2024-03-29T05:05:14Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:500
2019-09-28T09:48:48Z
7374617475733D756E707562
7375626A656374733D4B:4B34:4B3432
7375626A656374733D4B:4B31:4B3134
7375626A656374733D45:4536:453632
7375626A656374733D50:5031:503136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/500/
Crime and Punishment in the "American Dream"
Di Tella, Rafael
Dubra, Juan
K42 - Illegal Behavior and the Enforcement of Law
K14 - Criminal Law
E62 - Fiscal Policy
P16 - Political Economy
We observe that countries where belief in the "American dream" (i.e., effort pays) prevails also set harsher punishment for criminals. We know from previous work that beliefs are also correlated with several features of the economic system (taxation, social insurance, etc). Our objective is to study the joint determination of these three features (beliefs, punitiveness and economic system) in a way that replicates the observed empirical patterns. We present a model where beliefs determine the types of contracts that firms offer and whether workers exert effort. Some workers become criminals, depending on their luck in the labor market, the expected punishment, and an individual shock that we call "meanness". It is this meanness level that a penal system based on "retribution" tries to detect when deciding the severity of the punishment. We find that when initial beliefs differ, two equilibria can emerge out of identical fundamentals. In the "American" (as opposed to the "French") equilibrium, belief in the "American dream" is commonplace, workers exert effort, there are high powered contracts (and income is unequally distributed) and punishments are harsh. Economists who believe that deterrence (rather than retribution) shapes punishment can interpret the meanness parameter as pessimism about future economic opportunities and verify that two similar equilibria emerge.
2006-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/500/1/MPRA_paper_500.pdf
Di Tella, Rafael and Dubra, Juan (2006): Crime and Punishment in the "American Dream".
en
oai:mpra.ub.uni-muenchen.de:553
2019-09-27T06:58:10Z
7374617475733D756E707562
7375626A656374733D50:5031:503136
7375626A656374733D50:5031:503137
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/553/
The Economics of Young Democracies: Policies and Performance
Kapstein, Ethan
Converse, Nathan
P16 - Political Economy
P17 - Performance and Prospects
E52 - Monetary Policy
E62 - Fiscal Policy
Since the “third wave” of democratization began in 1974, nearly 100 states have adopted democratic forms of government, including, of course, most of the former Soviet bloc nations. Policy-makers in the west have expressed the hope that this democratic wave will extend even further, to the Middle East and onward to China. But the durability of this new democratic age remains an open question. By some accounts, at least half of the world’s young democracies—often referred to in the academic literature as being “unconsolidated” or “fragile”—are still struggling to develop their political institutions, and several have reverted back to authoritarian rule. Among the countries in the early stages of democratic institution building are states vital to U.S. national security interests, including Afghanistan and Iraq.
The ability of fledgling democracies to maintain popular support depends in part on the ability of their governments to deliver economic policies that meet with widespread approval. But what sorts of economic policies are these, and are they necessarily the same as the policies required for tackling difficult issues of economic stabilization and reform? Conversely, what sorts of economic policies are most likely to spark a backlash against young and fragile democratic regimes? Do the leaders of young democracies face trade-offs as they ponder their electoral and economic strategies?
These are among the questions we explore in this paper, which provides an overview of the monograph we are currently writing on the economics of young democracies. We do so first by exploring the hypothesized relationships between democratic politics and economic policy, as well as the findings of several important empirical studies with respect to the economic performance of young democracies around the world. We then provide some descriptive statistics on how the new democracies have fared in practice, making use of a new dataset that we have compiled (and which, among other things, is more up-to-date than most others cited herein). Do the data reveal any distinctive economic patterns with respect to democratic consolidation and reversal? We will show that they do. In particular, we find that deteriorating or stagnant economic performance constitutes a red flag or warning signal that the country is at risk of democratic reversal. Moreover, we find considerable variation in economic performance, suggesting that the design of political institutions in new democracies may have a significant influence on the probability of their survival.
2006-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/553/1/MPRA_paper_553.pdf
Kapstein, Ethan and Converse, Nathan (2006): The Economics of Young Democracies: Policies and Performance.
en
oai:mpra.ub.uni-muenchen.de:1101
2019-09-30T07:27:00Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4833:483330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1101/
General Issue on the Romanian fiscal system
Dracea, Raluca
Cristea, Mirela
E62 - Fiscal Policy
H30 - General
The arrangements of the economic and fiscal reform as well as the operating economy influenced the evolution of the fiscal revenues within 1990-2004, in Romania. Against the background of the State's receding involvement on the economic and social level, a fall of public costs generating a fall of the necessary budget to cover these costs occurred, amplified by the economic decline in Romania, registered in 1990.Compared to other sates, the average tax level in Romania is low around 30% of GDP, but it has an unequal distribution, while some of the tax payers allocate a tax level of 10-20%, others are forced to support a ratio of 50-60%.
Critics consider that the introduction of a unique tax share is a hasty arrangement with no substantiation or impact analysis, jeopardizing the budget balance. Other increase in tax and duties, utilities costs, appearance of new taxes and reduction in budget costs followed.
The renunciation to progressive levying of taxes (fiscal equity principle) and the introduction of unique tax share roused a series of pro and against reactions. Ignoring these controversies concerning work tax in Romania, the tax revenue and high social contributions remain an unsolved problem.
In Romania, the fall of social security contributions may provide the elasticity of the work market developing the power to encourage internal and foreign direct investments as well as the consumption of the Romanian economy.
The three important aspects of the Romanian economy are : the introduction of the unique tax share of 16%, the stimulation of work market and the blocking of qualified manoeuvre migrations abroad.
2006-03-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1101/1/MPRA_paper_1101.pdf
Dracea, Raluca and Cristea, Mirela (2006): General Issue on the Romanian fiscal system. Published in: microCAD 2006, International Scientific Conference , Vol. sectio, No. 16-17 March 2006 (16 March 2006): pp. 109-114.
en
oai:mpra.ub.uni-muenchen.de:1195
2019-09-28T04:38:47Z
7374617475733D756E707562
7375626A656374733D43:4338:433837
7375626A656374733D43:4336:433633
7375626A656374733D51:5132:513235
7375626A656374733D43:4337:433732
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1195/
NISOCSol an algorithm for approximating Markovian equilibria in dynamic games with coupled-constraints
Krawczyk, Jacek
Azzato, Jeffrey
C87 - Econometric Software
C63 - Computational Techniques ; Simulation Modeling
Q25 - Water
C72 - Noncooperative Games
E62 - Fiscal Policy
In this report, we outline a method for approximating a Markovian (or feedback-Nash) equilibrium of a dynamic game, possibly subject to coupled-constraints. We treat such a game as a "multiple" optimal control problem. A method for approximating a solution to a given optimal control problem via backward induction on Markov chains was developed in Krawczyk (2006). A Markovian equilibrium may be obtained numerically by adapting this backward induction approach to a stage Nikaido-Isoda function (described in Krawczyk & Zuccollo (2006)).
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1195/1/MPRA_paper_1195.pdf
Krawczyk, Jacek and Azzato, Jeffrey (2006): NISOCSol an algorithm for approximating Markovian equilibria in dynamic games with coupled-constraints.
en
oai:mpra.ub.uni-muenchen.de:1432
2019-09-27T13:56:32Z
7374617475733D756E707562
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1432/
Positive effects of fiscal expansions on growth and debt
Canale, Rosaria Rita
E52 - Monetary Policy
E62 - Fiscal Policy
The aim of this paper is to point out the shortcomings of propositions that deny economic policy any active role and propose a simple model by which public expenditure is still recognised as performing an active and positive function. The core of our thesis is that public deficit, because it actually has positive effects on the rate of growth, does not automatically increase public debt but rather reduces it. These positive effects are greater if the Central Bank’s monetary policy rule does not change. The policy authority has no reason to change its behaviour since there is no strict relation between fiscal expansions and inflation. The smaller the economic weight of the country considered in terms of the whole Monetary Union, the weaker is the link. These conclusions suggest we should rethink the limits imposed by the Stability and Growth Pact to the action of governments and subordinate the possibility of spending to the inflationary effects of deficit on the whole Union.
2006-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1432/1/MPRA_paper_1432.pdf
Canale, Rosaria Rita (2006): Positive effects of fiscal expansions on growth and debt.
en
oai:mpra.ub.uni-muenchen.de:1581
2019-12-05T10:26:21Z
oai:mpra.ub.uni-muenchen.de:1911
2019-09-29T00:07:24Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3432
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1911/
The welfare effects of government's preferences over spending and its financing
Alper, C. Emre
Ardic, Oya Pinar
Mumcu, Ayşe
Saglam, Ismail
O42 - Monetary Growth Models
E62 - Fiscal Policy
In this paper we examine the welfare effects of government's preferences over consumption and investment spending under different methods of financing in a two-period OLG model. The government has a utility function defined over the decomposition of her spending over two periods and raises funds by issuing bonds and by printing money. She allocates her funds into consumption expenditure that benefits the current population and investment expenditure which benefits the future population. The model is calibrated using data on the U.S. economy for the period 1981-2004. The findings reveal that the government's choice of financing as well as composition of spending into consumption-investment have differing impacts on the welfare of the young and old generations.
2006-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1911/1/MPRA_paper_1911.pdf
Alper, C. Emre and Ardic, Oya Pinar and Mumcu, Ayşe and Saglam, Ismail (2006): The welfare effects of government's preferences over spending and its financing.
en
oai:mpra.ub.uni-muenchen.de:1973
2019-09-30T15:07:34Z
7374617475733D756E707562
7375626A656374733D48:4832:483231
7375626A656374733D45:4536:453633
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1973/
The Optimum Quantity of Money Revisited: Distortionary Taxation in a Search Model of Money
Ritter, Moritz
H21 - Efficiency ; Optimal Taxation
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E62 - Fiscal Policy
This paper incorporates a distortionary tax into the microfoundations of money framework and revisits the optimum quantity of money. An optimal policy may consist of both a positive tax rate and a positive nominal interest rate: if the buyer’s surplus share is inefficiently small, the intensive margin is distorted and the constrained optimal policy combines a sales tax with a money growth rate above that prescribed by the Friedman rule. Monetary, but not fiscal, policy alters the agent’s bargaining position, leaving a special role for a deviation from the Friedman rule. Under similar conditions, this conclusion carries over to competitive pricing.
2007-02-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1973/1/MPRA_paper_1973.pdf
Ritter, Moritz (2007): The Optimum Quantity of Money Revisited: Distortionary Taxation in a Search Model of Money.
en
oai:mpra.ub.uni-muenchen.de:2071
2019-09-30T16:59:04Z
7374617475733D756E707562
7375626A656374733D48:4832:483232
7375626A656374733D45:4536:453632
7375626A656374733D48:4836:483632
7375626A656374733D48:4832:483231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2071/
Taxation without Commitment
Reis, Catarina
H22 - Incidence
E62 - Fiscal Policy
H62 - Deficit ; Surplus
H21 - Efficiency ; Optimal Taxation
This paper considers a Ramsey model of linear capital and labor income taxation in which a benevolent government cannot commit ex-ante to a sequence of taxes for the future. In this setup, if the government is allowed to borrow and lend to the consumers, the optimal capital income tax is zero in the long run. This result stands in marked contrast with the recent literature on optimal taxation without commitment, which imposes budget balance and typically finds that the optimal capital income tax does not converge to zero. Since it is efficient to backload incentives, breaking budget balance allows the government to generate surplus that reduces its debt or increases its assets over time until the lack of commitment is no longer binding and the economy is back in the full commitment solution. Therefore, while the lack of commitment does not change the optimal capital tax in the long run, it may impose an upper bound on the level of long run debt.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2071/1/MPRA_paper_2071.pdf
Reis, Catarina (2006): Taxation without Commitment.
en
oai:mpra.ub.uni-muenchen.de:2147
2019-09-26T10:20:00Z
7374617475733D756E707562
7375626A656374733D45:4536
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2147/
The Effects of External Debt Management on Sustainable Economic Growth and Development: Lessons from Nigeria
Adepoju, Adenike Adebusola
Salau, Adekunle Sheu
Obayelu, Abiodun Elijah
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E62 - Fiscal Policy
This paper reviewed the roles of debt management practices on sustainable economic growth and development with particular emphasis on Nigeria. Information was generated extensively from literature, the Nigeria Central Bank and National Bureau of Statistic reports. The analyses of the data collected with descriptive statistics shows that, availability of access to external finance strongly influences the economic development process of any nation. Debt is an important resources needed to support sustainable economic growth. But a huge external debt without servicing as it is the case for Nigeria before year 2000 constituted a major impediment to the revitalization of her shattered economy as well as the alleviation of debilitating poverty. The much needed inflow of foreign resources for investment stimulation, growth and employment were hampered. Without credit cover, Nigerian importers were required to provide 100 percent cash covers for all orders and this therefore placed them to a competitive disadvantage compared to their counterparts elsewhere. Failure of any owing country to service her debt obligation results in repudiation risk preventing such to obtain new loans since little or no confidence will be placed on the ability to repay. It will also undermine the effort to obtain substantive debt relief over the medium term with a tremendous increase in interest, arrears and other penalties. This will subsequently depress the economy both in the long and short runs. Best arrangement in debt payment must be put in place from time to time in response to changes in the economy and the polity. Debt can only be productive if well managed so as to make the rate of return higher than the cost of debt servicing.
