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This paper surveys policy responses in recent years to capital inflows in a diverse group of countries that are represented by the Netherlands at the IMF Executive Board. Based on the findings from cross-country empirical literature, the paper distills some guiding principles for policy responses to excessive capital inflows, depending on country-specific circumstances and with a particular focus on fiscal policy. In addition to considering the conventional macroeconomic and structural policy tools, the paper also discusses the role of microfiscal policies in affecting the size and the composition of capital inflows. While conditions in these countries have changed very recently, the policy principles remain salient.

Capital movements. --- Confidential communications -- Banking. --- Fiscal policy. --- International finance. --- Tax policy --- Taxation --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Government policy --- Economic policy --- Finance, Public --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Foreign Exchange --- Public Finance --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Fiscal Policy --- International economics --- Currency --- Macroeconomics --- Capital inflows --- Current account deficits --- Exchange rates --- Fiscal policy --- Current account balance --- Capital movements --- Ukraine

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Oil revenue plays a central role in Russia's economic development. Thus, the recent decline in oil production and investment, and the possible contribution of the current fiscal regime to these developments, have prompted a reassessment of the oil tax system in Russia. Some important changes have already been made, while others are underway. This paper uses a simulation model to evaluate Russia's current oil fiscal regime. Based on these simulations, the paper proposes ways to make the fiscal regime more supportive of investment, while ensuring an appropriate share of oil sector profits for the government.

Petroleum industry and trade --- Finance. --- Russia --- Economic conditions. --- Energy industries --- Oil industries --- Investments: Energy --- Macroeconomics --- Corporate Taxation --- International Taxation --- Industries: Energy --- Taxation, Subsidies, and Revenue: General --- Energy: General --- Energy: Demand and Supply --- Prices --- Macroeconomics: Production --- Business Taxes and Subsidies --- Investment & securities --- Petroleum, oil & gas industries --- Public finance & taxation --- Corporate & business tax --- Oil --- Oil prices --- Oil production --- Transfer pricing --- Corporate income tax --- Commodities --- Production --- Taxes --- Taxation --- Corporations --- Russian Federation

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This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second, uncertain and volatile oil revenue flows can complicate the management of macroeconomic policies in these countries. Third, given the exhaustibility of oil reserves, OPCs need to address longer-term sustainability and intergenerational equity issues. The use of non-oil fiscal indicators, stress tests, medium-term frameworks, and permanent oil income models can greatly aid in addressing these challenges.

Business & Economics --- Industries --- Petroleum industry and trade --- Fiscal policy. --- Petroleum reserves --- Economic aspects. --- Oil reserves --- Oil supply --- Petroleum --- Petroleum supply --- Reserves of petroleum --- Tax policy --- Taxation --- Reserves --- Government policy --- Oil fields --- Economic policy --- Finance, Public --- Energy industries --- Oil industries --- Investments: Energy --- Macroeconomics --- Public Finance --- Institutions and the Macroeconomy --- Fiscal Policy --- Structure, Scope, and Performance of Government --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- Business Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Energy: General --- Public finance & taxation --- Investment & securities --- Oil, gas and mining taxes --- Fiscal stance --- Fiscal policy --- Oil prices --- Oil --- Taxes --- Commodities --- Yemen, Republic of

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This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries' growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries' economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.