nep-acc New Economics Papers
on Accounting and Auditing
Issue of 2021‒02‒08
eighteen papers chosen by
Alexander Harin
Modern University for the Humanities

  1. Financial Distress, Tax Loss Carried Forward, Corporate Governance and Tax Avoidance By Mayang Sekar Pembayun Khamisan
  2. Advances in accounting for biodiversity and ecosystems: a typology focusing upon the environmental results imperative By C. Feger; Laurent Mermet
  3. Do Audits Deter or Provoke Future Tax Noncompliance? Evidence on Self-employed Taxpayers By Sebastian Beer; Matthias Kasper; Erich Kirchler; Brian Erard
  4. Thailand; Technical Assistance Report-Government Finance Statistics By International Monetary Fund
  5. Republic of Poland; Technical Assistance Report-Revenue Administration Gap Analysis Program—The Value-Added Tax Gap By International Monetary Fund
  6. An Assessment of Global Formula Apportionment By Ruud A. de Mooij; Li Liu; Dinar Prihardini
  7. Deposit insurance and brokerage firms: impacts on the market discipline of the Brazilian banking industry By Marília Pinheiro Ohlson; Gerlando Augusto Sampaio Franco de Lima; Tony Takeda
  8. Cash and the Hidden Economy: Laboratory and Artefactual Field Experimental Evidence on Fighting Tax Evasion in Small Business Transactions By Ho Fai Chan; Uwe Dulleck; Jonas Fooken; Naomi Moy; Benno Torgler
  9. Optimality of tax policy on the basis of comparative analysis of income taxation By Abuselidze, George
  10. Digitalization to Improve Tax Compliance: Evidence from VAT e-Invoicing in Peru By Matthieu Bellon; Jillie Chang; Era Dabla-Norris; Salma Khalid; Frederico Lima; Enrique Rojas; Pilar Villena
  11. Accounting and financial reporting during a pandemic By Ozili, Peterson K
  12. Интегрираното отчитане като инструмент за комуникиране на корпоративна информация в условията на COVID-19 By Atanasov, Atanas; Marinova, Rumyana
  13. Japan's Public Sector Balance Sheet By Yugo Koshima
  14. The Impact of R&D tax incentives in Portugal By Rita Bessone Basto; Ana Martins; Guida Nogueira
  15. Botswana; Technical Assistance Report-Government Finance Statistics By International Monetary Fund
  16. The independence of the auditor as a determinant of the quality of financial information: a perception by listeners of the Togolese context By Maman Aboudou; Essonam Magnangou
  17. Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence By Diego A. Cerdeiro; Andras Komaromi
  18. Arab Republic of Egypt; First Review Under the Stand-By Arrangement and Monetary Policy Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt By International Monetary Fund

  1. By: Mayang Sekar Pembayun Khamisan (Trisakti School of Management, Kyai Tapa 20, 11440, Jakarta, Indonesia Author-2-Name: Silvy Christina Author-2-Workplace-Name: Trisakti School of Management, Kyai Tapa 20, 11440, Jakarta, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - This study aims to obtain empirical evidence about the factors that influence tax avoidance. The independent variables tested in this research were financial distress, tax loss carried forward, institutional ownership, managerial ownership, audit committee, audit quality, firm size, and return on assets with e Cash Effective Tax Rate (CETR) used as a dependent variable in this study. Methodology/Technique - The companies used in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) with a research period of 2016-2018. The number of research samples used were 162 data. The method of sampling used purposive sampling and this research used multiple regression analyses to test the hypothesis. Finding - This research provides the result that financial distress, tax loss carried forward, institutional ownership, managerial ownership, audit committee, audit quality, firm size, and return on assets have no influence on tax avoidance. Originality/value - The difference between this study and previous studies is that this study focuses on financial distress, tax loss carried forward and corporate governance. Type of Paper - Empirical.
    Keywords: Financial Distress, Tax Loss Carried Forward, Institutional Ownership, Managerial Ownership, Audit Committee, Audit Quality, Firm Size, Return on Assets, Cash Effective Tax Rate.
