate the incentives for collective action by creditors. It is well known that debt relief could benefit existing creditors by providing incentives for domestic investment by residents of debtor countries....

Persistent link: https://www.econbiz.de/10014396061

Fat Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

International Monetary Fund - 2011

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim holders’ preferred degree of asset correlation in portfolios held by the firm. Using the copula capital structure model, it is shown that the correlation bias shifts...

Persistent link: https://www.econbiz.de/10014401318

Consumer Price Index Manual : Theory, 2025

International Monetary Fund - 2025

The Theory publication and the companion on the practice of compiling consumer price indices (CPIs) is jointly … the update of the Theory publication and the CPI Manual. Drafting of this publication was led by Erwin Diewert with … support from various authors. The Theory publication will be translated into Spanish, French, Arabic, and Russian …

Persistent link: https://www.econbiz.de/10015452128

Fund's Concepts of Convertibility

International Monetary Fund - 1971

This paper examines the IMF's concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making...

Persistent link: https://www.econbiz.de/10014394420

Maintenance of the Gold Value of the Fund's Assets

International Monetary Fund - 1971

This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...

Persistent link: https://www.econbiz.de/10014394421

Trade Dependency, Bargaining and External Debt

International Monetary Fund - 1988

This paper analyzes the factors determining the payment on outstanding debt in the presence of partial defaults, and the feasibility of renewed investment. We show that a higher relative size of sectors with lower substitutability between domestic and foreign products will increase the resource...

Persistent link: https://www.econbiz.de/10014395302

Financial, Exchange Rate, and Wage Policies in Singapore, 1979-1886

International Monetary Fund - 1988

This paper discusses the unique aspects of Singapore’s financial, exchange rate, and wage policies during the period 1979-86, and attempts to quantify the impact of alternative policies on major macroeconomic variables. For this purpose, a simple short-term model is formulated and estimated,...

Persistent link: https://www.econbiz.de/10014395760