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Starting in the early 1990s, the Baltics, Russia, and other (BRO) countries of the former Soviet Union initiated tax reforms that varied widely at the later stages. Recently, some of the BRO countries, basing decisions on the proposition that lowering of the top marginal income tax rate would significantly benefit economic development and increase tax compliance, have initiated a new stage of tax reforms. This paper reviews country experiences and suggests that (i) overall, there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and (ii) in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rates is unlikely to lead to a notable expansion of economic activity.

Personal Finance -Taxation --- Public Finance --- Taxation --- Fiscal Policy --- Efficiency --- Optimal Taxation --- Taxation and Subsidies: Other --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Revenue administration --- Personal income tax --- Income tax systems --- Tax administration core functions --- Income and capital gains taxes --- Taxes --- Income tax --- Revenue --- Tax administration and procedure --- Russian Federation

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This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.

Housing --- Real property --- Housing policy --- Prices --- Econometric models. --- Housing and state --- State and housing --- City planning --- Social policy --- Cadastral surveys --- Catastral surveys --- Freehold --- Limitations (Law) --- Property, Real --- Real estate --- Real estate law --- Realty --- Property --- Rent --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Dwellings --- Human settlements --- Government policy --- Law and legislation --- Social aspects --- Exports and Imports --- Inflation --- Infrastructure --- Real Estate --- Urban, Rural, and Regional Economics: Housing Demand --- Housing Supply and Markets --- Remittances --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Price Level --- Deflation --- Property & real estate --- Macroeconomics --- International economics --- Housing prices --- Real estate prices --- Balance of payments --- National accounts --- International finance --- Saving and investment --- Russian Federation

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Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.

Business enterprises --- Business environment --- Civil service & public sector --- Corporate Finance and Governance: General --- Corporate Finance --- Economic sectors --- Finance --- Finance, Public --- Finance: General --- Financial inclusion --- Financial Institutions and Services: General --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services industry --- Income economics --- Labor Demand --- Labor --- Labour --- Macroeconomics --- Ownership & organization of enterprises --- Public Enterprises --- Public sector --- Public-Private Enterprises --- Self-employed --- Self-employment --- Small and medium enterprises --- Small business --- Saudi Arabia

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This publication brings together a set of IMF papers that prepared as backgrounds for the various sessions of the conference and will help put into broader dissemination channels the results of this important conference. An official IMF publication is well disseminated into academic and institutional libraries and book channels. The IMF metadata will also make the conference papers more discoverable online.

Aggregate Human Capital --- Aggregate Labor Productivity --- Economic development --- Economic Growth and Aggregate Productivity: General --- Economic growth --- Economic theory --- Economics of Gender --- Education --- Education: General --- Employment --- Gender studies --- Inclusive growth --- Income economics --- Intergenerational Income Distribution --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Non-labor Discrimination --- Unemployment --- Wages --- Women & girls --- Women --- Women's Studies --- Morocco

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Climate change is among humanity’s greatest challenges, and the Middle East and Central Asia region is on the frontlines of its human, economic, and physical ramifications. Much of the region is located in already difficult climate zones, where global warming exacerbates desertification, water stress, and rising sea levels. This trend entails fundamental economic disruptions, endangers food security, and undermines public health, with ripple effects on poverty and inequality, displacement, and conflict. Considering the risks posed by climate change, the central message of this departmental paper is that adapting to climate change by boosting resilience to climate stresses and disasters is a critical priority for the region’s economies.

Climatic changes --- Environmental economics. --- Economic aspects. --- Climate change --- Climate finance --- Climate --- Environment and Growth --- Environment --- Environmental Conservation and Protection --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental Economics: Government Policy --- Environmental management --- Environmental policy & protocols --- Environmental Policy --- Environmental policy --- Environmental protection --- Global Warming --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters