国际货币基金组织（IMF）与上海财经大学“世界经济展望”学术研讨会顺利召开
10月29日，国际货币基金组织（IMF）与上海财经大学“世界经济展望”学术研讨会在上海财经大学行政楼顺利举行。本次研讨会由上海财经大学中国式现代化研究院主办。本次学术研讨会邀请众多专家学者。会议围绕全球经济增长与新兴市场韧性等核心议题展开深入研讨，为复杂变局下的世界经济发展路径建言献策。来自国际货币基金组织、上海财经大学等国内外知名机构的专家学者，就全球经济形势...
国际货币基金组织
IMFIMF旨在促进国际货币合作、维护金融稳定、促进经济可持续发展等。当前，IMF拥有190个成员国，致力于改善全球经济形势和减少贫困，在全球经济治理中扮演着至关重要的角色。
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World Economic Outlook, October 2025
While the near-term forecast is revised up modestly, global growth remains subdued, as the newly introduced policies slowly come into focusThe global economy is adjusting to a landscape reshaped by new policy measures. Some extremes of higher tariffs were tempered, thanks to subsequent deals and resets. But the overall environment remains volatile, and tem...
Global Financial Stability Report, October 2025
Financial stability risks remain elevated amid stretched asset valuations, sovereign bond market pressures, and rising influence of nonbank financial institutions. Structural changes in foreign exchange and emerging market bonds bring new risks and resilience to these markets.Financial stability risks remain elevated amid risks presented by stretched asset...
Building Tax Capacity for Growth and Development: Evidence-Based Analysis for Mobilizing Domestic Revenue
SummaryTax capacity is fundamental to state-building and sustainable development. Achieving a tax-to-GDP ratio of at least 15 percent—endorsed by the UN’s Compromiso de Sevilla—is critical for institutional strength, financial market depth, and economic growth. However, many developing countries fall short of this benchmark, with 71 nations below the th...
Closing the Gap: How Tax Administration Performance Shapes Compliance
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.SummaryThis paper examines the impact of tax admin...
Fiscal Monitor – October 2025: Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth
PREFACEThe projections included in this issue of the Fiscal Monitor are drawn from the same database used for the October 2025 World Economic Outlook and Global Financial Stability Report (and are referred to as “IMF staff projections”). Fiscal projections refer to the general government, unless otherwise indicated. Short-term projections are based...
Addressing Market Dysfunction and Liquidity Stresses in Nonbank Financial Intermediaries
SummaryCentral banks support markets or institutions because doing so will help them meet their mandate with regard to the maintenance of price and financial stability. During crises, central banks expand the breadth of their operations, lengthen the duration of lending, and expand the range of counterparties they deal with and the pool of eligible collate...
Fiscal Guardrails against High Debt and Looming Spending Pressures
SummaryMany countries have adopted fiscal rules to foster fiscal discipline, but compliance has been mixed. Recent policy shifts and heightened policy uncertainty further intensify spending pressures and persistent debt challenges, underscoring the need for stronger fiscal guardrails. Results from a major update of IMF databases on fiscal rules and council...
Preparing an Annual Borrowing Plan
SummaryAn Annual Borrowing Plan (ABP) guides the short-term execution of a debt management strategy, which typically spans 3–5 years. Emerging market and low-income countries have improved their ability to develop debt management strategy (DMS), they face ongoing implementation challenges. An ABP requires high-frequency data and detailed planning, conside...
Finance & Development — September 2025: Stablecoins and the Future of Finance
Editor’s Letter: Technology, Payments, and the Rise of StablecoinsTHREE YEARS AGO, Finance & Development devoted a full issue to anticipating “The Money Revolution,” driven by innovations in finance, such as crypto assets. That revolution is now unfolding.This issue of F&D looks at the new frontiers of finance, where technology, data, ...