    JEL: M41 M49
    Date: 2020–12–31
    URL: http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr190&r=all
  2. By: C. Feger (AgroParisTech, MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Laurent Mermet (AgroParisTech, CESCO - Centre d'Ecologie et des Sciences de la COnservation - MNHN - Muséum national d'Histoire naturelle - SU - Sorbonne Université - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Accounting for biodiversity and ecosystems is a new and growing field of research. This is the first time four major areas of leading research in this field have been identified and reviewed simultaneously on the basis of their differences in scope (company, ecosystem or national) and purposes (logics of management accounting or balance sheet). In this paper, the usefulness of pursuing the growth in the developing field of "ecosystem-centric management accounting" is highlighted and makes assessment and monitoring of environmental results possible. In the field of social and environmental accounting, the suggested classification offers one form of response to the main test which arises from discussions over the interlinking of private and collective accounting systems.
    Abstract: Les recherches en comptabilité sur le thème de la biodiversité et des écosystèmes constituent un champ nouveau et en plein essor. Pour la première fois, quatre grands domaines d'innovation en la matière sont ici identifiés et discutés conjointement, sur la base de leurs différences de périmètres (entreprise, de l'écosystème ou national) et de finalités (logiques de comptabilités de gestion ou de bilan). L'importance de poursuivre le développement du domaine émergent des « comptabilités de gestion écosystème-centrées», qui rend possible l'évaluation et le suivi des résultats environnementaux, est mise en lumière. La typologie proposée apporte une forme de réponse au défi majeur de l'articulation entre les comptabilités privées et les comptabilités collectives dans le champ des comptabilités sociales et environnementales.
    Keywords: extra-financial reporting,ecosystems,indicators,accounting,biodiversity,natural capital,environment,ecological indicators,nonfinancial reporting
    Date: 2021–01
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-02549016&r=all
  3. By: Sebastian Beer; Matthias Kasper; Erich Kirchler; Brian Erard
    Abstract: This paper employs unique tax administrative data and operational audit information from a sample of approximately 7,500 self-employed U.S. taxpayers to investigate the effects of operational tax audits on future reporting behavior. Our estimates indicate that audits can have substantial deterrent or counter-deterrent effects. Among those taxpayers who receive an additional tax assessment, reported taxable income is estimated to be 64% higher in the first year after the audit than it would have been in the absence of the audit. In contrast, among those taxpayers who do not receive an additional tax assessment, reported taxable income is estimated to be approximately 15% lower the year after the audit than it would have been had the audit not taken place. Our results suggest that improved targeting of audits towards noncompliant taxpayers would not only yield more direct audit revenue, it would also pay dividends in terms of future tax collections.
    Keywords: Auditing;Personal income;Tax assessments;Tax auditing and verification;Tax return filing compliance;WP,audit outcome,audited taxpayer
    Date: 2019–10–11
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:2019/223&r=all
  4. By: International Monetary Fund
    Abstract: The main purpose of this mission—undertaken with the support of the Government of Japan’s government finance statistics (GFS) project for selected Asian countries—was to improve the quality of the GFS for nonfinancial public corporations (NFPCs) in Thailand by designing a simpler, but more complete, compilation system for the GFS compilers in the Fiscal Policy Office (FPO) of the Ministry of Finance. The mission also discussed some specific general government GFS data compilation issues with the compilers and recommended some actions that would lead to further improvements in data quality as well as consistency with other macroeconomic statistics. In addition, the mission commended the recent momentum gained by the Public Debt Management Office (PDMO) on the reporting of timely, quarterly public sector debt statistics and encouraged them to continue with the regular, quarterly reporting.
    Keywords: Government finance statistics;Financial statements;Public sector;Public debt;Fiscal accounting and reporting;ISCR,CR,financial statement,government finance statistic,Thailand,balance sheet,profit and loss statement
    Date: 2018–12–03
    URL: http://d.repec.org/n?u=RePEc:imf:imfscr:2018/351&r=all
  5. By: International Monetary Fund
    Abstract: This report presents the results of applying the Revenue Administration Gap Analysis Program (RA-GAP) value-added tax (VAT) gap estimation methodology1 to Poland for the period 2010–16. The RA-GAP methodology employs a top-down approach for estimating the potential VAT base, using statistical data from national accounts on value-added generated in each sector. There are two main components to this methodology for estimating the VAT gap: 1) estimate the potential VAT collections for a given period; and 2) determine the accrued VAT collections for that period. The difference between the two values is the VAT gap. RA-GAP provides estimates of the two components of the tax gap: the compliance gap and the policy gap. The compliance gap is the difference between the potential VAT that could have been collected given the current policy framework and actual accrued VAT collections. The policy gap is the difference between the overall tax gap and the compliance gap. To put the level and trends of the compliance gap into context it is also necessary to analyze the level and trends of the overall tax gap and the policy gap.
