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By taking a learning approach to international cooperative ventures, this study introduces absorptive capacity as a principle governing the relationship between knowledge possession and knowledge search among prospective partners. Two alternative hypotheses are juxtaposed: The first is that firms will seek additional knowledge in the same area in which they already have a knowledge base; the second is that firms will seek knowledge in a complementary area. Data from 90 partner-seeking firms in China show that the possession of complementary knowledge is a prerequisite for knowledge search. Furthermore, in line with the learning perspective, the equity joint venture is the vehicle of choice for firms seeking transfer of tacit, embedded knowledge.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICIES -- A. Fiscal Policy: Maintaining Strong Buffers -- B. Financial Sector: Enhancing Resilience Against Increasing Risks -- C. Structural Reforms: Preparing for Long-Term Challenges -- STAFF APPRAISAL -- FIGURES -- 1. Real Economy and Inflation -- 2. Financial Sector Developments -- 3. Fiscal Sector Developments -- 4. External Sector Developments -- 5. Indicators of Fiscal Vulnerabilities -- 6. Labor Market Developments -- 7. Indicators of Infrastructure and Efficiency Gaps -- TABLES -- 1. Selected Economic Indicators, 2015-24 -- 2. Balance of Payments, 2015-24 -- 3. General Government Operations, 2015-24 -- 4. General Government Financial Balance Sheet, 2014-17 -- 5. Luxembourg: International Investment Position, 2013-181/ -- 6. Financial Soundness Indicators, 2013-18 -- 7. Luxembourg: Public Sector Debt Sustainability Analysis (DSA)-Baseline Scenario -- 8. Public DSA-Composition of Public Debt and Alternative Scenarios -- 9. Risk Assessment Matrix -- APPENDICES -- I. Implementation of BEPS Actions in Luxembourg -- II. External Sector Assessment -- III. Implementation Status FSAP Update 2017 Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICIES -- A. Enhancing Growth and Resilience -- B. Building Fiscal Buffers -- C. Further Strengthening the Financial System -- STATISTICAL ISSUES -- STAFF APPRAISAL -- BOX -- 1. Belize's Tourism Boom -- FIGURES -- 1. Real Sector Developments -- 2. External Sector Developments -- 3. Fiscal Sector Developments -- 4. Monetary and Financial Sector Developments -- 5. Debt Markets Developments -- TABLES -- 1. Selected Social and Economic Indicators, 2015-2022 -- 2a. Operations of the Central Government (In millions of Belize dollars) -- 2b. Operations of the Central Government (In percent of GDP -- unless otherwise indicated) -- 3a. Balance of Payments, 2015-22 (in millions of US dollars) -- 3b. Balance of Payments, 2015-22 (in percent of GDP) -- 4. Operations of the Banking System, 2015-22 -- 5. Baseline Medium-Term Outlook, 2015-22 -- ANNEXES -- I. Implementation of 2017 Article IV Consultation Recommendations -- II. External Stability Assessment -- III. Risk Assessment Matrix -- IV. Inter-Sectoral Balance Sheet Analysis -- V. Debt Sustainability Analysis -- VI. Growth Analysis and Data Sources -- CONTENTS -- FUND RELATIONS -- COLLABORATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICIES FOR SUSTAINED GROWTH -- A. Macroeconomic Policies -- B. Financial Sector and Macro-Financial Policies -- C. Structural Policies -- STAFF APPRAISAL -- Annex V. Authorities' Response to Past IMF Policy Recommendations -- BOX -- 1. Tax Reform Options -- FIGURES -- 1. Recent Developments -- 2. Labor Market Developments -- 3. Recent Development in the Financial Sector -- 4. Recent Development in the Housing Sector -- TABLES -- 1. Selected Economic and Social Indicators, 2015-23 -- 2. Balance of Payments, 2015-23 -- 3. International Investment Position, 2010-17 -- 4. GFSM 2001 Statement of General Government Operations, 2015-23 (Billons of DKK) -- 5. GFSM 2001 Statement of General Government Operations, 2015-23 (Percent of GDP) -- 6. Public Sector Balance Sheet, 2010-15 -- 7. Financial System Indicators, 2010-17 -- ANNEXES -- I. External Balance Assessment -- II. A Simple Model for Danish Wage Formation -- III. Public Debt Sustainability Analysis -- IV. Risk Assessment Matrix -- V. Authorities' Response to Past IMF Policy Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- RECENT ECONOMIC DEVELOPMENTS AND OUTLOOK -- A. Recent Developments -- B. Outlook and Risks -- POLICY DISCUSSION -- A. Structural Policies -- B. Fiscal Policy -- C. Financial Sector Policies -- STAFF APPRAISAL -- BOXES -- 1. Sectoral Balance Sheet Analysis -- 2. Reforming Health and Social Services -- FIGURES -- 1. Recent Developments -- 2. External Sector Indicators -- 3. Fiscal Indicators -- 4. Sectoral Financial Assets and Liabilities -- 5. Financial Sector Indicators -- 6. Structural Indicators -- TABLES -- 1. Selected Economic Indicators, 2012-21 -- 2. Balance of Payments, 2012-21 -- 3. Net International Investment Position, 2006-15 -- 4. General Government Statement of Operations, 2012-21 -- 5. General Government Balance Sheet, 2006-13 -- 6. Financial Soundness Indicators for the Banking Sector, 2010-16 -- 7. Risk Assessment Matrix -- ANNEXES -- I. External Sector Assessment -- II. Debt Sustainability Analysis -- III. FSAP 2016 Key Recommendations -- IV. Product Market Reforms, R& -- D Spending, and Firm-Level Productivity in Finland -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES -- TABLE OF COMMON INDICATORS REQUIRED FOR SURVEILLANCE -- PAST FUND STAFF RECOMMENDATIONS AND IMPLEMENTATION.