2007-03-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2147/1/MPRA_paper_2147.pdf
Adepoju, Adenike Adebusola and Salau, Adekunle Sheu and Obayelu, Abiodun Elijah (2007): The Effects of External Debt Management on Sustainable Economic Growth and Development: Lessons from Nigeria.
en
oai:mpra.ub.uni-muenchen.de:2272
2019-10-03T18:20:35Z
7374617475733D756E707562
7375626A656374733D45:4532:453232
7375626A656374733D48:4832:483235
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2272/
Tax Incentives and Business Investment: New Evidence from Mexico
Ramirez Verdugo, Arturo
E22 - Investment ; Capital ; Intangible Capital ; Capacity
H25 - Business Taxes and Subsidies
E62 - Fiscal Policy
This paper provides new evidence on the response of business investment to tax incentives. I use the variation provided by recent reforms to the Mexican corporate tax system, including the elimination and reintroduction of accelerated depreciation allowances applicable to investment undertaken outside the three main Mexican metropolitan areas. I show that investment is very sensitive to changes in tax variables and interest rates, with an estimated elasticity of investment with respect to the user cost around -2.0. The results are robust to different specifications and instrumental variables approaches. The large elasticity is shown to be the result of the large cross sectional variation in the user cost of capital and also a product of the small open economy nature of the Mexican economy. In particular, large investment responses of plants owned by multinational firms and a elasticity of imported assets considerably larger than that of domestically purchased goods. Furthermore, the use of panel data at the establishment level allows me to identify the discrete nature of investment decisions and to show that the capital accumulation pattern is consistent with nonconvex adjustment costs and irreversibilities, similar to those found for the US. Thus, the large elasticity compared to US estimates cannot be attributed to differences in adjustment costs. Finally, I provide evidence that the large investment response is not an artifact of misreporting or tax evasion since the elasticity of investment in other assets such as transportation equipment and land, which is harder to misreport, is also high.
2005-08-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2272/1/MPRA_paper_2272.pdf
Ramirez Verdugo, Arturo (2005): Tax Incentives and Business Investment: New Evidence from Mexico.
en
oai:mpra.ub.uni-muenchen.de:2291
2019-09-26T14:25:14Z
7374617475733D756E707562
7375626A656374733D45:4532:453232
7375626A656374733D48:4832:483235
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2291/
Tax Incentives and Business Investment: New Evidence from Mexico
Ramirez Verdugo, Arturo
E22 - Investment ; Capital ; Intangible Capital ; Capacity
H25 - Business Taxes and Subsidies
E62 - Fiscal Policy
This paper provides new evidence on the response of business investment to tax incentives. I use the variation provided by recent reforms to the Mexican corporate tax system, including the elimination and reintroduction of accelerated depreciation allowances applicable to investment undertaken outside the three main Mexican metropolitan areas. I show that investment is very sensitive to changes in tax variables and interest rates, with an estimated elasticity of investment with respect to the user cost around -2.0. The results are robust to different specifications and instrumental variables approaches. The large elasticity is shown to be the result of the large cross sectional variation in the user cost of capital and also a product of the small open economy nature of the Mexican economy. In particular, large investment responses of plants owned by multinational firms and a elasticity of imported assets considerably larger than that of domestically purchased goods. Furthermore, the use of panel data at the establishment level allows me to identify the discrete nature of investment decisions and to show that the capital accumulation pattern is consistent with nonconvex adjustment costs and irreversibilities, similar to those found for the US. Thus, the large elasticity compared to US estimates cannot be attributed to differences in adjustment costs. Finally, I provide evidence that the large investment response is not an artifact of misreporting or tax evasion since the elasticity of investment in other assets such as transportation equipment and land, which is harder to misreport, is also high.
2005-08-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2291/1/MPRA_paper_2291.pdf
Ramirez Verdugo, Arturo (2005): Tax Incentives and Business Investment: New Evidence from Mexico.
en
oai:mpra.ub.uni-muenchen.de:2506
2019-10-02T13:22:42Z
7374617475733D756E707562
7375626A656374733D45:4536:453631
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453635
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2506/
Fiscal policy rules in practice
Thams, Andreas
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
E62 - Fiscal Policy
E65 - Studies of Particular Policy Episodes
This paper analyzes German and Spanish fiscal policy using simple policy rules. We choose Germany and Spain, as both are Member States in the European Monetary Union (EMU) and underwent considerable increases in public debt in the early 1990s. We focus on the question, how fiscal policy behaves under rising public debt ratios. It is found that both
Germany and Spain generally exhibit a positive relationship between government revenues and debt. Using Markov-switching techniques, we show that both countries underwent a change in policy behavior in the light of rising debt/output ratios at the end of the 1990s. Interestingly, this change in policy behavior differs in its characteristics across the two countries and seems to be non-permanent in the case of Germany.
2007-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2506/1/MPRA_paper_2506.pdf
Thams, Andreas (2007): Fiscal policy rules in practice.
en
oai:mpra.ub.uni-muenchen.de:2687
2019-10-30T06:01:59Z
oai:mpra.ub.uni-muenchen.de:3166
2019-09-27T11:55:26Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4533:453331
7375626A656374733D48:4832:483231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3166/
The flat tax in Romania. A good economic strategy?
Socol, Cristian
Marinas, Marius
Socol, Aura Gabriela
E62 - Fiscal Policy
E31 - Price Level ; Inflation ; Deflation
H21 - Efficiency ; Optimal Taxation
This paper evaluates the main effects of the implementation of tax flat system in Romanian economy. If accompanying measures are not going to be enforced, the introduction of the flat rate of 16% in Romania will lead to unsustainable budgetary deficits and inflationist pressures. The flat tax favors the workers with big salaries and also big and financially solid companies (which, mainly “export” the profit). It will attack the fragile macroeconomic stability. It is uncertain if it will lead to the increase of the degree of employment, having in view the fact that the contributions to the social insurances have a very high level. The alternative scenario is simple. Romania should have chosen to continue what it was confirmed to be a valid element of the economic evolution towards a European standard (progressive fiscal system).
2007-04-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3166/1/MPRA_paper_3166.pdf
Socol, Cristian and Marinas, Marius and Socol, Aura Gabriela (2007): The flat tax in Romania. A good economic strategy?
en
oai:mpra.ub.uni-muenchen.de:3198
2019-10-01T05:19:42Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4837:483732
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3198/
Situacion Fiscal y Fondo Anticiclico en la Ciudad de Buenos Aires: evolucion y perspectivas
Uña, Gerardo
Bertello, Nicolas
E62 - Fiscal Policy
H72 - State and Local Budget and Expenditures
After a period of positive fiscal results during years 2003 to 2005, the City of Buenos Aires faces challenges in its fiscal situation as of year 2006, which surely will be reflected in exercise 2007. During the period the 2003- 2005 City accumulated positive financial results near $1,800 million, starts off of which, $418 million, they were destined to the Stabilization Fund created in 2003 by Decree of the Executive authority. The estimations made by the Executive authority on the closing of exercise 2006 at the time of presenting the Project of Budget 2007 show a negative result of -$1,096 million, the contained negative result in Budget 2007 bases similar originally elevated by the Executive to the Legislature, and later modified in the parliamentary approval. As opposed to an electoral year, where the pressures on the public expenditure usually increase, it is precise to strengthening the institutionalization and transparency of the Buenos Aires City Stabilization Fund.
2007-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3198/1/MPRA_paper_3198.pdf
Uña, Gerardo and Bertello, Nicolas (2007): Situacion Fiscal y Fondo Anticiclico en la Ciudad de Buenos Aires: evolucion y perspectivas.
es
oai:mpra.ub.uni-muenchen.de:3206
2019-10-10T09:16:40Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D4F:4F31:4F3135
7375626A656374733D4F:4F32:4F3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3206/
New approach to planning in Tamil Nadu: Targeting the growth process
K., Jothi Sivagnanam
E62 - Fiscal Policy
O15 - Human Resources ; Human Development ; Income Distribution ; Migration
O21 - Planning Models ; Planning Policy
Achieving a high growth rate as well as a desirable level of income distribution is a goal that continues to be elusive in India. Thus, the maiden approach of the Tamil Nadu State Planning Commission to place importance on the `growth process', alongside the growth rate, is interesting and appropriate.
2006-12-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3206/1/MPRA_paper_3206.pdf
K., Jothi Sivagnanam (2006): New approach to planning in Tamil Nadu: Targeting the growth process. Published in: The Hindu Business Line (29 December 2006): pp. 1-14.
en
oai:mpra.ub.uni-muenchen.de:3355
2019-10-29T05:37:09Z
oai:mpra.ub.uni-muenchen.de:3427
2019-09-27T09:16:53Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D4D:4D31
7375626A656374733D45:4536
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3427/
The specificity of functions and principles of fiscal management
Comaniciu, Carmen
E62 - Fiscal Policy
M1 - Business Administration
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
The multiple changes which take place in the public sector due to the economical social and political processes and phenomenon impose the development and the perfecting of public management in order to assure efficiency and efficacy. Although in the specialty literature, the concept of fiscal management or management of fiscal activity is not very well defined, we will try to define this concept, to identify the fundamental and specific objectives, to specify the content of specific functions and principles.
2007-03-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3427/1/MPRA_paper_3427.pdf
Comaniciu, Carmen (2007): The specificity of functions and principles of fiscal management.
en
oai:mpra.ub.uni-muenchen.de:3742
2019-09-27T13:16:38Z
7374617475733D756E707562
7375626A656374733D45:4536:453633
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3742/
On Keynesian effects of (apparent) non-Keynesian fiscal policies
Canale, Rosaria Rita
Foresti, Pasquale
Marani, Ugo
Napolitano, Oreste
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E58 - Central Banks and Their Policies
E52 - Monetary Policy
E62 - Fiscal Policy
The aim of this paper is to evaluate the robustness of the theory that claims restrictive effects of expansionary fiscal policy. It shows that such so-called “non-Keynesian effects” may arise from synchronous and opposite monetary policy interventions. The paper demonstrates this conclusion through a stylized model – supported by an empirical investigation on ECB and FED reaction functions – in which Central Banks consider deficit spending as an element that generates inflation expectations. Econometric analysis also shows that the ECB reacts asymmetrically to deficit spending variations while the FED has a linear reaction to this indicator.
2007-06-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3742/1/MPRA_paper_3742.pdf
Canale, Rosaria Rita and Foresti, Pasquale and Marani, Ugo and Napolitano, Oreste (2007): On Keynesian effects of (apparent) non-Keynesian fiscal policies.
en
oai:mpra.ub.uni-muenchen.de:3760
2019-09-27T10:01:54Z
7374617475733D756E707562
7375626A656374733D43:4331:433133
7375626A656374733D48:4833:483331
7375626A656374733D4F:4F31:4F3137
7375626A656374733D44:4433:443331
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3760/
A model to estimate informal economy at regional level: Theoretical and empirical investigation
Albu, Lucian-Liviu
C13 - Estimation: General
H31 - Household
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
D31 - Personal Income, Wealth, and Their Distributions
E62 - Fiscal Policy
Many problems emerge since it is widely believed that high tax rates and ineffective tax collection by government are the main causes contributing to the rise of the informal economy. Already the economists have established a relationship between tax rates and tax evasion or size of the informal economy. The higher is the level of taxation, the greater incentive is to participate in informal economic activities and escape taxes.
At the macroeconomic level, there is a number of so-called indirect methods used to estimate the size and dynamics of informal economy, reported in literature as “Monetary Approach”, “Implicit Labour Supply Method”, “National Accountancy”, “Energy Consumption Method”, etc. Unfortunately, many times there are huge differences among the estimated shares of informal or underground economy obtained by various methods. For instance, in case of Romania the figures are between about 20% of GDP, obtained on the base of the energy consumption method and more than 45% computed by using the monetary approach. Also, the figures reported by the National Institute for Statistics (NIS), based on national accounts methodology, increased (mainly due to changes in methodology) from about 5% in 1992, to 18% in 1997 and to 20-22% after 2000. Adding to these figures about 7% of GDP, representing the estimated level for self-consumption in case of a rural household, legal non-registered but informal, resulted that last years the informal economy is responsible of 27-29% of national economy.
In this article, coming from certain general accepted finding of the theory in matter of modelling underground economy, we concentrate on evaluating analytically the limit-values of certain important parameters involved in models used to estimate the size of underground economy and to explain the mechanisms of its dynamics. Then we shall simulate some exercises on available data. The second goal of the paper is to report some conclusions of our investigation based on data supplied by special surveys organised in Romania. Also, in order to see since certain hypotheses (referring to the complex transmission mechanism from the tax policy decisions to the effective implication of agents into informal economy) are statistically verified and to extend the study from the aggregate level to a deep research inside the population set in regions, we used data supplied by this special large survey, which already were processed and are available in our database.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3760/1/MPRA_paper_3760.pdf
Albu, Lucian-Liviu (2007): A model to estimate informal economy at regional level: Theoretical and empirical investigation.
en
oai:mpra.ub.uni-muenchen.de:3948
2019-10-26T06:28:09Z
oai:mpra.ub.uni-muenchen.de:4117
2019-09-27T03:31:45Z
7374617475733D756E707562
7375626A656374733D48:4832
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4117/
Money and Taxes: The Relationship Between Financial Sector Development and Taxation
Tatom, John
Ott, Mack
H2 - Taxation, Subsidies, and Revenue
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E62 - Fiscal Policy
Requiring taxes to be paid in domestic money provides a legal tender basis for money demand and hence to the development of a financial system. In emerging markets, the level of taxation is a positive factor boosting financial development. At higher tax rates, however, taxation provides an incentive to reduce money demand and reduces the size of the financial sector. There is also evidence of re-switching in high-tax developed countries, where financial deepening increases with the tax rate. Such financial deepening represents a form of capital market repression, not unlike the growth-depressing effects of financial repression in many poor countries.