    Keywords: Tax gap;Value-added tax;Revenue Administration Gap Analysis Program (RA-GAP);Revenue administration;Tax efficiency;ISCR,CR,VAT,gap,compliance gap,VAT gap,revenue,yield
    Date: 2018–12–07
    URL: http://d.repec.org/n?u=RePEc:imf:imfscr:2018/357&r=all
  6. By: Ruud A. de Mooij; Li Liu; Dinar Prihardini
    Abstract: Formula apportionment as a way to attribute taxable profits of multinationals across jurisdictions is receiving increased attention. This paper reviews existing literature and discusses experiences in selective federal states to evaluate the economic properties of formula apportionment relative to the current international tax regime that is based on separate accounting. It highlights major advantages, such as the elimination of profit shifting within multinational groups; and it discusses new distortions and the impact on tax competition. The analysis exploits different datasets to assess the direct revenue implications for individual countries under alternative formulas. The distributional effects across countries are found to be large, reflecting major discrepancies between where profits are currently attributed and where factors of production are located or sales take place. The largest losses appear in investment hubs (i.e. countries with a disproportionate ratio of foreign direct investment to GDP), while several large advanced countries are likely to gain. Developing countries gain most likely if employment receives a large weight in the formula; they also tend to benefit, on average, from a formula based on sales by destination.
    Keywords: Corporate income tax;Revenue administration;Personal income;Formula apportionment;Employment;WP,parent company,taxable income,company group,company transaction,enterprise tax.,non-loss-making company
    Date: 2019–10–11
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:2019/213&r=all
  7. By: Marília Pinheiro Ohlson; Gerlando Augusto Sampaio Franco de Lima; Tony Takeda
    Abstract: This study seeks to assess the phenomenon of market discipline in Brazil and analyze whether the increase in deposit insurance coverage in 2013 and the role of brokerage firms in the funding market changed this discipline. The database includes accounting information of Brazilian banks from 2010 to 2017. We calculated the parameters using the Systemic Generalized Method of Moments (GMM-Sys). We found evidence of market discipline through interest rate and maturity of deposits, with the size of banks and their capitalization being the main disciplining factors. Deposit insurance has reduced market discipline for both interest rate and maturity mechanisms, while brokerage firms have reduced the size and capitalization advantages of banks. The results did not indicate the existence of market discipline through the quantity mechanism and deposit insurance did not change this scenario. Brokerage firms also reduced the size and capitalization advantages on this mechanism. However, significant indicators in the market discipline literature, mainly related to banks' credit portfolios, were not relevant in the Brazilian market, indicating discipline might be reinforced. The results were similar in the analysis excluding “too-big-to-fail” banks, with slightly higher parameters, indicating the discipline is stronger for smaller banks.
    Date: 2021–01
    URL: http://d.repec.org/n?u=RePEc:bcb:wpaper:542&r=all
  8. By: Ho Fai Chan; Uwe Dulleck; Jonas Fooken; Naomi Moy; Benno Torgler
    Abstract: Increasing the tax compliance of self-employed business owners (particularly of trade- specific service providers) remains an ongoing challenge for tax authorities. From a compliance point of view, cash transactions are particularly problematic when services are paid for on the spot, as such exchanges are difficult to audit. As a novelty we present experimental evidence testing 11 different policy strategies in a setting that allows for cash transactions. Our sample includes both students and non-students active in service industries characterised by the opportunity to engage in cash transactions. While our results offer a positive outlook for the interventions reporting a significant effect, they particularly speak to the potential of moral suasion to increase compliance, as it may be implemented at relatively low cost. However, a carrot (offering support in tax declarations) as well as a stick (increasing the threat of audits) approach may be promising for increased compliance, especially where there is an evasion opportunity in cash-for-service payments between small businesses and individual customers who may share a common benefit from tax evasion. A stick approach is particularly efficient for those inclined to use cash transactions.
