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Selected Issues
World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

France

International Monetary Fund. Monetary and Capital Markets Department

Published: 2013-07-01

Total Pages: 55


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This technical note examines housing prices and financial stability in France. The note highlights that sharply rising housing prices have caused concerns about mortgage credit risk and the stability of the financial system, particularly if the macroeconomic environment were to deteriorate further. France’s housing market proved resilient during the crisis, declining by about 9 percent from its precrisis peak before rebounding since mid-2009 to surpass its precrisis peak. This resilience has reflected a confluence of fundamental, macroeconomic, financial, and asset allocation factors that have caused the demand for housing to remain well in excess of supply.

France

International Monetary Fund. European Dept.

Published: 2017-09-21

Total Pages: 55


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This paper focuses on the corporate income tax (CIT) regime that features a high statutory rate but low revenue productivity, as well as a bias toward debt financing, ineffective size-dependent regimes, and inefficient tax incentives. Profit-insensitive taxes are comparatively high. Anti-tax-avoidance rules are strong, but risks to outbound profit shifting remain. Tax uncertainty is another concern. At the individual level, the system of taxing wealth and capital income is complex, with distortions from differential taxation across savings instruments. To address some of these issues and make the tax system more supportive of growth and job creation, the government plans to reduce the CIT rate, further cut the labor tax wedge, unify taxes on capital income, and narrow the wealth tax. Staff’s analysis suggests that complementing these reforms with measures to remove inefficient tax incentives, further reduce the debt bias, address disincentives to company growth, and streamline the taxation of long-term savings could enhance their impact on competitiveness, revenues, and growth.
This note estimates potential output for France during 1980–2010, using three distinct approaches, and discusses long-term growth prospects. The focus on capital taxation highlights the need for a broader reform of the French tax system to address the features that hamper job growth, investment, and productivity growth. This paper analyzes the impact of Basel III capital requirements on French banks and the French economy, and proposes policy recommendations. French banks should be able to meet the new requirements through earnings retention.
Why is governance of addiction so difficult? What can we learn from recent experiences and efforts in Europe? Governance of Addictions analyses the multidisciplinary research which has been used as a framework for understanding how governments formulate and implement addiction policies in 27 European Union member states plus Norway, looking in detail at four substances: heroin, cannabis, alcohol and tobacco. Presenting the methodological design for the study research, this book comprehensively analysing international trends, with a special focus on the role of the EU and its governance of addictions modes, this volume sheds light on the current situation of the governance of addictive substances and behaviours and facilitate new approaches to dealing with addiction. Based on the research from ALICE RAP (Addiction and Lifestyles in Contemporary Europe, Reframing Addictions Project), a unique project studying the place of addictive substances and behaviours in contemporary European society, Governance of Addictions is essential reading for policy-makers, public managers, practitioner and stakeholders influencing policy for addictive substances and behaviours, as well as academics and public health professionals.
This book is a detailed and comprehensive study on the taxation of cross-border dividend distributions. It first considers cross-border dividend taxation in the context of EU law. In this field, issues such as the jurisprudence of the European Court of Justice, the hindrance to the internal market caused by double taxation of dividends and the compatibility of dividend withholding taxes are dealt with. Next, the book discusses the taxation of dividends under tax treaties, in particular focusing on the definition of "dividends" in the OECD Model Convention and the meaning of the concept of "beneficial owner" as applied to dividends. The application of domestic and agreement-based anti-abuse rules to dividends is thoroughly analysed. Finally, the relevance of the non-discrimination provision enshrined in Art. 24 of the OECD Model Convention to dividends as well as procedural issues relating to treaty relief and possible ways of improvement are taken into consideration. Individual country surveys provide an in-depth analysis of the above issues from a national viewpoint in selected European and non-European jurisdictions.
Over the coming decades, demographic developments will lead to a significant increase in public outlays on pensions and health care, relative to national income. This study extends earlier work by considering the adverse effects of taxation on the determinants of economic growth -- in particular, investment, productivity growth, and labor force participation. Available empirical evidence suggests that these adverse effects could well be sizable, and that conventional estimates of the adverse effects of population aging probably severely underestimate their impact on the public finances and economic performance. The paper uses stochastic simulations to examine the robustness of the results to changes in parameter values. It also provides quantitative simulations of various reform options, including mainly an increase in the effective retirement age and flanking labor market measures.