2006-10-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4117/1/MPRA_paper_4117.pdf
Tatom, John and Ott, Mack (2006): Money and Taxes: The Relationship Between Financial Sector Development and Taxation.
en
oai:mpra.ub.uni-muenchen.de:4315
2019-09-27T16:31:08Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4315/
Cyclical sensitivity of fiscal policies based on real-time data
Forni, Lorenzo
Momigliano, Sandro
E62 - Fiscal Policy
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
This paper examines the information-related problems associated with the analysis of fiscal policies, an issue recently studied in connection with monetary policies but largely ignored in the literature on budgetary action. We estimate a fiscal policy rule for the EU and OECD countries using real-time data on cyclical conditions; the results indicate that over the last decade fiscal policies reacted strongly and counter-cyclically to adverse macroeconomic conditions. Using ex post data instead, the reaction to adverse cyclical conditions is weaker and not statistically significant. The results indicate that reliance on the information actually available to policy-makers in real-time is important for the assessment of past policies, as ex post revised data may provide a misleading basis for such analysis. The results also suggest that part of the problems the Stability and Growth Pact encountered may have come from a misjudgment of cyclical conditions in some European countries in recent years.
2004-12-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4315/1/MPRA_paper_4315.pdf
Forni, Lorenzo and Momigliano, Sandro (2004): Cyclical sensitivity of fiscal policies based on real-time data. Published in: Applied Economics Quarterly , Vol. 50, No. 3-2004 (1 December 2004): pp. 299-326.
en
oai:mpra.ub.uni-muenchen.de:4351
2019-09-29T08:04:05Z
7374617475733D707562
7375626A656374733D45:4532:453234
7375626A656374733D45:4533:453332
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4351/
Manufacturing employment, productivity and the business cycle
Tatom, John
E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
E32 - Business Fluctuations ; Cycles
E62 - Fiscal Policy
The U.S. manufacturing sector has become the poster child of the jobless recovery, the latest victim of the Bubble Economy. On Labor Day 2003 President Bush called for the creation of a new position of Assistant Secretary for Manufacturing in the Department of Commerce. The National Association of Manufacturers has called for a new strategy for renewal of U.S. manufacturing, referring to the sector as being in “jeopardy.” Congress is even considering legislation, such as the American Jobs Creation Act (H.R. 2896), that would lower the corporate income tax rate for the nation’s manufacturing sector.
Secretary of Treasury Snow has succeeded in reversing long-standing U.S. exchange rate policy, calling for “flexibility” of Chinese and Japanese exchange rates. But the focus is on two countries where he believes that flexibility would lead to a lower value of the dollar (and not, for example, Hong Kong, where it would not). The new U.S. policy has succeeded in pushing down the dollar sharply against nearly all our major trading partners, the true objective of the policy. The political and economic policy situation is becoming critical. In the 1980s, the “deindustrialization” of America and the hollowing out of the American corporation threatened to turn us in to a nation of hamburger flippers and promised a Day of Reckoning. The irony was that manufacturing and the economy as a whole were enjoying a surge of policy-induced economic growth that had not been seen for two decades and that was restoring some faith in the continuing promise of the American Dream. Pundits are always looking for a new whipping boy symbolize US economic decline. In the mid-1980s it was the "deindustrialization" of America reflected in the massive current account deficit. But this time things could get nastier. A large current account deficit is back and has remained in the face of another jobless recovery, i.e., an economic expansion without a recovery in employment. And the decline in overall employment is heavily concentrated in manufacturing sector job losses. A more patient and optimistic perspective could be offered by reflecting on the euphoria of the new economy with its rapid productivity growth, advances that appear to be continuing. But instead, memories of recent boom times have apparently simply reinforced concerns about the demise of US manufacturing. As a result, the rhetoric of industrial decline and political intervention to protect industry and jobs is growing.
Has there been a structural shift in the U.S. economy that has doomed the manufacturing sector? Are government policies necessary for renewal? This paper attempts to provide some perspective on the decline in manufacturing employment and whether it represents a fundamental structural shift that requires public policy assistance to halt and/or reverse. It also assesses some potential policy efforts to aid the sector and the outlook for manufacturing employment.
2004-02-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4351/1/MPRA_paper_4351.pdf
Tatom, John (2004): Manufacturing employment, productivity and the business cycle. Published in: Tax Foundation Background Paper , Vol. No.. 4, (1 February 2004): pp. 1-16.
en
oai:mpra.ub.uni-muenchen.de:4376
2019-10-26T18:30:41Z
oai:mpra.ub.uni-muenchen.de:4469
2019-09-28T16:50:35Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3137
7375626A656374733D48:4835
7375626A656374733D47:4732:473238
7375626A656374733D47:4732:473231
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4469/
Public-private Partnerships in Micro-finance: Should NGO Involvement be Restricted?
Roy Chowdhury, Prabal
Roy, Jaideep
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
H5 - National Government Expenditures and Related Policies
G28 - Government Policy and Regulation
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
E62 - Fiscal Policy
This paper examines public-private partnerships in micro-finance,
whereby NGOs can help in channelizing credit to the poor, both in
borrower selection, as well as in project implementation. We argue
that a distortion may arise out of the fact that the private
partner, i.e. the NGO, is a motivated agent. We find that
whenever the project is neither too productive, nor too
unproductive, reducing such distortion requires unbundling
borrower selection and project implementation, with the NGO being
involved in borrower selection only.
2007-08-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4469/1/MPRA_paper_4469.pdf
Roy Chowdhury, Prabal and Roy, Jaideep (2007): Public-private Partnerships in Micro-finance: Should NGO Involvement be Restricted?
en
oai:mpra.ub.uni-muenchen.de:4539
2019-10-27T06:05:51Z
oai:mpra.ub.uni-muenchen.de:4593
2019-09-27T16:47:43Z
7374617475733D696E7072657373
7375626A656374733D45:4536:453632
7375626A656374733D45:4532:453231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4593/
An avenue for expansionary fiscal contractions
Afonso, António
E62 - Fiscal Policy
E21 - Consumption ; Saving ; Wealth
Expansionary fiscal contractions were first illustrated by several fiscal episodes that occurred in Europe during the 1980s. This paper suggests a simple analytical textbook model that encompasses both Keynesian and non-Keynesian effects of fiscal policy. In such a context, the possibility of expansionary fiscal contractions is linked to the responsiveness of the risk premium of domestic interest rates to the budgetary position of the government and to the existence of credit-rationed consumers.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4593/1/MPRA_paper_4593.pdf
Afonso, António (2007): An avenue for expansionary fiscal contractions. Forthcoming in: The Icfai Journal of Public Finance , Vol. 5, No. 3 (2007): pp. 7-15.
en
oai:mpra.ub.uni-muenchen.de:5143
2019-10-02T04:42:45Z
7374617475733D756E707562
7375626A656374733D48:4835:483534
7375626A656374733D45:4531:453130
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5143/
Comment on "Productive Public Expenditure and Imperfect Competition with Endogenous Price Markup"
Costa, Luís
Palma, Nuno
H54 - Infrastructures ; Other Public Investment and Capital Stock
E10 - General
E62 - Fiscal Policy
In this note we show that the claim from Chen et al (2005) that their model generates an endogenous markup is incorrect. This is not only a nomenclature issue: using the �fixed markup which we show to be the only one consistent with the structure of the model implies the main conclusions in that paper do not hold. In particular, government expenditure
in infrastructure cannot affect the business cycle in this model by deliberately changing the market structure of the economy.
2006-10-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5143/1/MPRA_paper_5143.pdf
Costa, Luís and Palma, Nuno (2006): Comment on "Productive Public Expenditure and Imperfect Competition with Endogenous Price Markup".
en
oai:mpra.ub.uni-muenchen.de:5277
2019-09-29T13:08:03Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5277/
Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact
Neicheva, Maria
E62 - Fiscal Policy
The paper focuses on the non-Keynesian effects of fiscal policy, specifically government expenditure on output in Bulgaria. The main finding of the study is that the size of the fiscal impulse is the most important determinant of the non-Keynesian outcome. Also, the results imply that the “balanced-budget rule” does not automatically assure growth; the regulations regarding the budgetary categories themselves should also be considered.
2007-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5277/1/MPRA_paper_5277.pdf
Neicheva, Maria (2007): Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact.
en
oai:mpra.ub.uni-muenchen.de:5478
2019-10-26T18:25:51Z
oai:mpra.ub.uni-muenchen.de:5895
2019-09-26T22:17:38Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D47:4731:473132
7375626A656374733D43:4336:433638
7375626A656374733D4F:4F34:4F3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5895/
The Boom-Bust Cycle in Japanese Asset Prices
Alpanda, Sami
E62 - Fiscal Policy
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
C68 - Computable General Equilibrium Models
O40 - General
The Japanese economy experienced a substantial increase and a subsequent crash in land and stock prices in the 1980s and 90s. I use a neoclassical growth model to determine how much of these asset price movements can be accounted for by the observed changes in fundamentals of the Japanese economy; in particular changes in productivity growth and government policy regarding land taxation. In the model, corporations issue land-collateralized debt to reduce their tax liabilities and the government follows a land-taxation policy that is countercyclical to land prices. These features substantially magnify the effect of small shocks by reducing the required return on land. With the model calibrated to Japanese data, I find that the observed changes in fundamentals cannot simultaneously account for the movements in asset prices and macroeconomic variables. In particular, with persistent changes in fundamentals, the observed asset prices can be justified, but at the cost of counter-predicting macroeconomic variables.
2007-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5895/1/MPRA_paper_5895.pdf
Alpanda, Sami (2007): The Boom-Bust Cycle in Japanese Asset Prices.
en
oai:mpra.ub.uni-muenchen.de:5904
2019-10-26T20:13:12Z
oai:mpra.ub.uni-muenchen.de:6156
2019-10-11T16:33:21Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4534:453433
7375626A656374733D45:4530
7375626A656374733D45:4535:453531
7375626A656374733D45:4534:453434
7375626A656374733D41:4131:413130
7375626A656374733D47:4732:473234
7375626A656374733D45:4536:453630
7375626A656374733D45:4534:453437
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453631
7375626A656374733D45:4534:453431
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6156/
STRUKTURELLE VERÄNDERUNGEN IN DER WIRTSCHAFT DER REPUBLIKEN KRAOATIEN UND BUNDESREPUBLIK DEUTSCHLAND
Novak, Branko
Matić, Branko
E62 - Fiscal Policy
E43 - Interest Rates: Determination, Term Structure, and Effects
E0 - General
E51 - Money Supply ; Credit ; Money Multipliers
E44 - Financial Markets and the Macroeconomy
A10 - General
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
E60 - General
E47 - Forecasting and Simulation: Models and Applications
E58 - Central Banks and Their Policies
E52 - Monetary Policy
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
E41 - Demand for Money
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The paper discusses the structural changes taking place in the financial system of the Republic of Croatia after the country became independent. Particular attention is given to the banking system, bankruptcies and rehabilitation of banks. Furthermore, the paper analyzes the development of insurance companies, investment funds and pension funds as important components of the financial system. The state and development of money and capital markets is analyzed as well. The legislation covering the major financial institutions is reviewed and compared with the legislation in highly developed market economies.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6156/1/MPRA_paper_6156.pdf
Novak, Branko and Matić, Branko (2002): STRUKTURELLE VERÄNDERUNGEN IN DER WIRTSCHAFT DER REPUBLIKEN KRAOATIEN UND BUNDESREPUBLIK DEUTSCHLAND. Published in: XXIII. Wissenschaftliches Symposium, Strukturelle Veränderungen in der Wirtschaft der Republiken Kroatien und Bundesrepublik Deutschland (10 October 2002): pp. 31-51.
de
oai:mpra.ub.uni-muenchen.de:7538
2019-09-27T15:12:13Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4836:483638
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7538/
Budgetary Forecasting in India: Partitioning Errors and Testing for Rational Expectations
Chakraborty, Lekha S
Sinha, Darshy
E62 - Fiscal Policy
H68 - Forecasts of Budgets, Deficits, and Debt
According to the theory of efficient markets, economic agents use all available information to form rational expectations. Fiscal marksmanship, the accuracy of budgetary forecasting, can be one important piece of such information the rational agents must consider in forming expectations. Using Theil’s inequality coefficient (U) based on the mean square prediction error, the paper estimates the magnitude of errors in the budgetary forecasts in India for the period 1990-91 to 2003-04 and also decomposed the errors into biasedness, unequal variation and random components to analyze the source of error. The test of rational expectations revealed that neither revenue nor expenditure forecasts in India is rational. However, capital budget revealed more forecast errors than revenue budget. The results also revealed that degree of errors in forecasting of receipts was relatively higher than that of expenditure. However there is no specific trend in the forecasting errors, which reveals that budgetary estimates are made not based on adaptive expectations. The proportion of error due to random variation has been significantly higher (which is beyond the control of the forecaster), while the errors due to bias has been negligible. The analysis related to efficiency of forecasts also showed that no significant improvement in forecasts over time.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7538/1/MPRA_paper_7538.pdf
Chakraborty, Lekha S and Sinha, Darshy (2008): Budgetary Forecasting in India: Partitioning Errors and Testing for Rational Expectations.
en
oai:mpra.ub.uni-muenchen.de:7605
2019-09-27T02:16:16Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D51:5135:513536
7375626A656374733D43:4333:433333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7605/
Determining Environmental Quality in a Federal Setting: An Empirical Analysis of Subnational Governments in India
Chakraborty, Lekha S
E62 - Fiscal Policy
Q56 - Environment and Development ; Environment and Trade ; Sustainability ; Environmental Accounts and Accounting ; Environmental Equity ; Population Growth
C33 - Panel Data Models ; Spatio-temporal Models
Against the analytical backdrop of environmental federalism, the paper examines the impact of fiscally decentralized public policy stance on environmental quality in India. Unlike many studies which analysed the fiscally decentralized determination of environmental welfare from tax-side through modeling interjurisdictional competition and ‘race to bottom’, this paper attempts to look at the link from public expenditure side in a Kuznets’ U specification. The paper does not refute the widely explored Kuznets U phenomenon between economic growth and the environmental quality, rather it emphasizes that it does substantially through conscious public policies on reforestation and pollution abatement with adequate public expenditure decisions. Using GSLS and fixed effects model of pooled least squares for the late 1990s, the analysis of the link between decentralized environmental expenditure in per capita terms and the environmental quality indicators for the forestry sector revealed that there is a positive functional relationship between the variables. The models also revealed the effectiveness of economic growth variables in creating the Kuznet’s U effect on environmental quality. However, the panel estimates showed that fiscal policy has a stronger impact on environmental quality than the Kuznets U-impact of economic growth. This result is in confirmation with the trend that fiscal policies on environmental capital formation gets transformed to the end results of better environmental quality indicators, despite the constraints of initial negative impacts of economic growth on ecology.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7605/1/MPRA_paper_7605.pdf
Chakraborty, Lekha S (2006): Determining Environmental Quality in a Federal Setting: An Empirical Analysis of Subnational Governments in India.
en
oai:mpra.ub.uni-muenchen.de:8056
2019-09-29T04:31:03Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4837:483730
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8056/
ANALYSIS OF THE DECENTRALIZATION OF PUBLIC SPENDING IN SPAIN
Molero, Juan Carlos
E62 - Fiscal Policy
H70 - General
This paper studies the decentralization process of public spending in Spain, which has been one of the main landmarks in recent years, and not only in Spain but also in many different countries. The classical assumption to speak about this kind of processes is the theory of fiscal federalism. However, nowadays this theory is considered more as a set of general "guidelines" than a practical rule of application.
