The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

In 1980 Turkey embarked on a far-reaching stabilization and liberalization program, which contributed to export-led growth and a significant movement toward both domestic and external equilibrium. Later, as fiscal policy was partly reoriented from a restrictive to an expansionary stance while...

The separate identification of current and capital transfers was introduced for the first time in the fifth edition of the Fund’s Balance of Payments Manual (Manual), thus harmonizing with the treatment of transfers in the 1993 System of National Accounts (1993 SNA). Capital transfers are now...

This paper notes that, for the first time, the concept and treatment of reinvested earnings in the Fund’s Balance of Payments Manual and the 1993 System of National Accounts are fully harmonized. The paper presents the conceptual basis for the measurement of reinvested earnings and...