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Cash Flow Analysis of Fiscal Regimes for Extractive Industries
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Barbados
The authorities’ implementation of the home-grown Economic Recovery and Transformation (BERT 2022) plan and their ambitious climate policy agenda remain strong, supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). In 2023, the economy completed its recovery from the pandemic, growing by an estimated 4.4 percent, driven by a rebound in tourism and related sectors. Inflation moderated gradually with the easing of global commodity prices but remained somewhat elevated due to adverse weather conditions that affected some domestic crops, and stronger demand for tourism-related services. The external position also strengthened, with the current account deficit narrowing to 9 percent of GDP and ample international reserves (US$1.5 billion at end-2023) continuing to support the exchange rate peg. The authorities remain committed to maintaining fiscal consolidation and debt sustainability, while advancing structural reforms to achieve more inclusive and sustainable growth and increase resilience to climate change.
The Distributional Impact of a Carbon Tax in Asia and the Pacific
While a carbon tax is widely acknowledged as an efficient policy to mitigate climate change, adoption has lagged. Part of the challenge resides in the distributional implications of a carbon tax and a belief that it tends to be regressive. Even when not regressive, poor households could be hurt by a carbon tax, particularly in countries that rely heavily on carbon-intensive energy sources. Using household surveys, we study how a carbon tax may affect households in the Asia Pacific region, the main source of CO2 emissions. We document a wide range of country-specific policies that could be implemented to compensate households, reduce inequality, and build support for adoption.
Recent Developments on Money and Finance
This book assembles current theoretical contributions to monetary theory, banking and finance. The papers published in this collection span a wide variety of themes, from monetary policy to the optimal design of financial systems, from the study of the causes of financial crises to payment systems design. Thereby, the book serves as a useful reference to all researchers interested in the study of financial systems and monetary economics. The papers contribute to two strands of literature: A first group of papers focuses on topics related to the optimality of financial mechanisms, banking regulation, financial crises, financial fragility, and payment systems. A second group of papers is broadly concerned with the efficiency of the decentralized monetary solution in economies characterized by equilibrium heterogeneity.
Chile
Macroeconomic imbalances built during the pandemic have been largely resolved, supported by strong policy responses. Inequality has declined somewhat but remains high. Weak investment and potential growth are constraining income convergence to advanced economies. Policy priorities have shifted toward making the economy more dynamic, inclusive, and greener, but the government is struggling to pass reforms in a fragmented parliament. The December referendum which rejected the draft constitution has reduced lingering uncertainty by bringing the process to a close for the coming years.
The Reception of Darwinism in the Iberian World
I Twenty-five years ago, at the Conference on the Comparative Reception of Darwinism held at the University of Texas in 1972, only two countries of the Iberian world-Spain and Mexico-were represented.' At the time, it was apparent that the topic had attracted interest only as regarded the "mainstream" science countries of Western Europe, plus the United States. The Eurocentric bias of professional history of science was a fact. The sea change that subsequently occurred in the historiography of science makes 1972 appear something like the antediluvian era. Still, we would like to think that that meeting was prescient in looking beyond the mainstream science countries-as then perceived-in orde...
Diario oficial
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Character Sketches of Romance, Fiction and the Drama
Reproduction of the original: Character Sketches of Romance, Fiction and the Drama by E. Cobham Brewer
A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation
This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.
