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Thomas Elkjaer, Jannick Damgaard, and Emmanuel O. Kumah
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Mr. Jorge A Chan-Lau
This survey reviews a number of different fundamentals-based models for estimating default probabilities for firms and/or industries, and illustrates them with real applications by practitioners and policy making institutions. The models are especially useful when the firms analyzed do not have publicly traded securities or secondary market prices are unreliable because of low liquidity.
Mr. Nurun N. Choudhry

Recent literature on the simulation of existing econometric models of national economies directs little attention to the incidence of indirect taxation. This “inattention” is all the more conspicuous since men of affairs are paying closer attention to the effects of changes in indirect taxation. Such changes, particularly in an era of increasingly scarce natural resources, have a significant impact on prices, employment, output, and the balance of payments. Policymakers are therefore most interested in having at their disposal realistic econometric models that incorporate the effects of changes in indirect taxation.