Inequality And Fiscal Policy

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Excerpt: Inequality and Fiscal Policy

Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Excerpt Inequality and Fiscal Policy Book PDF

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 32 pages
File Size : 54,5 Mb
Release : 2015-09-09
Category : Business & Economics
ISBN : 9781513521541

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Excerpt: Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

This paper is an excerpt from Inequality and Fiscal Policy. The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought issues on equity and distribution to the top of the policy agenda. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects household consumption directly and indirectly. An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country case studies demonstrate the diversity of challenges and the diverging ways to use fiscal policy for redistribution. The analysis presented in the book builds on work by IMF economists and leading academics.

Inequality and Fiscal Policy

Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Inequality and Fiscal Policy Book PDF

Author : Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen
Publisher : International Monetary Fund
Page : 450 pages
File Size : 52,6 Mb
Release : 2015-09-21
Category : Business & Economics
ISBN : 9781513567754

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Inequality and Fiscal Policy by Mr.Benedict J. Clements,Ruud A. de Mooij,Mr.Sanjeev Gupta,Mr.Michael Keen Pdf

The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.

Income Inequality and Fiscal Policy

Mr.David Coady,Mr.Sanjeev Gupta
Income Inequality and Fiscal Policy Book PDF

Author : Mr.David Coady,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 37 pages
File Size : 50,5 Mb
Release : 2012-06-28
Category : Business & Economics
ISBN : 9781475563498

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Income Inequality and Fiscal Policy by Mr.David Coady,Mr.Sanjeev Gupta Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

The Great Divide: Regional Inequality and Fiscal Policy

William Gbohoui,W. Raphael Lam,Victor Duarte Lledo
The Great Divide Regional Inequality and Fiscal Policy Book PDF

Author : William Gbohoui,W. Raphael Lam,Victor Duarte Lledo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 44,6 Mb
Release : 2019-05-02
Category : Business & Economics
ISBN : 9781498311625

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The Great Divide: Regional Inequality and Fiscal Policy by William Gbohoui,W. Raphael Lam,Victor Duarte Lledo Pdf

Growing regional inequality within countries has raised the perception that “some places and people” are left behind. This has prompted a shift toward inward-looking policies and away from pro-growth reforms. This paper presents novel stylized facts on regional inequality for OECD countries. It shows that regional disparity in per-capita GDP is large (even after adjusting for regional price differences), persistent, and widening over time. The paper also finds that rising nationwide income inequality is associated with both rising within-region income inequality and widening average income across regions. The rise in inequality is related to declining incentives for interregional labor mobility, especially for poor households in lagging regions, which are estimated to reduce by as much as one-third in the United States. Against these facts, the paper proposes a framework to identify whether, how and by whom fiscal policies can be used to tackle regional inequality. It outlines conditions under which those policies should be spatially-targeted and illustrates how they can be complementary to conventional means-testing methods in mitigating income inequality.

Fiscal Policy and Income Inequality

International Monetary Fund
Fiscal Policy and Income Inequality Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 69 pages
File Size : 50,9 Mb
Release : 2014-07-03
Category : Business & Economics
ISBN : 9781498343671

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Fiscal Policy and Income Inequality by International Monetary Fund Pdf

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Inequality and Tax Policy

Kevin A. Hassett
Inequality and Tax Policy Book PDF

Author : Kevin A. Hassett
Publisher : American Enterprise Institute
Page : 268 pages
File Size : 41,7 Mb
Release : 2001
Category : Business & Economics
ISBN : 0844741442

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Inequality and Tax Policy by Kevin A. Hassett Pdf

Top economists provide much-needed guidance--and some surprising conclusions--in response to rising public concerns about inequality in the U.S. tax system.

Growing (Un)equal

Mr.Serhan Cevik,Carolina Correa-Caro
Growing Un equal Book PDF

Author : Mr.Serhan Cevik,Carolina Correa-Caro
Publisher : International Monetary Fund
Page : 26 pages
File Size : 47,7 Mb
Release : 2015-03-25
Category : Business & Economics
ISBN : 9781475519976

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Growing (Un)equal by Mr.Serhan Cevik,Carolina Correa-Caro Pdf

This paper investigates the empirical characteristics of income inequality in China and a panel of BRIC+ countries over the period 1980–2013, with a focus on the redistributive contribution of fiscal policy. Using instrumental variable techniques to deal with potential endogeneity, we find evidence supporting the hypothesis of the existence of a Kuznets curve—an inverted Ushaped relationship between income inequality and economic development—in China and the panel of BRIC+ countries. In the case of China, the empirical results indicate that government spending and taxation have opposing effects on income inequality. While government spending appears to have a worsening impact, taxation improves income distribution. Even though the redistributive effect of fiscal policy in China appears to be stronger than what we identify in the BRIC+ panel, it is not large enough to compensate for the adverse impact of other influential factors.