    Date: 2021–01
    URL: http://d.repec.org/n?u=RePEc:cra:wpaper:2021-01&r=all
  9. By: Abuselidze, George
    Abstract: This paper is to determine the optimality of taxation based on a comparative analysis of income taxation in developed and developing countries. In our opinion, the main idea of income tax should be the optimal distribution of tax literacy on the basis of a direct definition of income of taxpayers or progressive taxation. The theoretical and methodological basis of the research is the main provisions of the market economy, classical and modern tax theories, legislative and regulatory acts of foreign countries. The main part of the empirical material is from 2002 to 2017. In the process of analysis of the actual material, together with the general scientific method of research, is used: Comparative and systemic analysis, analogy, statistical data monitoring and other methods. The comparative and systemic analysis will give us an opportunity to reveal and evaluate the ways of perfection. Analogy and comparative analysis is based on variables and features, such as the of income taxes structure, withdrawal rules, rates, tax base. Data from several studies suggest that concept tries to explain the named phenomena by the way of fundamental analyzing of the statistic data received from multiple statistic observation. Previous analyses of tax rates tend to support the hypothesis that developed countries emphasize the importance of fairness, while developing countries are mainly focused on mobilizing budget revenues and lesser consideration of fair taxation principles, since the tax system performs a fiscal function more effectively than developing countries.
    Keywords: Tax policy; Income tax; Tax burden; Budget; Well-being
    JEL: H11 H21 H24 H30 H61
    Date: 2020
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:104591&r=all
  10. By: Matthieu Bellon; Jillie Chang; Era Dabla-Norris; Salma Khalid; Frederico Lima; Enrique Rojas; Pilar Villena
    Abstract: This paper examines the impact of e-invoicing on firm tax compliance and performance using administrative tax data and quasi-experimental variation in the rollout of VAT electronic invoicing in Peru. We find that e-invoicing increases reported firm sales, purchases and value-added by over 5 percent in the first year after adoption. The impact is concentrated among smaller firms and sectors with higher rates of non-compliance, suggesting that e-invoicing enhances compliance by lowering compliance costs and strengthening deterrence. The reform’s positive effects on tax collection are hindered by shortcomings in the VAT refund mechanism in Peru, suggesting that digital tools such as e-invoicing should be complemented by other reforms to improve revenue mobilization.
    Keywords: Value-added tax;Credit;Tax administration core functions;Tax return filing compliance;Stocks;WP,firm,VAT,authority
    Date: 2019–11–01
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:2019/231&r=all
  11. By: Ozili, Peterson K
    Abstract: In this paper, I discuss how a pandemic affects the nature of financial reporting especially for financial and non-financial institutions that were deeply affected by the 2020 coronavirus (COVID-19) pandemic. I show that accounting practices or techniques such as fair value accounting, big bath earnings management, loss avoidance and income smoothing techniques can help to dampen the effect of a pandemic on firm performance. Some implications about the merits and risks of accounting during a pandemic are highlighted and discussed.
    Keywords: coronavirus, COVID-19, accounting, earnings management, financial reporting, earnings quality, reported earnings, bailout, accounting techniques, loss avoidance, fair value accounting, stimulus package, big-bath accounting, income smoothing.
    JEL: M40 M41 M42 M48 M49
    Date: 2021
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:105183&r=all
  12. By: Atanasov, Atanas; Marinova, Rumyana
    Abstract: Резюме: Целта на настоящия доклад е да се извърши кратък анализ на възможните ефекти в резултат на COVID-19 върху начина, по който предприятията комуникират корпоративна информация с финансов и нефинансов характер, и използването на интегрираните отчети като възможен инструмент в тази комуникация. Основният извод се свежда до необходимостта интегрираният отчет да предостави информация какви нови финансови и нефинансови ключови показатели за изпълнение (KPI) са възникнали, и какви са техните целеви стойности, както и обвързването им със стратегията и бизнес модела на предприятието. Неободимо е изготвянето на ясни насоки и разработването на минимален набор от изисквания за докладване, включително специфични за сектора изисквания в резултат на различната тежест на COVID-19 върху отделните отрасли на икономиката.
