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Fixing the Great Distortion: How to Undo the Tax Bias Toward Debt Finance

By Ruud de Mooij, Michael Keen, and Alexander Tieman

“The Great Distortion.” That’s what The Economist, in its cover story of May 2015¸ called the systematic tax advantage of debt over equity that is found in almost every tax system.

This “debt bias” is now widely recognized as a real risk to economic stability. A new IMF study argues that it needs to feature more prominently on tax reform agendas; it also sets out options for how to do that.

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By | November 10th, 2016|Economic research, Finance, Fiscal policy, IMF, International Monetary Fund, Public debt|0 Comments
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Virtual Currencies: The Public Impact of Private Money

By iMFdirect

(Version in عربي, 中文, and Español)

Technology and finance have always gone together. So what's new this time around? Virtual currencies are part of a broader tech revolution that is driving fundamental change in the global economy.

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By | January 20th, 2016|Finance, Financial markets, Financial regulation, International Monetary Fund|0 Comments
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The More the Merrier? What Happens When More People Use Financial Services

By Ratna Sahay, Martin Cihak, Papa N’Diaye, Adolfo Barajas, and Srobona Mitra

(Version in Français, Español, عربي)

A growing number of policymakers see financial inclusion—greater access to financial services throughout a country’s population—as a way to promote and make economic development work for society. More than 60 countries have adopted national financial inclusion targets and strategies. Opening bank accounts for all in India and encouraging mobile payments platforms in Peru are just two examples. Evidence for individuals and firms suggests that greater access to financial services indeed makes a difference in investment, food security, health outcomes, and other aspects of daily life. Our study looks at the benefits to the economy as a whole.

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By | September 15th, 2015|Advanced Economies, Economic research, Emerging Markets, Finance, Financial regulation, Fiscal policy, growth, IMF|0 Comments
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Financial Support for Arab Countries in Transition

The IMF’s assistance varies across the region, given that each country faces its own economic challenges, and the instruments to tackle those challenges must be tailored to address those unique circumstances. I am pleased to say that a few days ago, in response to the authorities’ request, the IMF Board approved two loans in support of the economic reform agendas of Arab countries in transition: one for Jordan under a Standby Arrangement in the amount of $2.05 billion, and another for Morocco in the amount of $6.2 billion under our Precautionary and Liquidity Line (PLL). This follows on our earlier concessional loan to Yemen under the Rapid Credit Facility.

By | August 7th, 2012|Africa, Economic Crisis, Emerging Markets, Employment, Finance, IMF, Inequality, International Monetary Fund, Investment, Middle East, عربي|3 Comments
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