Fiscal Redistribution and Social Welfare

Mr.David Coady,Devin D'Angelo,Brooks Evans
Fiscal Redistribution and Social Welfare Book PDF

Author : Mr.David Coady,Devin D'Angelo,Brooks Evans
Publisher : International Monetary Fund
Page : 30 pages
File Size : 55,6 Mb
Release : 2019-03-08
Category : Business & Economics
ISBN : 9781484398081

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Fiscal Redistribution and Social Welfare by Mr.David Coady,Devin D'Angelo,Brooks Evans Pdf

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself to a transparent and practical evaluation of the extent and determinants of fiscal redistribution. Differences in fiscal redistribution are decomposed into differences in the magnitude of transfers (fiscal effort) and in the progressivity of transfers (fiscal progressivity). Fiscal progressivity is further decomposed into differences in the distribution of transfers across income groups (targeting performance) and in the social welfare returns to targeting due to varying initial levels of income inequality (targeting returns). This decomposition provides a clear distinction between the concepts of progressivity and targeting, and clarifies the relationship between them. For illustrative purposes, the framework is applied to data for 28 EU countries to determine the factors explaining differences in their fiscal redistribution and to discuss patterns in fiscal redistribution highlighted in the literature.

Commitment to Equity Handbook

Nora Lustig
Commitment to Equity Handbook Book PDF

Author : Nora Lustig
Publisher : Brookings Institution Press
Page : 1437 pages
File Size : 40,8 Mb
Release : 2023-05-01
Category : Political Science
ISBN : 9780815740476

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Commitment to Equity Handbook by Nora Lustig Pdf

Edited by Nora Lustig, the Commitment to Equity Handbook: Estimating the Impact of Fiscal Policy on Inequality and Poverty (Brookings Institution Press and CEQ Institute-Tulane University, 2nd edition, 2022) is a unique manual on the theory and practical methods to estimate the impact of taxation and public spending on inequality and poverty. In addition, the second edition covers frontier topics such as alternative approaches to measure the redistributive effect of education, health, and infrastructure spending. Policymakers, social planners, and economists are provided with a step-by-step guide to applying fiscal incidence analysis, illustrated by country studies. The 2nd edition of the Handbook has two volumes. Volume 1 is comprised of Part I, Methodology, describes what a CEQ Assessment© is and presents the theoretical underpinnings of fiscal incidence analysis and the indicators used to assess the distributive impact and effectiveness of fiscal policy. Part II, Implementation, presents the methodology on how taxes, subsidies, and social spending should be allocated. It includes a step-by step guide to completing the CEQ Master Workbook©, a multi-sheet Excel file that houses detailed information on the country’s fiscal system and the results used as inputs for policy discussions, academic papers, and policy reports. Part III, “Applications,” presents applications of the CEQ framework to low- and middle-income countries and includes simulations of policy reforms. In this 2nd edition, chapters 1, 6, and 8 have been significantly updated and two new country studies have been added to Part III. Parts IV (updated), V (new), and VI (new) are available online only. Part IV contains the CEQ Assessment’s main tools. Part V includes the databases housed in the CEQ Data Center on Fiscal Redistribution. Part VI contains the CEQ Institute’s microsimulation tools. Volume 2 (new) includes a collection of chapters whose purpose is to expand the knowledge and methodological frontiers to sharpen even further the analysis of fiscal policy’s redistributive impact. Topics include: alternative approaches to value in-kind education and health services; alternative methods to evaluate spending on infrastructure; corporate taxes and taxation on capital incomes; inter-temporal fiscal incidence and the redistributive consequences of social insurance pensions; fiscal redistribution, macroeconomic stability and growth; and, the political economy of fiscal redistribution.

Inequality, Inclusive Growth, and Fiscal Policy in Asia

Donghyun Park,Sang-Hyop Lee,Minsoo Lee
Inequality Inclusive Growth and Fiscal Policy in Asia Book PDF

Author : Donghyun Park,Sang-Hyop Lee,Minsoo Lee
Publisher : Routledge
Page : 372 pages
File Size : 48,7 Mb
Release : 2015-04-17
Category : Business & Economics
ISBN : 9781317530930

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Inequality, Inclusive Growth, and Fiscal Policy in Asia by Donghyun Park,Sang-Hyop Lee,Minsoo Lee Pdf

Developing Asia’s sustained rapid growth has improved general living standards and lifted hundreds of millions of Asians out of poverty within a generation. Yet the region now finds itself confronting rising inequality. Countries where inequality has worsened over the past 2 decades collectively account for over 80% of Asia’s population. As a result, governments across the region have begun to accord a higher priority to promoting more inclusive growth. The international experience, especially the experience of the advanced economies, suggests that fiscal policy can make a potent contribution to reducing inequality. This book systematically explores the relationship between both sides of fiscal policy—public spending as well as taxes and other fiscal revenues—and inequality in Asia at great depths. On the basis of the analysis, the book sets forth a number of concrete options for rendering fiscal policy a more effective tool for more inclusive growth that benefits all Asians. Inequality, Inclusive Growth, and Fiscal Policy in Asia is written in response to an issue of growing demand in most Asian countries, and it comes at a time when Asian governments are also beginning to use fiscal policy to bridge the glaring disparities between the rich and the poor of the region. As such, the book will be a highly valuable reference for researchers, policy makers, and students as well.