To undertake this study the article proposes a new method to describe the outcomes of the decentralization process through the functional classification of spending. The analysis of the data in each level of government -central, regional and local- is made in order to justify the process. So far, mainly political motives have justified the transference of competencies from the central to the regional and local governments in Spain. The fiscal federalism theory can enlighten our analysis from a theoretical point of view
2001
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8056/1/MPRA_paper_8056.pdf
Molero, Juan Carlos (2001): ANALYSIS OF THE DECENTRALIZATION OF PUBLIC SPENDING IN SPAIN. Published in: Public Finance and Management , Vol. 4, No. 1 (2001): pp. 500-556.
en
oai:mpra.ub.uni-muenchen.de:8443
2019-10-22T04:49:31Z
oai:mpra.ub.uni-muenchen.de:8553
2019-09-27T19:56:38Z
7374617475733D696E7072657373
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483534
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8553/
Productive government expenditure and fiscal sustainability
Arai, Real
E62 - Fiscal Policy
H54 - Infrastructures ; Other Public Investment and Capital Stock
H63 - Debt ; Debt Management ; Sovereign Debt
We consider an overlapping generations model in which public spending directly contributes to grow up productivity as Barro (1990) and a government comforts the constant spending-GDP and debtspending ratio rules. We analyse policy effects on fiscal sustainability,
growth rate and welfare. This paper gives some remarks as follows: First, we demonstrate that when spending-GDP ratio rises it may be more sustainable fiscal policy. Second, we show analytically that if higher spending-GDP ratio is more sustainable fiscal policy, it brings higher growth rate in both short-term and long-term. Third, such
policy change is Pareto improving. These remarks are not obtained in previous researches on fiscal sustainability.
2008-05-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8553/2/MPRA_paper_8553.pdf
Arai, Real (2008): Productive government expenditure and fiscal sustainability. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:8560
2019-09-27T16:53:41Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483534
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8560/
Productive government expenditure and fiscal sustainability
Arai, Real
E62 - Fiscal Policy
H54 - Infrastructures ; Other Public Investment and Capital Stock
H63 - Debt ; Debt Management ; Sovereign Debt
We consider an overlapping generations model in which public spending directly contributes to grow up productivity as Barro (1990) and a government comforms the constant spending-GDP and debtspending ratio rules. We analyse policy effects on fiscal sustainability,
growth rate and welfare. This paper gives some remarks as follows: First, we demonstrate that when spending-GDP ratio rises it may be more sustainable fiscal policy. Second, we show analytically that if higher spending-GDP ratio is more sustainable fiscal policy, it brings higher growth rate in both short-term and long-term. Third, such
policy change is Pareto improving. These remarks are not obtained in previous researches on fiscal sustainability.
2008-05-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8560/1/MPRA_paper_8560.pdf
Arai, Real (2008): Productive government expenditure and fiscal sustainability.
en
oai:mpra.ub.uni-muenchen.de:8726
2019-09-26T08:16:07Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4437:443732
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8726/
Rent seeing distortions and fiscal procyclicality
Ilzetzki, Ethan
E62 - Fiscal Policy
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
F41 - Open Economy Macroeconomics
Recent research has demonstrated that while government expenditures are countercyclical in most industrialized countries, they tend to be procyclical in developing countries. We develop a dynamic political-economy
model to explain this phenomenon. Simulations of the model allow us to quantitatively compare the relative role of common explanations for fiscal procyclicality. We conclude that rent seeking within the fiscal process can
explain fiscal procyclicality better than other common explanations, such as borrowing constraints and macroeconomic volatility.
2006-04-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8726/1/MPRA_paper_8726.pdf
Ilzetzki, Ethan (2006): Rent seeing distortions and fiscal procyclicality.
en
oai:mpra.ub.uni-muenchen.de:8789
2019-09-27T09:05:02Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453532
7375626A656374733D45:4536:453633
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8789/
Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union
Canale, Rosaria Rita
E62 - Fiscal Policy
E58 - Central Banks and Their Policies
E52 - Monetary Policy
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely, the rate of interest for the central bank and deficit spending for governments. We demonstrate that the possibility of the two policy authorities producing not conflicting results depends on the idea each has of the workings of the economic system and on the influence each variable has on inflation and equilibrium income. Furthermore the inflationary opinion of the ECB about deficit spending leads to the result that public finance becomes surely unsound, unless governments stop using expansionary instruments. We provocatively conclude that the limits set by the Maastricht Treaty are a necessary solution to avoid unsound public finance.
2008-05-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8789/2/MPRA_paper_8789.pdf
Canale, Rosaria Rita (2008): Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union.
en
oai:mpra.ub.uni-muenchen.de:9081
2018-01-06T04:50:09Z
oai:mpra.ub.uni-muenchen.de:9085
2019-09-30T17:52:59Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4531:453132
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9085/
Composition of public expenditure, effective demand, distribution and growth
Commendatore, Pasquale
Panico, Carlo
Pinto, Antonio
E62 - Fiscal Policy
E12 - Keynes ; Keynesian ; Post-Keynesian
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
We introduce public expenditure (PE) in a general post Keynesian framework characterized by a
nonlinear investment function. Our aims are: 1) to provide a systematic analysis of the impact of PE (‘productive’
or ‘non productive’) and of the Government sector size on economic growth, allowing effective demand to play a
crucial role. Our work fills a lacuna in the post Keynesian literature given that scant attention has been devoted to
this topic. In our paper, ‘Productive’ PE affects the (fixed) coefficients of production similarly to Barro (1990); 2)
to compare and contrast two different interpretations which assign a different meaning to the autonomous
component of the investment function, corresponding to long run demand growth expectations: the Kaleckian
interpretation assumes exogenous long run expectations; in the Classical or Harrodian interpretation, long-run
expectations are linked to the ‘warranted rate of growth’; 3) to reproduce a variety of complex phenomena
(multiple equilibria, hysteresis, low growth traps, regular and irregular growth cycles), by introducing a simple
nonlinearity in the investment function in the spirit of Kalecki’s (1937) investment theory and Kaldor’s (1940)
trade cycle model. A plethora of results emerge from our simple framework concerning comparative statics and
dynamicbehaviour.
2007-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9085/1/MPRA_paper_9085.pdf
Commendatore, Pasquale and Panico, Carlo and Pinto, Antonio (2007): Composition of public expenditure, effective demand, distribution and growth.
en
oai:mpra.ub.uni-muenchen.de:9300
2019-10-06T03:14:53Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483231
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9300/
The Inconsistency Puzzle Resolved: an Omitted Variable
Arefiev, Nikolay
E62 - Fiscal Policy
H21 - Efficiency ; Optimal Taxation
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
We find that the contemporary version of the dynamic Ramsey problem omits one important variable that we take into consideration in this paper. The effect of introducing of this variable into the analysis of dynamic inconsistency is similar to that of introducing expected inflation into the Phillips curve: we show that only a policy surprise affects the attainable resource allocation set and the optimal policy. In contrast to Chamley (1986), we show that intensive capital income taxation at the beginning of optimal policy does not imply a lump-sum taxation of household wealth and cannot reduce the excess tax burden. We also demonstrate that the Ramsey policy is dynamically consistent even without commitment. We resolve the Ramsey problem and compare our results to those of Chamley on optimal capital income taxation.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9300/4/MPRA_paper_9300.pdf
Arefiev, Nikolay (2008): The Inconsistency Puzzle Resolved: an Omitted Variable.
en
oai:mpra.ub.uni-muenchen.de:9364
2018-01-06T04:57:41Z
oai:mpra.ub.uni-muenchen.de:9493
2019-09-29T07:48:21Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4834:483430
7375626A656374733D45:4536:453633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9493/
Private and public consumption and counter-cyclical fiscal policy
Marattin, Luigi
E62 - Fiscal Policy
H40 - General
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
This paper bulds a closed-economy NK-DSGE model with no capital, in which consumers value both private and public consumption and fiscal policy is determined by a feedback rule responding to output gap. We analyse how different degrees of substitutatibility/complementarity between private and public consumption and a pro/counter-cyclical stance of fiscal policy affect equilbrium determinacy and the response of the economy to a wide range of shocks. Results show that determinacy is ensured by counter-cyclical fiscal policy under complementarity; increasing substitutability also pro-cyclical stance becomes stable. Differences can be observed also in response to shocks.
2007-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9493/1/MPRA_paper_9493.pdf
Marattin, Luigi (2007): Private and public consumption and counter-cyclical fiscal policy. Published in: International Journal of Economics , Vol. 2, No. 1 (June 2008)
en
oai:mpra.ub.uni-muenchen.de:9553
2019-10-29T17:27:31Z
oai:mpra.ub.uni-muenchen.de:9620
2019-10-16T04:30:33Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4532:453232
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9620/
International Liquidity, Financial Constraints and Private Investment in an Emerging Market Economy
Guncvadi, Oner
E62 - Fiscal Policy
E22 - Investment ; Capital ; Intangible Capital ; Capacity
E44 - Financial Markets and the Macroeconomy
This article examines whether or not the recent surge in the availability of international liquidity helps Turkey revive private investment expenditure. Unlike previous studies, this paper indicates that an increased availability of financial resources after 2002 played a detrimental role in the recent recovery of private investment in Turkey.
2008-06-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9620/1/MPRA_paper_9620.pdf
Guncvadi, Oner (2008): International Liquidity, Financial Constraints and Private Investment in an Emerging Market Economy.
en
oai:mpra.ub.uni-muenchen.de:9707
2019-09-30T17:01:13Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4831:483131
7375626A656374733D43:4332:433233
7375626A656374733D48:4837
7375626A656374733D48:4836
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9707/
Budgetary Dynamics in The Local Authorities in Israel
Navon, Guy
E62 - Fiscal Policy
H11 - Structure, Scope, and Performance of Government
C23 - Panel Data Models ; Spatio-temporal Models
H7 - State and Local Government ; Intergovernmental Relations
H6 - National Budget, Deficit, and Debt
This study examines the short-run effects and dynamics of exogenous shocks to the regular budgets of the local authorities in Israel with emphasis on the reduction in government participation and taking into account the heterogeneity of the local authorities. To accomplish this, the study uses a panel of 193 local authorities for the years 1996–2002 and estimates a dynamic model for the components of the regular budget. This makes it possible to examine the dynamics of fiscal adjustment in response to changes in the size of the deficit and in the components of the budget. The changes in revenue from municipal taxes and other independent revenues, expenditure and participation and equalization grants were estimated by means of a Vector Error Correction model. The main findings are as follows: (a) Exogenous changes in the components of the budget, such as a reduction in government grants, affect the level of the per capita deficit in the short run but following that the deficit converges to its original level. (b) A reduction in government grants leads to an immediate cutback in services to residents and increased deficits. (c) The process of adjustment in the non-Jewish local authorities is twice as long as that in the Jewish ones. Therefore, the reduction in grants leads to an increase in deficits for a longer period in non-Jewish local authorities. (d) The process of budgetary adjustment differs among local authorities according to socioeconomic ranking. The weakest local authorities (clusters 1-3) and the strongest local authorities (clusters 8-10) respond to a change in the deficit primarily by reducing labor costs while the development town local authorities cut back their services to residents.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9707/1/MPRA_paper_9707.pdf
Navon, Guy (2006): Budgetary Dynamics in The Local Authorities in Israel. Published in: Israel Economic Review , Vol. 2, No. 4 (2006): pp. 19-52.
en
oai:mpra.ub.uni-muenchen.de:9738
2019-09-30T17:13:59Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4836:483632
7375626A656374733D43:4331:433134
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9738/
Soutenabilité des finances publiques au Cameroun : Approche de Bohn (1998)
Ngwa Edielle, T. H. Jackson
E62 - Fiscal Policy
H62 - Deficit ; Surplus
C14 - Semiparametric and Nonparametric Methods: General
H63 - Debt ; Debt Management ; Sovereign Debt
In this paper, we test sustainability of Cameroon’s fiscal policy using the approach developed by Bohn (1998). We apply non parametric and semi-parametric regressions with time depending coefficients to estimate fiscal policy reaction function in Cameroon between 1975 and 2005. We find out that the response of primary surplus to GDP is a concave positive function of the debt-GDP ratio. Further, our estimates show that fiscal policy reaction coefficient has been significantly positive between 1975 and 2005. However, there is a negative trend in that coefficient which becomes positive after the year 1993.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9738/1/MPRA_paper_9738.pdf
Ngwa Edielle, T. H. Jackson (2006): Soutenabilité des finances publiques au Cameroun : Approche de Bohn (1998).
fr
oai:mpra.ub.uni-muenchen.de:9756
2019-09-27T16:41:39Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9756/
Budget Formulation and Implementation in Korea: A Macroeconomic Perspective
He, Dong
E62 - Fiscal Policy
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
This paper describes the main featues of the Korean fiscal system from a macroeconomic perspective. It discusses why fiscal outtrns tend to differ from the budget and makes suggestions to improve budget formulation and implementation. It also discusses how medium-term fiscal objectives such as maintaining a balanced budget and reducing public debt can be reconciled with the short-term objective of avoiding procyclical fiscal impulses in a downtun.
