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Cover IMF Working Papers
Growth and Convergence in a Two-Region Model: The Hypothetical Case of Korean Unification
Mr. Michael Funke and Mr. Holger Strulik
The paper discusses the impact and implications of Korean unification by setting up a two-region endogenous growth model. The numerical solutions are based on the formal analytical model, and have been calibrated so that they reflect the observed features of the North and South Korean economies. The numerical solutions provide evidence about the speed of convergence and the large amount of interregional transfers that are required to make the North Korean economy economically viable.
Keywords:
WP; fiscal policy; Korean Unification; Regional Convergence; Economic Growt; government policy; policy rule; consumption-capital ratio; budget constraint; depreciation rate; economic development; government share; regime design; Income; Capital budget; Infrastructure; Wages
Cover IMF Working Papers
How Should Shale Gas Extraction Be Taxed?
Philip Daniel, Alan Krupnick, Ms. Thornton Matheson, Mr. Peter J. Mullins, Ian W.H. Parry, and Artur Swistak
This paper suggests that the environmental and commercial features of shale gas extraction do not warrant a significantly different fiscal regime than recommended for conventional gas. Fiscal policies may have a role in addressing some environmental risks (e.g., greenhouse gases, scarce water, local air pollution) though in some cases their net benefits may be modest. Simulation analyses suggest, moreover, that special fiscal regimes are generally less important than other factors in determining shale gas investments (hence there appears little need for them), yet they forego significant revenues.
Keywords:
WP; government; price; shale gas; air pollution; environmental risks; corrective taxes; liability; fiscal regime design; simulated projects; marginal effective tax rates; State common law; gas price; government share; fiscal regime; water quality; pre-existing gas pipeline infrastructure; supply curve; processing facility; regime design; Fuel prices; Natural gas sector; Oil prices; Oil; North America; Europe
Cover Current Developments in Monetary and Financial Law, Volume 6
Chapter 17: Regulating the Credit Rating Agencies
International Monetary Fund. Legal Dept.

In the wake of the financial crisis, countries across the globe have put in place or are considering new regulatory regimes designed to produce greater accountability, transparency and oversight for credit rating agencies. But as new regulations are developed, questions have surfaced. What are the goals of such regulation? How does one create a framework that avoids regulatory arbitrage? What can be done to reduce undue reliance on ratings? Credit ratings are intended to address one aspect of an investment decision—credit quality—although they are sometimes

Keywords:
SEM; bank; market; rating agency; CDR mechanism; ratings quality; requirement ratio; fair value accounting; Credit; Debt restructuring; Capital adequacy requirements; Financial sector stability; Global; Europe