    Abstract: The purpose of this paper is to provide a brief analysis of the possible effects resulting from COVID-19 on the way companies communicate their financial and non-financial corporate information and the use of integrated statements as a possible tool in this communication. Our conclusions shows the need for the integrated report to provide information on what new financial and non-financial key performance indicators (KPIs) have emerged, and what their target values are, as well as their relationship to the company's strategy and business model. Clear guidelines and the development of a minimum set of reporting requirements, including sector-specific requirements, need to be developed as a result of the different weighting of COVID-19 on individual sectors of the economy.
    Keywords: Integrated Reporting; COVID-19; business model; risk
    JEL: M21 M41
    Date: 2020
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:105256&r=all
  13. By: Yugo Koshima
    Abstract: This paper compiles and reviews the evolution of Japan’s Public Sector Balance Sheet (PSBS). In the past, large crossholdings of assets and liabilities within the public sector played a role in sustaining a high level of public debt and low interest rates. The Fiscal Investment and Loan Fund (FILF) channeled all postal deposits and pension savings to financing of public sector borrowing. After the FILF refrom in 2000, however, the Post Bank and pension funds shifted their assets to the portfolio investments and are seeking to maximize risk-adjusted returns. This has changed the implications of crossholdings for public debt management. In the future, population aging is expected to add more pressures on the PSBS, which already saw a considerable decrease of net worth over the last three decades.
    Keywords: Public sector;Financial sector;Pension spending;Pensions;Debt financing;WP,public sector financing,FILF reform,FILF financing,FILF system,asset allocation
    Date: 2019–10–04
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:2019/212&r=all
  14. By: Rita Bessone Basto (Research Office of the Portuguese Ministry of the Economy and Digital Transition); Ana Martins (Research Office of the Portuguese Ministry of the Economy and Digital Transition); Guida Nogueira (Research Office of the Portuguese Ministry of the Economy and Digital Transition)
    Abstract: The competitiveness of an economy increasingly depends on its ability to innovate. Theory suggests that innovation makes an important contribution to growth both at the firm level and at the national level. Innovative economies that deliver new differentiated products and services and/or develop more efficient production processes are often more productive, more resilient and adaptable in the face of adversity and change, and better able to support higher living standards and thus greater well-being. However, because knowledge is a public good, without government support, private agents are likely to underinvest in R&D, as it usually leads to higher social returns than private ones. In this context, it is strategically important to use public funds to promote innovative activity in firms to achieve the optimal level of R&D investment. Since 2000, indirect public support through tax credits has become more prominent and is currently the main form of public R&D support for most OECD countries. This paper evaluates the impact of SIFIDE, the Portuguese system of tax incentives to corporate R&D investment, on firms’ behaviour. The results show the effectiveness of SIFIDE in promoting investment in R&D, both through the impact of the program on intangible investment and on R&D staff.
    Keywords: R&D tax credits, Innovation, BERD, SIFIDE, Propensity score matching, Differences-in-Differences.
    JEL: O31 O32 H25 H32 C31
    Date: 2021–01
    URL: http://d.repec.org/n?u=RePEc:mde:wpaper:0158&r=all
  15. By: International Monetary Fund
    Abstract: In response to a request for IMF technical assistance (TA) made by the Botswana authorities and in consultation with the IMF’s African Department, a government finance statistics (GFS) TA mission from the IMF’s Statistics Department (STA) visited Gaborone during April 13–26, 2016. The mission is part of the GFS Module of the United Kingdom’s Department for International Development-funded Enhanced Data Dissemination Initiative 2. The main objective of the mission was to continue to assist the Ministry of Finance and Development Planning (MFDP) in the compilation and dissemination of fiscal statistics in accordance with the guidelines of the Government Finance Statistics Manual 2014 and Public Sector Debt Statistics: Guide for Compilers and Users.