2003-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9756/1/MPRA_paper_9756.pdf
He, Dong (2003): Budget Formulation and Implementation in Korea: A Macroeconomic Perspective. Published in: Republic of Korea: Selected Issues No. IMF Country Report No. 03/80 (March 2003)
en
oai:mpra.ub.uni-muenchen.de:9760
2019-09-29T01:04:33Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4831:483131
7375626A656374733D43:4338:433832
7375626A656374733D48:4833:483330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9760/
Towards a Fiscal Illusion Index
Mourão, Paulo
E62 - Fiscal Policy
H11 - Structure, Scope, and Performance of Government
C82 - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data ; Data Access
H30 - General
This paper presents an index of Fiscal Illusion for 68 democratic countries from 1960 to 2006. The studied Fiscal Illusion is the one related to a wrong perception of the budget aggregates according to the voters and taxpayers’ perspectives. In the construction of the index, methodological issues were carefully taken into account. The results obtained reveal that fiscal illusion varies greatly around the world. Countries such as Mali, Pakistan, Russia and Sri Lanka have the highest average values over the time period considered; while Austria, Luxembourg, Netherlands and New Zealand have the lowest. Regarding the time dimension, between 1980 and 1995 there was a significant decrease in the average value of the index across countries, suggesting a reduction in the adoption of fiscal illusion measures during this period. After 1995, the index remained stable in most of the countries.
2007-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9760/1/MPRA_paper_9760.pdf
Mourão, Paulo (2007): Towards a Fiscal Illusion Index.
en
oai:mpra.ub.uni-muenchen.de:9823
2019-10-03T04:45:38Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4534:453434
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9823/
New actions on the housing and financial crises—do no harm?
Tatom, John A.
E62 - Fiscal Policy
E44 - Financial Markets and the Macroeconomy
G28 - Government Policy and Regulation
On July 27, 2008, the U.S. Senate passed and sent on to the president the “Housing and Economic Recovery Act of 2008,” reportedly the most important hosing bill since the Great Depression. The bill was originally aimed at addressing the foreclosure crisis which began in late 2006 and became especially apparent in the financial crisis that emerged in August 2007. Its passage was accelerated by the near or real failures of Fannie Mae and Freddie Mac, the nation’s two largest government sponsored enterprises (GSEs), who play a central role in the functioning of the nation’s housing, mortgage and financial markets. It is unlikely that the new steps will have much effect on the foreclosure crisis or short-term economic performance, but they create serious uncertainty over the future of the GSEs, federal finance and the status and role of the U.S. financial markets. It is likely, however, that the new arrangements for Fannie Mae and Freddie Mac will not remain static for more than a few months and that newly authorized steps for the new regulator of the GSEs are likely to ramp up the discussion and need for regulation soon.
2008-07-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9823/1/MPRA_paper_9823.pdf
Tatom, John A. (2008): New actions on the housing and financial crises—do no harm? Published in: Research Buzz , Vol. 4, No. 6 (31 July 2008): pp. 1-5.
en
oai:mpra.ub.uni-muenchen.de:9979
2018-01-06T07:55:59Z
oai:mpra.ub.uni-muenchen.de:9980
2019-10-02T06:31:03Z
7374617475733D756E707562
7375626A656374733D45:4534:453431
7375626A656374733D45:4536:453632
7375626A656374733D45:4532:453236
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9980/
Australia’s underground economy – redux?
Breusch, Trevor
E41 - Demand for Money
E62 - Fiscal Policy
E26 - Informal Economy ; Underground Economy
Bajada (2006) recognises that his earlier books and papers used a faulty method for measuring the underground economy in Australia. He also reports finding a new “more serious problem” in the method. All of these failures can be avoided, it is claimed, by reduced use of currency modelling and more reliance on outside estimates. Despite delivering estimates up to two-thirds less than before, the revised method involves substantial double counting. Ironically, these problems are found only in Bajada’s particular method, not in currency modelling generally.
2006-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9980/2/MPRA_paper_9980.pdf
Breusch, Trevor (2006): Australia’s underground economy – redux?
en
oai:mpra.ub.uni-muenchen.de:9988
2019-09-29T06:06:26Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9988/
Capital Taxation and Rent Seeking
Arefiev, Nikolay
Baron, Tatyana
E62 - Fiscal Policy
H21 - Efficiency ; Optimal Taxation
We find the optimal capital income tax rate in an imperfectly competitive economy, where some part of recourses is devoted to rent-seeking activity. Optimal tax offsets the difference between marginal social and marginal
private return to capital, which is a result of rent seeking, and the difference between the before tax interest rate and the marginal productivity of capital, which arises from imperfect competition. Optimal capital income tax rate depends neither on other tax rates nor on overall tax burden. Numerically it is close to zero.
2006-12-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9988/1/MPRA_paper_9988.pdf
Arefiev, Nikolay and Baron, Tatyana (2006): Capital Taxation and Rent Seeking.
en
oai:mpra.ub.uni-muenchen.de:10125
2019-09-28T04:58:48Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4837:483735
7375626A656374733D49:4933:493338
7375626A656374733D48:4837:483733
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10125/
Should we expect a race to the bottom in welfare benefits? Evidence from a multistate panel, 1979-1995
Smith, Mark W
E62 - Fiscal Policy
H75 - State and Local Government: Health ; Education ; Welfare ; Public Pensions
I38 - Government Policy ; Provision and Effects of Welfare Programs
H73 - Interjurisdictional Differentials and Their Effects
Evidence exists that welfare recipients migrate between states to seek more generous benefits, potentially leading states to lower AFDC benefits to avoid such welfare migration. Taken further, this raises the specter of states competitively lowering benefits in reaction to similar moves by other states. The naïve model of policymaking assumes that benefits are solely a function of state characteristics. If benefits depend on the threat of welfare migration or other interstate competition, however, one must account for possible spillovers. This paper presents tests for the presence of welfare-policy spillovers in a panel of 47 states over the period 1979-1995. I find weak evidence of spillovers even in the presence of state fixed effects and political and budgetary-control variables.
1999-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10125/1/MPRA_paper_10125.pdf
Smith, Mark W (1999): Should we expect a race to the bottom in welfare benefits? Evidence from a multistate panel, 1979-1995.
en
oai:mpra.ub.uni-muenchen.de:10140
2019-09-27T13:04:01Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483537
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4A:4A33:4A3331
7375626A656374733D4F:4F33:4F3332
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10140/
Technological policy and wage inequality
Cozzi, Guido
Impullitti, Giammario
E62 - Fiscal Policy
H57 - Procurement
O41 - One, Two, and Multisector Growth Models
J31 - Wage Level and Structure ; Wage Differentials
O32 - Management of Technological Innovation and R&D
O31 - Innovation and Invention: Processes and Incentives
In this paper we argue that government procurement policy played a role in stimulating
the wave of innovation that hit the US economy in the 1980's, as well as the simultaneous
increase in inequality and in education attainment. Since the early 1980's U.S. policy
makers began targeting commercial innovations more directly and explicitly. We focus
on the shift in the composition of public demand towards high-tech goods which, by
increasing the market-size of innovative �rms, functions as a de-facto innovation policy
tool. We build a quality-ladders non-scale growth model with heterogeneous industries
and endogenous supply of skills, and show both theoretically and empirically that increases
in the technological content of public spending stimulates R&D, raises the wage of skilled
workers and, at the same time, stimulates human capital accumulation. A calibrated
version of the model suggests that government policy explains up to 32 percent of the
observed increase in wage inequality in the period 1978-91.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10140/1/MPRA_paper_10140.pdf
Cozzi, Guido and Impullitti, Giammario (2006): Technological policy and wage inequality.
en
oai:mpra.ub.uni-muenchen.de:10212
2019-09-26T22:40:03Z
7374617475733D707562
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10212/
PUBLIC DEBT MANAGEMENT
Hanif, Muhammad N.
E62 - Fiscal Policy
This paper examined the issue of managing public debt and analyses the present
situation of public debt in Pakistan. When the government resorts to borrowing
instead of introducing additional tax measures, to finance the budget deficit, it
creates liability on itself known as public debt. Public debt accumulates over time
if deficit in the budget presists for a long period of time. Growing public debt is
a global phenomenon. Contemporary economic wisdom does not consider public
debt a major problem per se; rather problem is the mismanagement and
unsustainability of the debt.
In Pakistan, due to improper use of debt, the debt management has become a
much serious problem. Presitent mismanagement of debt made it unsustainable,
which is threatening to cause further slowdown in the declining growth rate of the
country. Off course, current exercises of debt restructuring could not help improve
our debt to GDP ratio immediately: however, it has improved some short run debt
burden indicators significantly. It is hoped that these reschedulings/restructuring
will help us in increasing the investment and to promote growth. By improving
our debt managemet process we can ensure it.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10212/1/MPRA_paper_10212.pdf
Hanif, Muhammad N. (2002): PUBLIC DEBT MANAGEMENT. Published in: The Journal (December 2002): pp. 41-72.
en
oai:mpra.ub.uni-muenchen.de:10235
2019-10-01T05:07:20Z
7374617475733D756E707562
7375626A656374733D43:4338:433837
7375626A656374733D43:4336:433633
7375626A656374733D51:5132:513235
7375626A656374733D43:4337:433732
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10235/
A report on NISOCSol: An algorithm for approximating Markovian equilibria in dynamic games with coupled-constraints
Krawczyk, Jacek B.
Azzato, Jeffrey D.
C87 - Econometric Software
C63 - Computational Techniques ; Simulation Modeling
Q25 - Water
C72 - Noncooperative Games
E62 - Fiscal Policy
In this report, we outline a method for approximating a Markovian (or feedback-Nash) equilibrium of a dynamic game, possibly subject to coupled-constraints. We treat such a game as a "multiple" optimal control problem. A method for approximating a solution to a given optimal control problem via backward induction on Markov chains was developed in [Kra01]. A Markovian equilibrium may be obtained numerically by adapting this backward induction approach to a stage Nikaido-Isoda function (described in [KZ06]).
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10235/1/MPRA_paper_10235.pdf
Krawczyk, Jacek B. and Azzato, Jeffrey D. (2006): A report on NISOCSol: An algorithm for approximating Markovian equilibria in dynamic games with coupled-constraints.
en
oai:mpra.ub.uni-muenchen.de:10244
2019-09-27T19:16:15Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483231
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10244/
The Inconsistency Puzzle Resolved: an Omitted Variable
Arefiev, Nikolay
E62 - Fiscal Policy
H21 - Efficiency ; Optimal Taxation
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
The contemporary version of the dynamic Ramsey problem omits expectations of a household's initial lump-sum wealth taxation due to policy revision; therefore, the attainable resource allocation set in this problem is ill-defined. This omission leads to misleading conclusions about the optimal policy in the short run and, in particular, that the Ramsey policy is dynamically inconsistent. The effect of introducing the expectations into the analysis of dynamic inconsistency is similar to that of introducing expected inflation into the Phillips curve: we show that only an unexpected policy surprise affects the attainable resource allocation set and the optimal policy. In contrast to Chamley (1986), we show that intensive capital income taxation at the beginning of an optimal policy does not imply a lump-sum taxation of household wealth and cannot reduce the excess tax burden. We also demonstrate that the Ramsey policy is dynamically consistent even without commitment. We resolve the Ramsey problem and compare our results to those of Chamley on optimal capital income taxation.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10244/1/MPRA_paper_10244.pdf
Arefiev, Nikolay (2008): The Inconsistency Puzzle Resolved: an Omitted Variable.
en
oai:mpra.ub.uni-muenchen.de:10348
2019-09-27T14:54:18Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4436:443633
7375626A656374733D43:4336:433638
7375626A656374733D48:4832:483234
7375626A656374733D48:4833:483330
7375626A656374733D44:4435:443538
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10348/
The Income Tax Reform in Slovenia: Should the Flat Tax Have Prevailed?
Majcen, Boris
Verbic, Miroslav
Cok, Mitja
E62 - Fiscal Policy
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
C68 - Computable General Equilibrium Models
H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
H30 - General
D58 - Computable and Other Applied General Equilibrium Models
In 2007 Slovenia launched a comprehensive reform of its tax system. This article presents an analysis of several envisaged tax reform scenarios, including the flat tax proposal, with a dynamic general equilibrium model of the Slovenian economy, linked to a microsimulation model. We focus mainly on the macroeconomic and welfare aspects of the proposed scenarios, thus capturing the overall effect on individual taxpayers and the government budget. The main characteristics of the model are presented along with the results of different reform scenarios, including the one that finally passed the parliament and now forms part of Slovenia’s tax system. Our results suggest that options other than the flat tax system are better suited to the country’s long-term economic development.
