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We examine determinants of, and interactions between, capital inflows, financial development, and domestic investment in developing countries during 2001-07, a period of surging global liquidity and low interest rates. Reductions in the global price of risk and in domestic borrowing costs were the main contributors to the increase over time in net capital inflows and domestic credit. However, the large cross-country differences in domestic and international finance are best explained by fundamentals such as institutional quality, access to international export markets, and an appropriate macroeconomic policy. Both private capital inflows and domestic credit exert a positive effect on investment; they also mediate most of the investment impact of the global price of risk and domestic borrowing costs. Surprisingly, neither greater domestic credit nor greater institutional quality increase the extent to which capital inflows translate into domestic investment.

Finance --- Business & Economics --- International Finance --- Foreign Exchange --- Inflation --- Macroeconomics --- Business Fluctuations --- Cycles --- Monetary Policy --- Open Economy Macroeconomics --- Price Level --- Deflation --- Macroeconomics: Consumption --- Saving --- Wealth --- Currency --- Foreign exchange --- Exchange rate pass-through --- Consumption --- Real exchange rates --- Import prices --- Prices --- National accounts --- Economics --- Imports --- Exports and Imports --- Investments: General --- Money and Monetary Policy --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Trade: General --- Investment --- Capital --- Intangible Capital --- Capacity --- International economics --- Monetary economics --- Capital inflows --- Domestic credit --- Exports --- Return on investment --- Export performance --- Balance of payments --- Money --- International trade --- Capital movements --- Credit --- Saving and investment --- Norway --- United States

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Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and residential real estate markets with an eye to identify pertinent risks and challenges. While we find that the Dutch authorities have made considerable strides to strengthen real estate-related policies in recent years, some, and partly long-standing, issues remain, requiring additional efforts to bolster financial stability, address housing supply shortages and manage secular changes affecting property markets.

Macroeconomics --- Economics: General --- Industries: Financial Services --- Infrastructure --- Real Estate --- Diseases: Contagious --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Housing Supply and Markets --- Nonagricultural and Nonresidential Real Estate Markets --- Production Analysis and Firm Location: Government Policies --- Regulatory Policies --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Health Behavior --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Property & real estate --- Infectious & contagious diseases --- National accounts --- Financial institutions --- Mutual funds --- Real estate prices --- Prices --- COVID-19 --- Health --- Currency crises --- Informal sector --- Economics --- Saving and investment --- Communicable diseases --- Netherlands, The

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This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive industries (EI) requires economic and financial analysis at the project level, and FARI is an analytical tool that allows such fiscal regime design and evaluation. The FARI framework has been primarily used in FAD’s advisory work on fiscal regime design: it supports calibration of fiscal parameters, sensitivity analysis, and international comparisons. In parallel to that, FARI has also evolved into a revenue forecasting tool, allowing IMF economists and government officials to estimate the composition and timing of expected revenue streams from the EI sector, analyze revenue management issues (including quantification of fiscal rules), and better integrate the EI sector in the country macroeconomic frameworks. Looking forward, the model presents a useful tool for revenue administration practitioners, allowing them to compare actual, realized revenues with model results in tax gap analysis.

Investments: Energy --- Money and Monetary Policy --- Public Finance --- Taxation --- Corporate Taxation --- Banks and Banking --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Business Taxes and Subsidies --- Mining, Extraction, and Refining: Hydrocarbon Fuels --- Mining, Extraction, and Refining: Other Nonrenewable Resources --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Energy: General --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Investment & securities --- Public finance & taxation --- Corporate & business tax --- Finance --- Currencies --- Oil --- Corporate income tax --- Fiscal Analysis of Resource Industries (FARI) --- Resource rent tax --- Money --- Commodities --- Taxes --- Discount rates --- Financial services --- Revenue performance assessment --- Petroleum industry and trade --- Corporations --- Revenue --- Discount --- United States

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The Netherlands has ambitious greenhouse gas emission reduction targets for the future - to cut them by 49 percent below 1990 levels by 2030 and 95 percent by 2050. These targets and the likely new EU-wide targets under the recent EU Green Deal entail a rapid acceleration in decarbonization. This paper discusses the government’s mitigation strategy and advances several recommendations to complement and reinforce that strategy and to achieve better alignement of the effective carbon prices across sectors. The paper discusses alternatives to make the recently-introduced industry carbon levy more effcient and recomends the use of revenue-neutral feebate schemes in industry, transportation, buildings, and agriculture. For power generation, it recommends eliminating taxes on residential and industrial electricity, supplementing the coal phaseout plan with an increase in the CO2 emissions floor price. The impacts of these reforms on consumption would be low and relatively evenly split across the income distribution.

Netherlands, The --- Macroeconomics --- Economics: General --- Environmental Conservation and Protection --- Environmental Economics --- Environmental Policy --- Taxation --- Agribusiness --- Energy: Government Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Agriculture: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Climate change --- Environmental economics --- Public finance & taxation --- Agricultural economics --- Greenhouse gas emissions --- Environment --- Carbon tax --- Taxes --- Agricultural sector --- Economic sectors --- Currency crises --- Informal sector --- Economics --- Greenhouse gases --- Emissions trading --- Climatic changes --- Environmental impact charges --- Agricultural industries