Executive Directors welcomed the opportunity to initiate discussions on the quota formula review, which is to be concluded by January 2013. They recalled that the agreement to conduct a comprehensive review of the formula was an integral part of the quota and governance reform agreed in 2010....

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...

In July, the Executive Board held its second formal discussion on the quota formula review. Directors agreed on the principles that should guide the review and the importance of meeting the January 2013 deadline, and there were indications of an emerging consensus in a few areas. However, views...

On June 25, the Executive Board discussed a proposal for a historic USD 650 billion general allocation of SDRs to address the long-term global need to supplement existing reserve assets. Following concurrence by the Executive Board on July 8, the Managing Director submitted the proposal to the...

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...

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...

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...

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,...