2007-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10348/1/MPRA_paper_10348.pdf
Majcen, Boris and Verbic, Miroslav and Cok, Mitja (2007): The Income Tax Reform in Slovenia: Should the Flat Tax Have Prevailed?
en
oai:mpra.ub.uni-muenchen.de:10349
2019-09-27T10:31:33Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D43:4336:433638
7375626A656374733D48:4835:483535
7375626A656374733D44:4439:443931
7375626A656374733D44:4436:443631
7375626A656374733D44:4435:443538
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10349/
Varying the parameters of the Slovenian pension system: an analysis with an overlapping-generations general equilibrium model
Verbic, Miroslav
E62 - Fiscal Policy
C68 - Computable General Equilibrium Models
H55 - Social Security and Public Pensions
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
D61 - Allocative Efficiency ; Cost-Benefit Analysis
D58 - Computable and Other Applied General Equilibrium Models
The article presents an analysis of welfare effects in Slovenia, an analysis of macroeconomic effects of the Slovenian pension reform and an analysis of effects of the pension fund deficit on sustainability of Slovenian public finances with a dynamic OLG general equilibrium model. Stress was layed upon varying two parameters of the current pension system; the age of retirement and the indexation rate of pensions. It was established that by tightening these parameters the elderly would lose, while the present and future generations would gain. The macroeconomic effects were in accordance with expectations; the employment level increased, while the effects of tightened parameters on real consumption were negative. Since the PAYG burden on incomes decreased, the investment activity and thus the capital stock increased somewhat as well. Nevertheless, the long-term impact on the real GDP appeared to be ambiguous. Without doubt one has to take into account the demographic slowdown of GDP growth. Finally, tightening the parameters of the pension system substantially increased the long-term sustainability of the pension system; while lower indexation level of pension considerably decreased the deficit of the public pension fund, increase of retirement age was even able to delay the incidence of additional deficit.
2007-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10349/1/MPRA_paper_10349.pdf
Verbic, Miroslav (2007): Varying the parameters of the Slovenian pension system: an analysis with an overlapping-generations general equilibrium model.
en
oai:mpra.ub.uni-muenchen.de:10364
2019-10-06T04:07:40Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4437:443732
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10364/
Persistent Ideology and the Determination of Public Policies over Time
Song, Zheng
E62 - Fiscal Policy
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
This paper investigates how public policy responds to persistent ideological shifts in dynamic politico-economic equilibria. To this end, we develop a tractable model to analyze the dynamic interactions among public policy, individuals' intertemporal choice and the evolution of political constituency. Analytical solutions are obtained to characterize Markov perfect equilibria. Our main finding is that a right-wing ideology may increase the size of government. Data from a panel of 18 OECD countries confirm that after controlling for the partisan effect, there is a positive relationship between the right-wing political constituency and the government size. This is consistent with our theoretical prediction, but hard to explain by existing theories.
2008-03-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10364/1/MPRA_paper_10364.pdf
Song, Zheng (2008): Persistent Ideology and the Determination of Public Policies over Time.
en
oai:mpra.ub.uni-muenchen.de:10365
2019-09-29T13:52:16Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483231
7375626A656374733D48:4835:483535
7375626A656374733D45:4532:453231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10365/
The Dynamics of Inequality and Social Security in General Equilibrium
Song, Zheng
E62 - Fiscal Policy
H21 - Efficiency ; Optimal Taxation
H55 - Social Security and Public Pensions
E21 - Consumption ; Saving ; Wealth
This paper analyzes the dynamic politico-economic equilibrium of a model where repeated voting on social security and the evolution of household characteristics in general equilibrium are mutually affected over time. In particular, we incorporate within-cohort heterogeneity in a two-period Overlapping-Generation model to capture the intra-generational redistributive effect of social security transfers. Political decision-making is represented by a probabilistic voting à la Lindbeck and Weibull (1987). We analytically characterize the Markov perfect equilibrium, in which social security tax rates are shown to be increasing in wealth inequality. The dynamic interaction between inequality and social security leads to growing social security programs. We also perform some normative analysis, showing that the politico-economic equilibrium outcomes are fundamentally different from the Ramsey allocation.
2008-04-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10365/1/MPRA_paper_10365.pdf
Song, Zheng (2008): The Dynamics of Inequality and Social Security in General Equilibrium.
en
oai:mpra.ub.uni-muenchen.de:10465
2019-09-29T00:50:28Z
7374617475733D707562
7375626A656374733D43:4335:433531
7375626A656374733D45:4536:453632
7375626A656374733D45:4532:453237
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10465/
A macroeconomic structural model for the Portuguese economy
Mourinho Félix, Ricardo
C51 - Model Construction and Estimation
E62 - Fiscal Policy
E27 - Forecasting and Simulation: Models and Applications
This paper presents a macroeconomic model with some microfoundations for a small open economy. The main purpose is the simulation of external environment and fiscal policy shocks. The model includes sufficiently disaggregated public sector and household disposable income accounts and it considers a fiscal policy rule that ensures the fulfilment of some budgetary requirements. Thus, the impact in main macroeconomic aggregates of alternative external environment shocks can be evaluated under the assumption that the government automatically adjusts the income tax rate to fulfill these requirements. Furthermore, it is well known that the impact of fiscal policy shocks depends crucially on the economic agents’ ability to adjust their
behaviour to fiscal policy changes, according to their assessment on future economic developments. Since, this model considers economic agents that form model-consistent expectations, then fiscal policy simulations can be performed properly.
In this study, the model is calibrated for the Portuguese economy and the fiscal rule budgetary requirements (a target fiscal balance of 3% of GDP and a debt-to-GDP ratio target of 60%) correspond to the Stability and Growth Pact excessive deficit thresholds. The simulations presented here can contribute to the current discussion of budgetary consolidation measures in Portugal.
2005-10-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10465/1/MPRA_paper_10465.pdf
Mourinho Félix, Ricardo (2005): A macroeconomic structural model for the Portuguese economy. Published in: Working Paper Series No. 13-05 (25 November 2005)
en
oai:mpra.ub.uni-muenchen.de:10469
2019-09-27T16:25:16Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10469/
THE CORRELATION BETWEEN FISCALITY RATE, GDP AND TAX INCOMES. CASE STUDY ROMANIA AND TURKEY
Dracea, Raluca
Cristea, Mirela
Ionascu, Costel
Irtes, Meltem
E62 - Fiscal Policy
H21 - Efficiency ; Optimal Taxation
The academic literature analyzes the fiscality concern from all points of view, and the question which pressed upon the theoreticians and also the practitioners of the last decades remains: which is the adequate level of the fiscality? The difficulty in answering the question consists in opposite interests: on one hand, the government is willing to acquire the highest level due to the ascendant tendency of public expenses; on the other hand, the tax payers long for a much reduced level in order to dispose of more financial funds. Considering the theory of Arthur Laffer as well as the premise that the taxation structure (flat or progressive tax) is less important than the general level of taxation (tax burden), the purpose of this paper consists in the empirical analysis of the correlation between the tax pressure rate, GDP and the tax incomes flux within two States which adopt different tax systems: Romania and Turkey. For this purpose, we have described the methodology of creating the Laffer curve for Romania and Turkey and we have applied the methods concerning the analysis between the GDP and real tax systems, as well as those methods which estimate the empirical tendency of the fiscality rate within the two States, mentioned above, taking into account the parameters which determine it. The conclusion indicates the existence of a correlation between the real GDP and the real tax incomes, strongly manifested in Turkey (progressive tax system) as compared to Romania (flat tax system). Romania provides an optimistic position, based on standard tendencies which confirm the theory of Arthur Laffer within other countries in Eastern Europe.
2008-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10469/1/MPRA_paper_10469.pdf
Dracea, Raluca and Cristea, Mirela and Ionascu, Costel and Irtes, Meltem (2008): THE CORRELATION BETWEEN FISCALITY RATE, GDP AND TAX INCOMES. CASE STUDY ROMANIA AND TURKEY.
en
oai:mpra.ub.uni-muenchen.de:10648
2019-09-30T18:52:07Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D46:4633:463334
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10648/
Analyzing Debt Sustainability: Concepts and Tools Applied for Guinea, Rwanda,and Senegal
Gunter, Bernhard
Wodon, Quentin
E62 - Fiscal Policy
F34 - International Lending and Debt Problems
H63 - Debt ; Debt Management ; Sovereign Debt
A sustainable debt is a precondition for sustainable development. Yet the analysis of a country’s debt sustainability is a complex task given issues related to (1) establishing the actual debt outstanding and future debt-service obligations; (2) defining appropriate sustainability indicators; and (3) projecting future macroeconomic variables like gross domestic product, exports, interest rates, inflation rates, and exchange rates. These projections are crucial because debt sustainability analysis is necessarily forward-looking and highly sensitive to changes in these macroeconomic variables. This paper provides a case study of debt sustainability analysis in three African countries to illustrate the key concepts and complexities involved in such analysis. We begin with an overview of the main debt sustainability indicators as they typically are used in practice. We then provide a brief historical review of previous and current debt relief initiatives and illustrate how they have been applied in each of the three countries. The paper then presents the debt sustainability analyses using a recently developed simulation tool (SimSIP Debt).
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10648/1/MPRA_paper_10648.pdf
Gunter, Bernhard and Wodon, Quentin (2008): Analyzing Debt Sustainability: Concepts and Tools Applied for Guinea, Rwanda,and Senegal. Published in: Public Finance for Poverty Reduction: Concepts and Case Studies from Africa and Latin America (edited by Blanca Moreno-Dodson and Quentin Wodon, published in World Bank Directions in Development) (January 2008): pp. 311-344.
en
oai:mpra.ub.uni-muenchen.de:10706
2019-10-30T19:18:30Z
oai:mpra.ub.uni-muenchen.de:10788
2019-09-26T22:18:49Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483230
7375626A656374733D48:4833:483330
7375626A656374733D45:4536:453633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10788/
European Tax Practice
Mitu, Narcis Eduard
E62 - Fiscal Policy
H20 - General
H30 - General
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
The cultural diversity of the European Union reflects somehow on the tax system used by each country. To European level, the way of approaching the tax system has known two approaching plans: European continental approach, according to which the tax drawings are made up of taxations and contributions, existing conceptual differences at the level of content; Anglo-Saxon approach, according to which the tax drawings are made up of all the elements of tax nature,
named “taxes”, their role being to ensure most of the incomes of the public budgets, without differences at the level of content. In this item we tried to make a short
synthesis of the tax characteristic used within the EU and to surprise the main efforts made in order to unify the tax language.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10788/1/MPRA_paper_10788.pdf
Mitu, Narcis Eduard (2007): European Tax Practice. Published in: Annals of the University of Craiova, ISSN 1843-3723 , Vol. No.35, (2007): pp. 168-178.
en
oai:mpra.ub.uni-muenchen.de:10806
2019-09-26T11:48:14Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4532:453234
7375626A656374733D45:4530:453031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10806/
WAR-TORN ERITREAN ECONOMY – SOME ISSUES AND TRENDS
Rena, Ravinder
E62 - Fiscal Policy
E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
E01 - Measurement and Data on National Income and Product Accounts and Wealth ; Environmental Accounts
The three decades of armed struggle, the subsequent drought, and deliberate policies of neglect and mismanagement by the last two regimes in Eritrea made growth of the Eritrean economy practically impossible. After independence, the country achieved a steady growth for some years. However, due to the border conflict with Ethiopia, the economy was characterised by severe macroeconomic imbalances and unusually high level of public expenditure. Poverty and inflation also increased many folds. Both domestic and external public debts reached unsustain¬able levels. Thus, an attempt is made in this paper to delve into some important trends of the Eritrean economy before and after 1998. The paper highlights some of the key economic issues like education, health, infrastructure, unemployment, poverty etc., and provides some concluding remarks.
2006-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10806/1/MPRA_paper_10806.pdf
Rena, Ravinder (2006): WAR-TORN ERITREAN ECONOMY – SOME ISSUES AND TRENDS. Published in: Man and Development , Vol. 29, No. 1 (10 March 2007): pp. 171-181.
en
oai:mpra.ub.uni-muenchen.de:10925
2019-09-26T18:02:08Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D4B:4B34:4B3430
7375626A656374733D46:4633:463334
7375626A656374733D4E:4E32:4E3233
7375626A656374733D48:4833:483330
7375626A656374733D48:4836:483633
7375626A656374733D47:4732:473230
7375626A656374733D50:5035:503530
7375626A656374733D46:4634:463430
7375626A656374733D45:4535:453530
7375626A656374733D42:4231:423131
7375626A656374733D47:4731:473130
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10925/
The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity
Munro, John H.
E62 - Fiscal Policy
K40 - General
F34 - International Lending and Debt Problems
N23 - Europe: Pre-1913
H30 - General
H63 - Debt ; Debt Management ; Sovereign Debt
G20 - General
P50 - General
F40 - General
E50 - General
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
G10 - General
N43 - Europe: Pre-1913
The basic thesis of this article is that the essential origins of the modern ‘financial revolution’ were the late-medieval responses, civic and mercantile, to financial impediments from both Church and State, concerning the usury doctrine, that reached their harmful fruition in the later thirteenth and early fourteenth century. That ‘financial revolution’, in terms of those national institutions for government borrowing and international finance, involving negotiable securities, in the form of annuities or rentes, and bills of exchange, is generally thought to have originated in eighteenth century England; but as James Tracy has earlier shown it first took place, on a fully national basis, in the sixteenth-century Habsburg Netherlands. The major obstacle from the Church was of course the usury doctrine, and more accurately the final evolution of this doctrine in Scholastic theology and canon law, along with the intensification of the campaign against usury from the early thirteenth century. The major obstacles that the State provided, with the spreading stain of ever more disruptive international warfare from the 1280s, were the nationalistic bullionist philosophies and related monetary-fiscal policies (to finance warfare) that together hindered the international flow of specie in later medieval Europe. For public borrowing, one must begin with the contentious policies of Venice, Florence, and other Italian city states in basing their finances on forced loans, which did pay interest, and thus with the usury controversies that erupted, over not just such loans, but the sale of interest-bearing debt certificates in secondary markets. The alternative solution, found elsewhere – first in northern French towns from the 1220s -- and one that would govern European public finance up to the nineteenth century, was to raise funds for urban governments through the sale of rentes, both life-rents (one or two lives) and hereditary or perpetual rents. These were not in fact loans but annuities, and hence they were not usurious, because the buyer of such rentes had no expectation of repayment (unless the government chose to redeem them); instead they represented the purchase of a continuous future stream of income (for at least one lifetime). Those rentiers who sought to regain some part of their invested capital had only one recourse: to seek out buyers in secondary markets. The true efficiency of modern public finance also rested upon the development of such markets and thus upon the development of full-fledged negotiablity; and public finance also depends upon satisfactory instruments to permit low risk, low cost international remittances. The solution to both problems lay in the development of the negotiable bill of exchange. Such bills, at first non-negotiable, emerged in the late thirteenth century as a response to circumvent not only the usury doctrine (to ‘disguise’ interest payments in the exchange rate) but also the almost universal bans on bullion exports. Yet another barrier that medieval English merchants faced was the virtual absence of deposit-banking because of the crown’s strict monopoly on the coinage and money supply, so that the usual origin of such banking, in private money-changing, was unavailable. Although English merchants sought remedies by using transferable commercial bills, they were not truly negotiable, for they had no legal standing in Common Law courts. But from the late thirteenth century, the Crown was incorporating the then evolving international Law Merchant into statutory law, and it also established law merchant courts, which did give such financial instruments some legal standing. In 1436, a London law-merchant court was the first, in Europe, to establish the principle that the bearer of a bill of exchange, on its maturity, had full rights to sue the ‘acceptor’ or payer, on whom it was drawn, for full payment and to receive compensation for damages. From that precedent, and then from those provided by similar law-merchant court verdicts in Antwerp and Bruges (1507, 1527), the Estates General of the Habsburg Low Countries (1537-1541) produced Europe’s first national legislation to ensure the full legal requirements of true negotiability – including the right to sue intervening assignees to whom bills had been transferred in payment. These Estates-General also legalized interest payments (up to 12%), thus permitting open discounting, another obviously essential feature of modern finance, private and public. Antwerp itself, with the foundation of its Bourse in 1531, became the international financial capital of Europe, especially as a secondary market in national rentes – the very instrument that became the foundation of English public finance, in the form of annuities, from the 1690s.
