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...

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,...

Am 9. Januar 1992 stellte die armenische Regierung den formellen Antrag zur Mitgliedschaft im IMF und in der Weltbankgruppe. Im Januar besuchte daraufhin ein IMF-Expertenteam die Hauptstadt Armeniens Eriwan. Das Team überprüfte die bereits vorgenommenen gesetzgeberischen und sonstigen...

Die Republik Weißrußland stellte am 15. Januar 1992 den Aufnahmeantrag in den IMF und die Weltbankgruppe. Im Februar 1992 bereiste ein IMF-Expertenteam Weißrußland und besuchte Minsk um diesen Bericht zu erarbeiten und die dafür nötigen Informaationen zu sammeln. Der Besuch fiel mit dem...