The Effects of Monetary Policy Shocks on Inequality

Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
The Effects of Monetary Policy Shocks on Inequality Book PDF

Author : Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,6 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568356

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The Effects of Monetary Policy Shocks on Inequality by Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka Pdf

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.

Reducing Inequality in Latin America

María Fernanda Valdés Valencia
Reducing Inequality in Latin America Book PDF

Author : María Fernanda Valdés Valencia
Publisher : Taylor & Francis
Page : 158 pages
File Size : 40,7 Mb
Release : 2016-09-13
Category : Social Science
ISBN : 9781317069737

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Reducing Inequality in Latin America by María Fernanda Valdés Valencia Pdf

This book examines the role of tax policy in the incidence of socio-economic inequality. With a focus on Latin American, the author demonstrates that while inequality has decreased remarkably in the last decade – during the very period in which inequality was increasing almost everywhere else in the world – this reduction cannot be attributed to a better use of tax policy. Offering both quantitative and qualitative reviews of tax policies pursued by Argentina, Chile, Colombia, Mexico and Peru over the last two decades, Reducing Inequality in Latin America contends that these countries continue to make insufficient use taxation measures in combating startlingly high levels of inequality. Drawing on legal texts, interviews with researchers and experts in the field, and official monetary statistics to obtain a complete picture of how discretionary tax policy has been pursued in the region, this volume engages with a range of recent economic theories to argue for the importance of using the tax system to reduce inequalities, whilst also offering new methods for measuring tax policy in subsequent research. As such, it will appeal both to scholars of social science and policy makers with interests in economics, social inequality, public policy and international political economy.

Fiscal Monitor, October 2017

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Monitor October 2017 Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 128 pages
File Size : 41,5 Mb
Release : 2017-10-11
Category : Business & Economics
ISBN : 9781484317495

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Fiscal Monitor, October 2017 by International Monetary Fund. Fiscal Affairs Dept. Pdf

At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant increase that has, among other things, contributed to growing public backlash against globalization. Excessive levels of inequality can erode social cohesion, lead to political polarization, and ultimately lower economic growth, but whether inequality is excessive depends on country-specific factors, including the growth context in which inequality arises, along with societal preferences. This Fiscal Monitor focuses on how fiscal policy can help governments address high levels of inequality while minimizing potential trade-offs between efficiency and equity. It documents recent trends in income inequality, including inequality both between and within countries, then examines the redistributive role of fiscal policies over recent decades and underscores the importance of appropriate design to minimize any efficiency costs. It then focuses on some key components of fiscal redistribution: progressivity of income taxation, universal basic income, and public spending policies for achieving more equitable education and health outcomes. The analysis relies on the existing theoretical and empirical literature, IMF work on inequality and fiscal policy, country experiences, and new analytical work, including various static microsimulation analyses based on household survey data. Simulations using a dynamic general equilibrium model calibrated to country-specific data and behavioral parameters illustrate the potential impact of alternative budget-neutral tax and transfer measures on income inequality and economic growth.

Stuck in the Middle

Antonio Estache,Danny Leipziger
Stuck in the Middle Book PDF

Author : Antonio Estache,Danny Leipziger
Publisher : Rowman & Littlefield
Page : 209 pages
File Size : 53,7 Mb
Release : 2009-10-01
Category : Business & Economics
ISBN : 9780815703457

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Stuck in the Middle by Antonio Estache,Danny Leipziger Pdf

Stuck in the Middle examines both economic and social public policy initiatives in its assertion that enhancing the welfare of people in developed and developing nations requires an explicit focus on the middle class. Contents Foreword 1. Overview: Fiscal Policy, Distribution, and the Middle Class 2. Stylized Facts on the Middle Class and the Development Process 3. The Future of Global Income Inequality 4. The Scope and Limits of Subsidies 5. Policies for Lower Global Wealth Inequality 6. Can Happiness Research Help Fiscal Policy? 7. The Politics of Effective and Sustainable Redistribution

Inequality, Demography and Fiscal Policy

Weijie Luo
Inequality Demography and Fiscal Policy Book PDF

Author : Weijie Luo
Publisher : Unknown
Page : 0 pages
File Size : 55,8 Mb
Release : 2023
Category : Electronic
ISBN : 9819905192

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Inequality, Demography and Fiscal Policy by Weijie Luo Pdf

This book aims to empirically and theoretically study how income inequality and demographic change affected fiscal policy and subsequent economic growth globally in the past decades from four perspectives. First, it briefly reviews the dynamic changes of income sources that contribute to inequality. Second, it distinguishes between income inequality induced by differences in labor productivity and income inequality induced by differences in capital income. Third, it briefly reviews the dynamic changes of tax composition in the age of demographic change. Last, it discusses the impacts of changes in age structure on the extent of taxes on income relative to expenditure. This book offers a comprehensive discussion to understand and analyze the reason, performance and challenge of fiscal policy and economic growth from the perspective of inequality and demographics. In addition to students, teachers and researchers in the areas of equity, demography, political economy and economic policy, this book is also of great interest to policy makers, planners and non-government agencies who are concerned with understanding and addressing poverty-related and aging-related issues in developed and developing countries.