2002-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10925/2/MPRA_paper_10925.pdf
Munro, John H. (2002): The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity. Published in: The International History Review , Vol. 25, No. 3 (September 2003): pp. 505-562.
en
oai:mpra.ub.uni-muenchen.de:10926
2019-09-30T17:09:49Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4436:443633
7375626A656374733D48:4832:483234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10926/
Analysis of Intergenerational Inequality: the Role of Public Expenditure and Taxation
Emanuele, Canegrati
E62 - Fiscal Policy
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
In this paper I analyse the impact of public expenditure and income taxation on intergenerational inequality for seventeen countries. Age group Gini index is calculated by using data from the Luxemburg Income Study (LIS). Results are very robust in demonstrating that only income taxation is able to influence the level of intergenerational inequality, since it directly a¤ects the wealth of households. Otherwise, public expenditure
seems to have no impact on individuals' welfare, even if we consider public expenditure components which should be tailored for specific cohorts.
Different hypotheses on standard errors are considered, in order to detect the presence of one-way or two-way fixed effects.
2008-10-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10926/1/MPRA_paper_10926.pdf
Emanuele, Canegrati (2008): Analysis of Intergenerational Inequality: the Role of Public Expenditure and Taxation.
en
oai:mpra.ub.uni-muenchen.de:10952
2013-04-15T03:23:41Z
oai:mpra.ub.uni-muenchen.de:11012
2019-09-26T23:54:31Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D45:4534:453433
7375626A656374733D4E:4E39:4E3933
7375626A656374733D44:4433:443331
7375626A656374733D45:4534:453432
7375626A656374733D42:4231:423131
7375626A656374733D4A:4A34:4A3435
7375626A656374733D45:4532:453235
7375626A656374733D4A:4A38:4A3831
7375626A656374733D48:4832:483230
7375626A656374733D45:4533:453331
7375626A656374733D48:4833:483331
7375626A656374733D48:4837:483731
7375626A656374733D45:4534:453434
7375626A656374733D4A:4A33:4A3331
7375626A656374733D4A:4A31:4A3130
7375626A656374733D4F:4F35:4F3532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11012/
The usury doctrine and urban public finances in late-medieval Flanders (1220 - 1550): rentes (annuities), excise taxes, and income transfers from the poor to the rich
Munro, John H.
E62 - Fiscal Policy
E43 - Interest Rates: Determination, Term Structure, and Effects
N93 - Europe: Pre-1913
D31 - Personal Income, Wealth, and Their Distributions
E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
J45 - Public Sector Labor Markets
E25 - Aggregate Factor Income Distribution
J81 - Working Conditions
H20 - General
E31 - Price Level ; Inflation ; Deflation
H31 - Household
H71 - State and Local Taxation, Subsidies, and Revenue
E44 - Financial Markets and the Macroeconomy
J31 - Wage Level and Structure ; Wage Differentials
J10 - General
O52 - Europe
The objectives of this study are three-fold. The first is to rebut Charles Kindleberger’s famous dictum that usury ‘belongs less to economic history than to the history of ideas’; and in particular to demonstrate that the resuscitation of the anti-usury campaign from the early 13th century led to a veritable financial revolution in late-medieval French and Flemish towns: one that became the ‘norm’ in modern European states from the 16th century (in England, from 1693): a shift in public borrowing from interest-bearing loans to the sale of annuities, usually called rentes or renten. That anti-usury campaign had two major features: (1) the decrees of the Fourth Lateran Council of 1215, which provided harsh punishments – excommunication -- for both unrepentant usurers and princes who failed to suppress them; and (2) the establishment of the two mendicant preaching orders: the Franciscans (1210) and the Dominicans (1216), whose monks preached hellfire and eternal damnation against all presumed usurers – including, of course, anyone who received any interest on government loans. There is much evidence that from the 1220s, many financiers in many French and Flemish towns, fearing for their immortal souls, preferred to accept far lower returns on buying rentes than the interest they would have earned on loans. These rentes, based on 8th-century Carolingian census contracts, had two basic forms: (1) life-annuities, by which a citizen purchased from the government, with a lump sum of capital, an annual income stream lasting a lifetime, or the lifetime of his wife as well; (2) perpetual annuities, by which the annual income stream was indeed perpetual, or until such time as the government chose to redeem the rentes, at par. Initially, some theologians opposed sales of rentes as subterfuges to cloak evasion of the usury doctrine. But in 1250-1, Pope Innocent IV declared them to be non-usurious contracts, essentially because they were not loans. Subsequent popes in the 15th century confirmed his views and the non-usurious character of rentes, on two conditions: (1) that the buyer of the rente could never demand redemption or repayment, and (2) that the annual annuity payments (and any ultimate redemptions) be in accordance with actual rent contracts: i.e., that the funds be derived from the products of the land. Ecclesiastical authorities soon agreed that taxes on the consumption of the products of the land (and sea) met this test: i.e., taxes on beer and wine (which always accounted for the largest share), bread, textiles, fish, meat, dairy products, etc. The second objective is to measure the importance of 'rentes' in the civic finances of Flemish towns, in terms of both revenues and expenditures: from the annual town accounts Ghent (14th century only), and Aalst (1395-1550), where they had far greater importance. The related third objective is to measure the burden of the excise taxes for master building craftsmen in Aalst, in tables that measure the values of the excise tax revenues expressed in real terms: first, in the equivalent number of ‘baskets of consumables’ (which form of the base of the Consumer Price Index), and second their value in terms of the annual money-wage incomes of master masons (for 210 days). This provides an entirely new look at the late-medieval ‘standard of living’ controversy – with indications that this consumption-tax burden sometimes rose from about 13,200 to almost 30,000 days’ wage income, for a town of perhaps 3600 inhabitants (but obviously less dramatic on a per capita basis). That tax burden rose the most strongly when, by other indications, real wages (RWI = NWI/CPI) were also finally rising; and thus possibly these real wage gains were largely eliminated. That per capita tax burden would have been all the greater if, in the course of the 15th century, Aalst had experienced the same decline as did small towns of Brabant, to the east, on the order of 25%, and some other Flemish towns, in which the population decline varied from 9% to 28 %. In earlier publications I had challenged the widespread view that the era following the Black Death, with a radical change in the land:labour ratio, came to be a ‘Golden Age’ of the artisan and labourer. I contended instead that frequent inflations eroded or eliminated wage gains, and thus that periodic rises in real wages were due essentially to steep deflations combined with pronounced wage-stickiness. As I also calculated, English artisans in the 1340s had earned real wages that were about 50% of the Flemish; but by the 1480s, they had narrowed that gap (with much less inflation) to about 80%. That gap was probably even smaller, until the 1640s, when England’s Parliament finally imposed similar excise taxes on consumption.
2007-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11012/1/MPRA_paper_11012.pdf
Munro, John H. (2007): The usury doctrine and urban public finances in late-medieval Flanders (1220 - 1550): rentes (annuities), excise taxes, and income transfers from the poor to the rich. Published in: La fiscalità nell’economia Europea, secc. XIII - XVIII, Fondazione Istituto Internazionale di Storia Economica “F. Datini”, Prato, Serie II: Atti delle “Settimane de Studi” et altri Convegni , Vol. 39, No. 1 (2008): pp. 973-1026.
en
oai:mpra.ub.uni-muenchen.de:11039
2019-09-30T23:39:48Z
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7375626A656374733D45:4533:453332
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74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11039/
Fiscal rules in a highly distorted economy
Marattin, Luigi
Marzo, Massimiliano
E62 - Fiscal Policy
E32 - Business Fluctuations ; Cycles
E52 - Monetary Policy
The objective of this paper is to investigate the optimality of EMU fiscal rules from a welfare perspective. We compute welfare-maximizing feedback coefficients for monetary and fiscal rules in a NK-DSGE with a high number of nominal and real distortions, calibrated on the Euro-area data. The framework includes imperfect competition, costly capital accumulation, consumption habits, price and wage stickiness, distortionary taxation on consumption, labor and capital income. Fiscal policy responds, alternatively, to total deficit, total government liabilities, and a linear combination of both targets. We show that the liabilities rule is welfare superior, but it does not provide enough output stabilization if not coupled with a non-zero response of monetary policy to output; optimal feedback coefficient are larger under debt targeting rather than deficit; under the current specification, a SGP-like rule seems highly suboptimal.
2009-10-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11039/1/MPRA_paper_11039.pdf
Marattin, Luigi and Marzo, Massimiliano (2009): Fiscal rules in a highly distorted economy.
en
oai:mpra.ub.uni-muenchen.de:11074
2019-10-01T18:57:43Z
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7375626A656374733D49:4933:493338
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https://mpra.ub.uni-muenchen.de/11074/
Analyzing the Potential Impact of Indirect Tax Reforms on Poverty with Limited Data: Niger
Sehili, Saloua
Wodon, Quentin
E62 - Fiscal Policy
I38 - Government Policy ; Provision and Effects of Welfare Programs
D61 - Allocative Efficiency ; Cost-Benefit Analysis
Many countries in sub-Saharan Africa are confronted with the need to raise tax revenues in order to be able to provide a range of services to their populations. Yet taxes and other government revenues as a proportion of GDP are lowest in the poorest countries that need to expand their services the most. In addition, because of high level of informality in their economies, very-low-income countries obtain a large share of tax revenues through consumption taxes which tend to be more regressive than taxes on incomes levied in richer countries. Such a situation poses a difficult dilemma. Very-low-income countries are trying to increase their tax revenues to provide better services to their populations in need, but at the same time a substantial part of the burden of increased taxation may fall on the poor. Furthermore, because the poor in very-low-income countries are often extremely poor, even small increases in the price of the goods they consume related to an increase in tax rates on those goods may have important negative implications for the households’ ability to meet their basic needs. This implies that government must be especially careful when raising taxes in order to provide social services. The type of household survey-based analysis that can be conducted to inform governments in this area is illustrated in this paper with a case study on Niger.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11074/1/MPRA_paper_11074.pdf
Sehili, Saloua and Wodon, Quentin (2008): Analyzing the Potential Impact of Indirect Tax Reforms on Poverty with Limited Data: Niger. Published in: Public Finance for Poverty Reduction: Concepts and Case Studies from Africa and Latin America (edited by Blanca Moreno-Dodson and Quentin Wodon, published in World Bank Directions in Development) (January 2008): pp. 345-370.
en
oai:mpra.ub.uni-muenchen.de:11076
2019-09-30T05:48:07Z
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7375626A656374733D46:4633:463334
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74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11076/
Analyzing Debt Sustainability: An Application of SimSIP Debt for Paraguay
Gunter, Bernhard
Wodon, Quentin
E62 - Fiscal Policy
F34 - International Lending and Debt Problems
H63 - Debt ; Debt Management ; Sovereign Debt
One of the most difficult tasks in preparing a poverty reduction strategy consists in setting priorities for public action, taking into account the cost of social programs and the capacity of the government to pay that cost. The ability to pay for social programs is determined by the resources available to the government through taxation and loans or grants within a debt and fiscal sustainability framework. This paper shows how to conduct debt and fiscal sustainability analysis using SimSIP Debt, a user-friendly Excel-based tool, with an application to Paraguay.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11076/1/MPRA_paper_11076.pdf
Gunter, Bernhard and Wodon, Quentin (2008): Analyzing Debt Sustainability: An Application of SimSIP Debt for Paraguay. Published in: Public Finance for Poverty Reduction: Concepts and Case Studies from Africa and Latin America (edited by Blanca Moreno-Dodson and Quentin Wodon, published in World Bank Directions in Development) (January 2008): pp. 165-188.
en
oai:mpra.ub.uni-muenchen.de:11077
2019-10-02T12:49:10Z
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7375626A656374733D46:4633:463334
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https://mpra.ub.uni-muenchen.de/11077/
Debt Sustainability for Low-Income Countries: A Review of Standard and Alternative Concepts
Cassimon, Denis
Moreno-Dodson, Blanca
Wodon, Quentin
E62 - Fiscal Policy
F34 - International Lending and Debt Problems
H63 - Debt ; Debt Management ; Sovereign Debt
Governments in low-income countries have the difficult task of making wide-ranging decisions about public spending, taxation, and borrowing. Although we can analyze at length how both public spending and taxation can be designed and implemented to contribute to growth and
poverty reduction, the biggest challenge that most developing countries face is in determining how much they can borrow without jeopardizing their long-term prospects. The objective of this paper is to introduce the key issues involved in debt sustainability analysis. We review
the main approaches developed in the literature, starting from the traditional fiscal and external approaches and covering recent alternative frameworks, such as the debt overhang analysis and the human development approach (especially as it relates to the funding requirements for
achieving the Millennium Development Goals).
