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Hungary:Selected Issues Paper

by International Monetary Fund. Euro Dept.

This Selected Issues paper assesses the efficiency of public spending on health and education in Hungary, with a view to identifying potential efficiency gains and areas for reforms so as to lock in such gains....


United States:Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles

by International Monetary Fund. Department

This paper discusses key findings of the Detailed Assessment of Observance of the Insurance Core Principles on the United States. The assessment finds a reasonable level of observance of the Insurance Core Principles....


Qatar:Selected Issues

by International Monetary Fund. Midd Dept.

This Selected Issues paper discusses strengthening of fiscal policy and fiscal frameworks in Qatar. It proposes ways to ensure that sustainable fiscal policy is maintained in the medium to long term in Qatar....


Qatar:2015 Article IV Consultation-Staff Report; and Press Release

by International Monetary Fund. Midd Dept.

This 2015 Article IV Consultation highlights that Qatar is implementing an ambitious diversification strategy, while retaining its systemic role in the global natural gas market. Qatar accounts for one-third...


United States:Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulatio

by International Monetary Fund. Department

This paper discusses key findings of the Detailed Assessment of Implementation of the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation on the United...


Frontiers of Monetary Policymaking:Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

by Ali Alichi & Jaromir Benes

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent experience...


Assessing China's Corporate Sector Vulnerabilities

by Mali Chivakul & Raphael W. Lam

This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat...


Electronic Fiscal Devices (EFDs) An Empirical Study of their Impact on Taxpayer Compliance and Administrative Efficiency

by Peter Casey & Patricio Castro

Several administrations have adopted electronic fiscal devices (EFDs) in their quest to combat noncompliance, particularly as regards sales and the value-added tax (VAT) payable on sales. The introduction of...


Fiscal Multipliers in Ukraine

by Pritha Mitra & Tigran Poghosyan

Amid renewed crisis, falling tax revenues, and rising debt, Ukraine faces serious fiscal consolidation needs. Durable fiscal adjustment can support economic confidence and rebuild buffers but what is its overall...


Spillovers in the Nordic Countries

by Borislava, Miss Mircheva & Dirk Muir

Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well as some exposure to Russia. Using the IMF’s Global Integrated Monetary and Fiscal model...


Investment Scaling-up and the Role of Government:the Case of Benin

by Matteo Ghilardi & Sergio Sola

This paper studies the fiscal implications for the Beninese economy of scaling up of public investment when the government is subject to inefficiencies on the spending and on the tax collection side. While scaling...


Growing (Un)equal:Fiscal Policy and Income Inequality in China and BRIC+

by Serhan Cevik & Carolina Correa-Caro

This paper investigates the empirical characteristics of income inequality in China and a panel of BRIC+ countries over the period 1980–2013, with a focus on the redistributive contribution of fiscal policy....


China:How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth?

by Raphael W. Lam & Philippe Wingender

Revenue reforms can contribute to more inclusive, green, and sustainable growth in China. Relative to OECD economies, fiscal policy in China is less redistributive. Options for promoting more inclusive growth...


Playing by the Rules:Reforming Fiscal Governance in Europe

by Luc Eyraud & Tao Wu

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The...


Leading with Cultural Intelligence: The Real Secret to Success

by David LIVERMORE

Business today is global--and success requires a new set of skills. But not to worry, whether you're negotiating with vendors in Asia, exploring potential markets in Africa, or leading a diverse team at home,...


Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice

by Bill Browder

A real-life political thriller about an American financier in the Wild East of Russia, the murder of his principled young tax attorney, and his dangerous mission to expose the Kremlin’s corruption.

Bill Browder’s...


The Flexible System of Global Models - FSGM

by Michal Andrle & Patrick Blagrave

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural...


Fiscal Decentralization and the Efficiency of Public Service Delivery

by Moussé|Razafimahefa, Ivohasina Fiza Sow

This paper explores the impact of fiscal decentralization on the efficiency of public service delivery. It uses a stochastic frontier method to estimate time-varying efficiency coefficients and analyzes the...


The Use and Effectiveness of Macroprudential Policies:New Evidence

by Eugenio Cerutti & Stijn Claessens

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential...


Flashpoints: The Emerging Crisis in Europe

by George Friedman

A major new book by New York Times bestselling author and geopolitical forecaster George Friedman (The Next 100 Years), with a bold thesis about coming events in Europe. This provocative work examines “flashpoints,” unique...