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Ten years after regaining independence, the three Baltic countries of Estonia, Latvia, and Lithuania are now fully functioning market economies. They are on the verge of acceding to the European Union (EU) and the North Atlantic Treaty Organisation (NATO), and this paper discusses the fiscal challenges they face in the run-up to the accession process.
The papers in this volume address the tax treatment of the primary institutions, products, and services that make up the financial sector: banks, insurance companies, securities companies, investment funds, pension funds, and derivatives. Five of the six papers were originally prepared as background materials for a technical assistance mission of the IMF's Fiscal Affairs Department to China in September 2002 to discuss the taxation of China's financial sector.
Identifies nine core leadership principles common to Latino, African American, and American Indian cultures Incorporates these principles into a multicultural leadership model that is uniquely suited to our changing demographics Combines personal reflections, interviews with community leaders, historical background, and contemporary case examples One of America's historic strengths has been our ability to incorporate aspects from many different cultures to create a stronger whole. Our music, literature, language, architecture, food, fashion, and more have all benefitted. But leadership approaches have remained distressingly Eurocentric. Juana Bordas set out to change this in the first edition of this influential book. She showed that incorporating Latino, African American, and American Indian approaches to leadership into the mainstream can strengthen leadership practices and better inspire today's ethnically rich workforce. This message has only become more urgent. The 2010 census revealed that in four decades minorities will constitute over 50 percent of the population--and in one decade a majority of Americans under age eighteen will be nonwhite. More than ever we need a leadership model that resonates with our country's growing diversity. Bordas incorporates this latest census data into this second edition, which now identifies nine--rather than the previous edition's eight--core leadership principles common to all three cultures. The new principle deals with intergenerational leadership, of vital importance now that many organizations will have four generations working side by side. Using a lively blend of personal reflections, interviews with leaders from each community, historical background, and insightful analysis, Bordas illustrates the creative ways these principles have been put into practice in communities of color. The multicultural leadership model developed in this book offers a more flexible and inclusive way to lead and a new vision of the role of the leader in organizations and in our increasingly multicultural world. "Study the nine beautifully illustrated and resourced principles in this book and you'll find that they are both universal and timeless. Only by honoring and celebrating diversity can we synergistically produce unity, including peace and prosperity for all." --Stephen R. Covey, author of The 7 Habits of Highly Effective People
This book examines the development of tax legislation from a comparative law perspective, An area in which very little of a general nature has previously been written. Based on the experience of the IMF Legal Department in assisting many developing and transition countries to draft tax legislation, it comprises contributions by tax experts from around the world. This useful guide aims to identify the legal issues that arise in the drafting of tax laws and to examine the various solutions which have been devised in national legislation. A comparative tax law bibliography and a bibliography of the national tax laws of IMF member countries are included in appendix. Its practical nature And The general scope of its discussion will make it a valuable tool not only for officials in developing and transition countries and their advisors, but also for students, academics and practitioners with an interest in comparative tax law. A two-volume paperback edition of this work was published by the IMF in 1996 and 1998.
This volumes examines how should Japan cope with its daunting fiscal challenges. As the Japanese economy finally emerges from a long period of weak growth and falling prices burdened by record-high public debt, fiscal adjustment has taken centre stage in the policy agenda and the public debate. Growing demands on the budget from a rapidly ageing society have added urgency to the need to reign in public indebtedness and revamp the pension and healthcare systems. This book combines insights from academic research with the points of view of policymakers to distill key issues that need to inform public debate.
Systemic Bank Restructuring and Macroeconomic Policy. Includes bibliographical references.
This publication complements the recommendations of the System of National Accounts 1993, setting out changes to the 1993 SNA and its annexes and tables. It is divided into three parts, relating to: the updated text incorporating new international standards on financial derivatives; updated classifications; and a glossary of terms and definitions of the 1993 SNA.
The Swedish Prime Minister, Gèran Persson, has used the analogy of a bumblebee to describe the success of the Swedish welfare state, saying "Think of a bumblebee. With its overly heavy body and little wings, supposedly it should not be able to fly, but it does. " Drawing on its continued surveillance of the economic policies of IMF member states, this book examines the Swedish model and considers both its achievements and the challenges facing it in the 21st century. It also seeks to draw lessons from the Swedish experience for other countries that face similar challenges from developments in globalisation and demographics.
Growth in sub-Saharan Africa has recently shown signs of improvement, but is still short of levels needed to attain the Millennium Development Goals. Economists have placed increasing emphasis on understanding the policies that promote sustained jumps in medium-term growth, and the paper applies this approach to African countries. The evidence presented finds an important growth-supporting role for particular kinds of institutions and policies, but also highlights aspects of growth that are still not well understood. The paper includes policy guidance for ensuring that the poor benefit from growth.
The financial sectors of low-income sub-Saharan Africa countries are among the world's least developed, and there is an urgent need to build efficient and sound financial markets in order to promote economic development, entrepreneurship and poverty reduction objectives. Based on a review of the key features of financial systems, this publication considers the main obstacles and challenges involved in implementing a financial reform agenda in order to improve the economic prospects of the region.
