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Author : Enrique G. Mendoza,Gian Maria Milesi-Ferretti,Patrick K. Asea
Publisher : Unknown
Page : 34 pages
File Size : 43,9 Mb
Release : 1996
Category : Capital investments
ISBN : OCLC:34931513
Author : Mr.Gian Milesi-Ferretti,Mr.Enrique G. Mendoza,Patrick K. Asea
Publisher : International Monetary Fund
Page : 42 pages
File Size : 45,9 Mb
Release : 1995-08-01
Category : Business & Economics
ISBN : 9781451955798
Harberger’s superneutrality conjecture contends that, although in theory the mix of direct and indirect taxes affects investment and growth, in practice growth effects of taxation are negligible. This paper provides evidence in support of this view by testing the predictions of endogenous growth models driven by human capital accumulation. The theoretical analysis highlights implications of different taxes for growth and investment in these models. The empirical work is based on cross-country regressions and numerical simulations, using a new methodology for estimating aggregate effective tax rates. Results show significant investment effects from income and consumption taxes that are consistent with small growth effects. The results are robust to the introduction of other growth determinants.
Author : American Council for Capital Formation. Center for Policy Research
Publisher : Unknown
Page : 166 pages
File Size : 53,6 Mb
Release : 1995
Category : Business & Economics
ISBN : 1884032036
Author : Dwight R. Lee
Publisher : Pacific Studies in Public Poli
Page : 586 pages
File Size : 55,5 Mb
Release : 1986
Category : Business & Economics
ISBN : STANFORD:36105040375318
This texts contains essays written by economists who review the effects of past government actions & reforms needed to avoid long term economic stagnation. Topics discussed include social security, the military industrial complex, & private vs. political entrpreneurship. Generally, the topics include such topics as the economic effects of taxation, spending, deficits, & other forms of hidden taxation, & taxation & individual rights.
Author : Mr.Santiago Acosta Ormaechea,Ms.Jiae Yoo
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,6 Mb
Release : 2012-10-26
Category : Business & Economics
ISBN : 9781616359171
We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69 countries with at least 20 years of observations on total tax revenue during the period 1970-2009—21 high-income, 23 middle-income and 25 low-income countries. To our knowledge this is the most comprehensive and up-to-date dataset on tax composition and growth. We find that increasing income taxes while reducing consumption and property taxes is associated with slower growth over the long run. We also find that: (1) among income taxes, social security contributions and personal income taxes have a stronger negative association with growth than corporate income taxes; (2) a shift from income taxes to property taxes has a strong positive association with growth; and (3) a reduction in income taxes while increasing value added and sales taxes is also associated with faster growth.
Author : Gian Maria Milesi-Ferretti,Nouriel Roubini
Publisher : Unknown
Page : 48 pages
File Size : 54,8 Mb
Release : 1998
Category : Economic development
ISBN : UVA:X006077811
Author : Nouriel Roubini,Gian Maria Milesi-Ferretti
Publisher : Unknown
Page : 48 pages
File Size : 45,6 Mb
Release : 1994
Category : Capital levy
ISBN : UCSD:31822018893727
This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 257 pages
File Size : 52,7 Mb
Release : 2015-04-20
Category : Business & Economics
ISBN : 9781498344654
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author : Organisation for Economic Co-operation and Development
Publisher : Organisation for Economic Co-operation and Development
Page : 484 pages
File Size : 44,8 Mb
Release : 1991
Category : Business & Economics
ISBN : STANFORD:36105041408365
Report presenting the main corporate tax provisions in all 24 OECD countries in 1991. Calculates effective corporate tax rates on domestic as well as on international investment for manufacturing industry in these countries and discusses in depth the main relevant tax policy issues with particular emphasis on possible means to reduce tax distortions to international flows of capital.
Author : Mr.Santiago Acosta Ormaechea,Atsuyoshi Morozumi
Publisher : International Monetary Fund
Page : 38 pages
File Size : 50,5 Mb
Release : 2019-05-07
Category : Business & Economics
ISBN : 9781498314183
Does the design of a tax matter for growth? Assembling a novel dataset for 30 OECD countries over the 1970-2016 period, this paper examines whether the value added tax (VAT) may have different effects on long-run growth depending on whether it is raised through the standard rate or through C-efficiency (a measure of the departure of the VAT from a perfectly enforced tax levied at a single rate on all consumption). Our key findings are twofold. First, for a given total tax revenue, a rise in the VAT, financed by a fall in income taxes, promotes growth only when the VAT is raised through C-efficiency. Second, for a given VAT revenue, a rise in Cefficiency, offset by a fall in the standard rate, also promotes growth. The implication is thus that in OECD countries broadening the VAT base through fewer reduced rates and exemptions is more conducive to higher long-run growth than a rise in the standard rate.
Author : Fraser Institute (Vancouver, B.C.)
Publisher : The Fraser Institute
Page : 36 pages
File Size : 53,9 Mb
Release : 2001
Category : Capital gains tax
ISBN : 9780889751897
Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 54,5 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 78 pages
File Size : 53,6 Mb
Release : 2016-12-10
Category : Business & Economics
ISBN : 9781498345200
Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
Author : David Encaoua,Bronwyn H. Hall,François Laisney,Jacques Mairesse
Publisher : Springer Science & Business Media
Page : 603 pages
File Size : 44,6 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781475731941
During the past few decades, the interest of economists in the sources of long-term economic growth has led an increasing number of them to focus on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, the groundbreaking work of Solow (1957), Nelson (1959) and Arrow (1962) made many other economists recognize the central role played by innovation in almost all spheres of economic activity. The Economics and Econometrics of Innovation presents a valuable overview of the work of the world's most renowned experts in the field of innovation and technical change. It collects 22 outstanding contributions that reflect the results of the vast, worldwide research efforts and remind us of the importance of economic incentives in shaping and directing innovative activities. The volume presents an edited selection of papers that were first presented at the 10th International ADRES conference. One particular goal of this book is to bring out the complementary nature of the various approaches to innovation, and to facilitate in-depth dialogues both between microeconomists and macroeconomists, and between theoreticians and econometricians. General topics that are considered range from the economy-wide effects of innovation on growth and employment to the variation of individual firm innovative performance; from the analysis of networks and standardization to the role of intellectual property rights and the assessment of knowledge spillovers. Besides the wealth of information presented in the chapters, readers of this volume will also appreciate the value of examining a single question from different angles and by using different methods.
Author : Richard Hemming,Selma Mahfouz,Michael Kell
Publisher : International Monetary Fund
Page : 60 pages
File Size : 49,5 Mb
Release : 2002-12
Category : Business & Economics
ISBN : UCSD:31822032179210
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.