    Keywords: Government finance statistics;Fiscal accounting and reporting;Revenue administration;Public financial management (PFM);Expenditure;ISCR,CR,COFOG datum,development fund,budgetary central government,public finance,debt forgiveness,GFS compilation,intra local government transaction,local government data
    Date: 2018–12–06
    URL: http://d.repec.org/n?u=RePEc:imf:imfscr:2018/348&r=all
  16. By: Maman Aboudou (Université de Lomé [Togo]); Essonam Magnangou (Université de Lomé [Togo])
    Abstract: This work discusses some special aspects of independence less dealt with in literature but which have important consequences in the context of Togo. Firstly, we have tried to understand the factors related to independence that should affect the quality of financial information with the analysis of the auditor. For the first objective, we have proceeded, through a third person, a discussion with six (06) qualified Togolese cabinets. It has been revealed that, beyond the factors related to independence commonly discussed in literature, the political activism of the cabinet chief and the profile of the entity's leader are two important factors that could influence the independence of the auditor and thereby his analysis. In the process to know the nature of connections, we have asked a questionnaire to thirty-two mission chiefs who have worked on a specific subject of their own choice. The statistic tests have firstly shown that more there is change of the chief mission on a file, more the information is reliable. Secondly, a political committed auditor in Togo will be at ease to discover very possible mistakes, because he will feel secured according to the sureties. Finally, more the leader of the dominant entity is instructed, better he will be moved for financial information and will require a meticulous analysis.Key words: independence, financial information, political activism, leader's profile
    Abstract: Cet article fait le point sur certains aspects spéciaux de l'indépendance peu traitée par la littérature mais ayant des effets incontestés dans le contexte togolais. Nous avons cherché premièrement à connaître les facteurs liés à l'indépendance pouvant affecter la qualité de l'information financière à travers le jugement du commissaire aux comptes. Pour ce premier objectif, nous avons procédé par un guide d'entretien auprès de six (06) cabinets togolais de renom. Il s'est avéré que, outre les facteurs liés à l'indépendance communément soulevés par la littérature, l'activisme politique du responsable du cabinet et le profil du dirigeant de l'entité sont deux facteurs importants pouvant influencer l'indépendance de l'auditeur et donc son jugement. Dans l'optique de recherche de la nature des liaisons, nous avons administré un questionnaire à trente-deux chefs de mission ayant opéré sur un dossier spécifique de leur choix. Les tests statistiques ont montré premièrement que plus il y'a rotation des chargés de mission sur un dossier, mieux l'information est fiable. En deuxième position, un auditeur politiquement engagé au Togo, sera à l'aise de déceler toutes les anomalies possibles car il se sentira protégé selon les répondants. En fin, plus le dirigeant dominant de l'entité est instruit, mieux il aura de l'engouement pour l'information financière et exigera une analyse minutieuse.Mots clés : Indépendance, Information financière, Activisme politique, Profil du dirigeant
    Date: 2020–07
    URL: http://d.repec.org/n?u=RePEc:hal:journl:halshs-03029792&r=all
  17. By: Diego A. Cerdeiro; Andras Komaromi
    Abstract: We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems in the literature by relying on interaction terms between financial openness and traditional push-pull factors. Within our proposed framework, we ask: what can be said robustly about the effect of capital account restrictions on capital flows? Our results warrant against over-interpreting the existing cross-country evidence as we find very few robust relationships between capital account restrictiveness and various types of capital inflows. Countries with a higher degree of financial openness are more susceptible to some, but by no means all, push and pull factors. Overall, the results are still consistent with a complex set of tradeoffs faced by policymakers, where the ability to shield the domestic economy from volatile capital flow cycles must be weighed against the sources of exogenous risks and potential long run growth effects.
    Keywords: Capital flows;Capital inflows;Capital account;Financial account;Fiscal accounting and reporting;WP,open economy,fed funds rate,GDP
    Date: 2019–09–13
    URL: http://d.repec.org/n?u=RePEc:imf:imfwpa:2019/194&r=all
  18. By: International Monetary Fund
    Abstract: The growth impact of the COVID-19 crisis has so far been less severe than expected, as strong consumption helped offset weak tourism and investment. Measures taken to address the health and social needs and support the sectors most directly affected by the crisis appear to have helped mitigate the impact of the shock. External market conditions have improved with a strong return of portfolio inflows since the approval of the Stand-By Arrangement (SBA).
    Keywords: Public debt;Revenue administration;External debt;Budget planning and preparation;COVID-19 ;ISCR,CR,consumer price index inflation,consumer price inflation,internal audit mechanism,expenditure control process,inflation expectation
    Date: 2021–01–07
    URL: http://d.repec.org/n?u=RePEc:imf:imfscr:2021/007&r=all

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