IMF technical assistance provided by the Statistics Department -- toward assisting IMF member countries in developing the ability to provide reliable and comparable economic and financial data on a timely basis to policymakers and markets -- has increased more than fourfold over the past decade. This assistance has proven critical in countries' building their statistical capacity so as to come into line with international data standards in an increasingly globalized and electronically interconnected world. Statistical Capacity Building: Case Studies and Lessons Learned presents four case studies drawn from experience in three countries in transition to the market, two of which were also in postconflict situations, in the 1990s and early 2000s: Cambodia, Bosnia and Herzegovina, and Ukraine. Issues of setting, institutional and statistical arrangements, strategies, and implementation are examined, and lessons drawn.
Stabilization and Reform in Latin America: A Macroeconomic Perspective of the Experience Since the 1990sby Anoop Singh
This study examines external and domestic influences on Latin America's economic performance over the past decade and a half. It notes that over the past few years, macroeconomic policies have strengthened and structural reforms have been implemented. Together with a favorable external environment, these policies have contributed to Latin America's relatively sharp economic recovery from its last recession. The study discusses the priorities for the region's reform agenda that could help to ensure that this growing prosperity becomes entrenched. It also makes observations on the future roles of the major policymakers involved-the governments in the region; the international financial institutions, and especially the IMF; and industrial country governments.
A book-length interview with Vaclav Havel giving an intimate history of Czechoslovakia under communism; a meditation on the social and political role of art, and a triumphant statement of the values underlying all the recent revolutions in Central and Eastern Europe.
HU...the Holy Grail of Life! This book contains a Lost Secret that has the power to transform an individual in an instant---two simple letters that when combined produce a powerful, yet harmonious vibration! ---HU is an Ancient yet forgotten Name of God found in most World Religions ---HU man Refers to the God Force within Man ---HU uses the Power of Quantum Physics ---HU is the One Place where Science and Spirituality Actually Meet ---HU to Avoid Adversity and Never Get Blind-Sided Again ---HU to Enhance Intuition and Confirm Your Gut Hunches ---HU before Bed and Say Good-bye to Insomnia and Nightmares ---HU to Unfold Spiritually and Tap into your Higher-Self ---HU to Overcome Addictions ---HU to Eliminate Stress and Anxiety
The papers contained in this publication were presented at an International Monetary Fund organised conference held in Hong Kong in 1996. The conference focused on a wide range of issues confronting policy makers in managing their sovereign assets and liabilities in a world of mobile capital and integrated capital markets. These issues included: the strategy of public debt management; the management of central bank reserves; the technical and quantitative aspects of risk management; and credit costs and borrowing capacity in debt organisation. The papers also describe the experience of various countries in managing their own sovereign assets and liabilities. These experiences are drawn from policy makers and private sector participants who have been actively involved in formulating and implementing national debt and reserves policies.
This book analyses Russia's dramatic economic recovery since the country's financial crisis in 1998, with the focus on macroeconomic issues and fiscal and banking sector reforms. It considers the various factors underlying this recovery and highlights key policy challenges that will need to be addressed in order to ensure that the post-crisis recovery is sustained. Chapters look at macroeconomic policymaking; structural reforms and the growth outlook; tax and public expenditure reforms; the banking crisis and recovery; debt problems and the road from default to sustainability.
This paper reviews the IMF's policy advice in two areas of social policy: social safety nets and spending on education and health care. It was initiated as part of the work by the World Bank and IMF to strengthen the poverty focus of adjustment programmes in low-income countries. It looks at the lessons learnt from experience and sets out proposals for strengthening the social content of IMF supported programmes.
In nearly every major financial crisis of the past decade-from East Asia to Russia, Turkey, and Latin America-political interference in financial sector regulation helped make a bad situation worse. Political pressures not only weakened financial regulation, but also hindered regulators and supervisors from taking action against troubled banks. This paper investigates why, to fulfill their mandate to preserve financial sector stability, financial sector regulators and supervisors need to be independent-from the financial services industry as well as from the government-as well as accountable.
This summary presents the results of an internal self-evaluation of the technical assistance provided by the IMF to help develop treasuries in the Baltics, Russia, and other countries of the former Soviet Union. 1 The findings from the assessment are intended principally for those interested in the development of these transition economies, but should also be of wider relevance to those involved in delivering technical assistance on public sector institutional reform. The assessment follows the standard approach to such evaluation work. It first considers whether the basic goal of setting up treasuries has been achieved and whether the resultant reforms are relevant and sustainable. Then, it reviews the costs of the inputs, the outputs, the efficiency with which the technical assistance was delivered, and the effectiveness of the particular program. The assessment also considers the factors that influenced the relative efficiency, effectiveness, and impact of the program in different countries. Finally, the work on the treasury systems is viewed in the wider context of budget and fiscal management in these economies, and some conclusions are drawn about the need for and targeting of further technical assistance in these areas.
As required under Article IV of its Articles of Agreement, the International Monetary Fund (IMF) conducts periodic consultations with its member countries. This IMF Staff Report for the 2000 Article IV consultation with Germany concludes that the near-term outlook for the German economy is more favourable that it has been for many years, reflecting a markedly improved external environment, supportive monetary conditions, moderate wage settlements and a clearer direction in domestic policies. The risks to the near-term outlook - persistently high oil prices and a possible sharp appreciation to the Euro - are unlikely to derail the expansion.
In recent decades, most industrial countries have seen a sharp rise in the size of government and a large accumulation of public debt. An increasing number of countries have adopted formal fiscal rules to deal with high public debt levels, such as balanced-budget rules or multiyear frameworks that limit discretionary fiscal policy. This paper studies the design of fiscal rules and frameworks, focusing on the experiences in France, Germany, Italy, and Spain.
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