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11077/1/MPRA_paper_11077.pdf
Cassimon, Denis and Moreno-Dodson, Blanca and Wodon, Quentin (2008): Debt Sustainability for Low-Income Countries: A Review of Standard and Alternative Concepts. Published in: Public Finance for Poverty Reduction: Concepts and Case Studies from Africa and Latin America (edited by Blanca Moreno-Dodson and Quentin Wodon, published in World Bank Directions in Development) (January 2008): pp. 21-56.
en
oai:mpra.ub.uni-muenchen.de:11078
2019-09-27T16:30:23Z
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7375626A656374733D48:4832
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https://mpra.ub.uni-muenchen.de/11078/
Public Finance for Poverty Reduction: An Overview
Moreno-Dodson, Blanca
Wodon, Quentin
E62 - Fiscal Policy
F34 - International Lending and Debt Problems
H2 - Taxation, Subsidies, and Revenue
H63 - Debt ; Debt Management ; Sovereign Debt
Governments in low-income countries have the difficult task of making wide-ranging decisions about public spending, taxation, and borrowing with the aim of helping their countries maintain long-term debt sustainability,
achieve higher economic growth, and ultimately reduce poverty. Making such decisions is difficult because it involves considering multiple trade-offs. There are at least four reasons why designing and implementing
fiscal policies that contribute to growth and poverty reduction are particularly challenging tasks in developing countries. First, private-market failures are widespread and often unpredictable. Second, government and institutional failures also limit the effectiveness of public interventions. Third, raising public revenues is difficult in a context of macroeconomic and growth instability, high debt ratios, weak tax administration, and large informal sectors. Finally, many developing countries lack the data necessary to conduct a thorough analysis of the effect of government policies on
the poor segments of the population. Despite those challenges, however, the budget remains one of the most
important instruments (together with laws and regulations) that governments have at their disposal to foster poverty reduction. Policy makers in both developing and developed countries, as well as nongovernmental or-ganizations and providers of aid, can benefit from a deeper understanding
of how internally or externally financed public funds channeled through the budget can be used more successfully to benefit the poor in a realistic manner. This paper, which serves as an introduction to an edited volume on "Public Finance for Poverty Reduction" starts with a brief discussion of the rationale behind the role of the government in public finance. Then we discuss some of the limitations faced by governments in developing countries. We follow those discussions with an overview of
the nature and structure of the material presented in the book and with our thoughts on germane topics yet to be addressed adequately.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11078/1/MPRA_paper_11078.pdf
Moreno-Dodson, Blanca and Wodon, Quentin (2008): Public Finance for Poverty Reduction: An Overview. Published in: Public Finance for Poverty Reduction: Concepts and Case Studies from Africa and Latin America (edited by Blanca Moreno-Dodson and Quentin Wodon, published in World Bank Directions in Development) (January 2008): pp. 1-17.
en
oai:mpra.ub.uni-muenchen.de:11233
2019-09-30T13:20:27Z
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7375626A656374733D45:4536:453632
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7375626A656374733D4C:4C33:4C3333
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https://mpra.ub.uni-muenchen.de/11233/
Evolutia arieratelor in Romania
Ecobici, Nicolae
D73 - Bureaucracy ; Administrative Processes in Public Organizations ; Corruption
E62 - Fiscal Policy
P43 - Public Economics ; Financial Economics
H87 - International Fiscal Issues ; International Public Goods
L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions ; Privatization ; Contracting Out
M4 - Accounting and Auditing
This paper discusses about the evolution of arrears in Romania through 1995- june 2003 and try to reveal the most important causes of fiscally arrears. The study revealed that even the financial obstruction has affected initially the state companies in majority, the phenomenon has enclasped the private companies which represent the majority now. I revealed a “good” evolution recorded by the arrears towards banks and others creditors, and the worriment increasing arrears share towards the state budget and purveyors. Thus I think the banks succeded to keep up with debtors while fiscally discipline get more and more injury, national economy came to be dominated with corruption, lack of restructuring, masked or unmasked subventions and etatistic conceptions. More, the financial obstruction is not going to decrease, but to establishment, reaching out a high level annualy. The picture is more cleare if I add that approximately 80% from total arrears towards purveyors belong to the utility companies (electric and thermic energy). I consider that without exception measures the arrears won’t decrease.
2005-06-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11233/1/MPRA_paper_11233.pdf
Ecobici, Nicolae (2005): Evolutia arieratelor in Romania. Published in: Proceedings of the 2-nd International Scientific Conference „Economy and Globalisation” , Vol. 2, (4 June 2005): pp. 213-218.
ro
oai:mpra.ub.uni-muenchen.de:11248
2019-10-01T13:01:36Z
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7375626A656374733D48:4837:483737
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https://mpra.ub.uni-muenchen.de/11248/
Schuldenanstieg und Haftungsausschluss im deutschen Föderalstaat: Zur Rolle des Moral Hazard
Wolff, Guntram B
E62 - Fiscal Policy
H77 - Intergovernmental Relations ; Federalism ; Secession
H74 - State and Local Borrowing
H63 - Debt ; Debt Management ; Sovereign Debt
The paper discusses moral hazard problems as a potential reason for the observed strong increase of indebtedness of German states (Länder). Indeed, financial markets do not react much to the strong differences in fiscal fundamentals of German Länder. Using a case study, the paper also shows that this has not changed with the recent Berlin ruling. Overall, it therefore appears to be worthwhile to consider a reform that would entail stronger involvement of investors into risk of individual states. However, it is unlikely that this would prevent the build-up of large debt positions and compensate for the deficit bias of fiscal policy. Strict fiscal rules still appear necessary.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11248/1/MPRA_paper_11248.pdf
Wolff, Guntram B (2007): Schuldenanstieg und Haftungsausschluss im deutschen Föderalstaat: Zur Rolle des Moral Hazard.
de
oai:mpra.ub.uni-muenchen.de:11427
2019-10-02T18:55:25Z
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7375626A656374733D48:4836:483632
7375626A656374733D45:4536:453632
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11427/
Pakistan’s Public Debt: The shocks and aftershocks
Gul, Adnan
H62 - Deficit ; Surplus
E62 - Fiscal Policy
H63 - Debt ; Debt Management ; Sovereign Debt
Public debt is an important means of bridging government financing gaps. Effective and efficient utilization of public debt can increase economic growth. However, excessive reliance on public debt raises macroeconomic problems. A large gap between revenue and expenditure forces a country to obtain debt. Debt thus obtained further deteriorates expenditure side. High level of public debt holds back the government to meet its macroeconomic objectives of economic growth, price stability and a viable balance of payment. The major implications are sluggish economic growth, macroeconomic uncertainty, decreasing development, investment crowding out, inflation, higher unemployment, deteriorating social conditions and rising poverty causing economic destabilization which itself leads to destabilization of the state. Nation of such a country is often involved in corruption, organized riots, violent protests, strikes, man-slaughter, terrorism and other such crimes. In case of Pakistan, the major cause of poor economic performance is extraordinary burden of both domestic and external debt. The current situation is unsustainable and if it is not altered immediately than collapse of Pakistan’s economy is for certain. It is therefore essential for the government to plan and place policies and structural reforms to take charge of the havoc being played by unsustainable level of public debt.
2008-11-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11427/1/MPRA_paper_11427.pdf
Gul, Adnan (2008): Pakistan’s Public Debt: The shocks and aftershocks.
en
oai:mpra.ub.uni-muenchen.de:11444
2019-09-30T17:05:16Z
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7375626A656374733D48:4832
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https://mpra.ub.uni-muenchen.de/11444/
Are Local Economic Development Incentives Promoting Job Growth? An Empirical Case Study
Fuerst, Franz
Mollenkopf, John
E62 - Fiscal Policy
H2 - Taxation, Subsidies, and Revenue
R51 - Finance in Urban and Rural Economies
At a time when cities are competing with one another to attract or retain jobs within a globalizing economy, city governments are providing an array of financial incentives to stimulate job growth and retain existing jobs, particularly in high cost locations. This paper provides the first systematic and comprehensive analysis of datasets on economic development incentives in New York City over the last fifteen years. The evidence on job retention and creation is mixed. Although many companies do not meet their agreed-upon job targets in absolute terms, the evidence suggests that companies receiving subsidies outperform their respective industries in terms of employment growth, that is, the grow more, or decline less. We emphasize that this finding is difficult to interpret, since firms receiving incentives may not be representative of the industry as a whole. In other words, their above-average performance may simply reflect the fact that the Economic Development Corporation (EDC) selects economically promising companies within manufacturing (or other industries) when granting incentives. At the same time, it is also possible that receiving incentives helps these companies to become stronger.
2005-09-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11444/1/MPRA_paper_11444.pdf
Fuerst, Franz and Mollenkopf, John (2005): Are Local Economic Development Incentives Promoting Job Growth? An Empirical Case Study.
en
oai:mpra.ub.uni-muenchen.de:11533
2019-09-27T08:38:54Z
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https://mpra.ub.uni-muenchen.de/11533/
Starting Over: The Automated Payment Transaction Tax
Feige, Edgar L.
E62 - Fiscal Policy
D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
E44 - Financial Markets and the Macroeconomy
E26 - Informal Economy ; Underground Economy
A10 - General
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
H21 - Efficiency ; Optimal Taxation
D31 - Personal Income, Wealth, and Their Distributions
H87 - International Fiscal Issues ; International Public Goods
G28 - Government Policy and Regulation
H26 - Tax Evasion and Avoidance
This paper proposes a 21st century global fiscal architecture to replace the present system of personal and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive revenue neutral Automated Payment Transaction (APT) tax. In its simplest form, the APT tax consists of a flat tax levied on all transactions. The tax is automatically assessed and collected when transactions are settled through the electronic technology of the banking/ payments system. The APT tax introduces progressivity through the tax base rather than via the rate structure. Since roughly 85% of all transactions involve the exchange of financial instruments, it is the wealthy who carry out a disproportionate share of total transactions and therefore bear a disproportionate burden of the tax despite its flat rate structure. The automated recording of all APT tax payments by firms and individuals creates a degree of transparency and perceived fairness that induces greater tax compliance. Also, the tax has lower administrative and compliance cost. Like all taxes, the APT tax creates new distortions whose costs must be weighted against the benefits obtained by replacing the current tax system.
2001-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11533/1/MPRA_paper_11533.pdf
Feige, Edgar L. (2001): Starting Over: The Automated Payment Transaction Tax. Published in: The Milken Institute Review , Vol. 3, No. 1 : pp. 42-53.
en
oai:mpra.ub.uni-muenchen.de:11606
2019-09-27T13:36:21Z
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7375626A656374733D43:4332:433233
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7375626A656374733D43:4332:433232
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https://mpra.ub.uni-muenchen.de/11606/
Private investment in guinea, does macro-instability matter? A comparative analysis
Sanogo, Issa
Gyengani, Zakaria
E62 - Fiscal Policy
C23 - Panel Data Models ; Spatio-temporal Models
B22 - Macroeconomics
C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes
This paper examines empirically the link between macro-instability and private investment rate in Guinea, in comparison with WAEMU countries . Notwithstanding the caution imposed by data and methodological limitations in interpreting the results, the paper shows that macroeconomic instability is, in general, higher in Guinea than WAEMU countries. Consequently, macroeconomic uncertainties are cause of concern. Using a panel data approach, the findings suggest that the negative effects of relative price volatility (mainly inflation, real effective exchange rates) expected in theory, do not occur when small deviations are combined with competitiveness, resulting from a declining real effective exchange rate. In addition, the positive effect of foreign exchange reserves on the private investment rate supports the view that the availability of foreign exchange reserves is critical in a fixed exchange rate regime as that of WAEMU, as well as in an imperfect floating exchange rate regime as that of Guinea.
While the panel data approach shows no evidence of negative impact of macroeconomic uncertainties, it suggests further analysis to explore the robustness of this result. A time series approach is carried out for Guinea, with regard to this purpose. As mentioned above, Guinea registers higher level of macroeconomic instability, compared to WAEMU countries. Using a single error correction model, the counter-intuitive impact of macroeconomic instability variables (measured by the real effective exchange rate, inflation rate and the terms of trade) persists. Given the dominant share of the mining sector in the private investment figures, the findings may be misleading as this sector may be protected from the wrong market signals resulting from the increasing macro-instability. However, capturing such an ‘enclave-effect’ is unfortunately limited by the lack of disaggregated investment data by sector.
Finally, the results indicate a negative (indirect) impact of macroeconomic instability (measured by the real lending rate and the flow of credit to the economy) on the private sector investment. They suggest additional efforts to improve the overall macroeconomic context and especially, an in-depth openness of the financial sector, to diversify credit instruments to the private sector in Guinea.
2008-02-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11606/1/MPRA_paper_11606.pdf
Sanogo, Issa and Gyengani, Zakaria (2008): Private investment in guinea, does macro-instability matter? A comparative analysis. Published in: European Journal of Scientific Research , Vol. 19, No. 4 (4 February 2008): pp. 758-783.
en
oai:mpra.ub.uni-muenchen.de:11900
2019-10-01T07:46:08Z
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7375626A656374733D44:4437:443732
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https://mpra.ub.uni-muenchen.de/11900/
Rent seeing distortions and fiscal procyclicality
Ilzetzki, Ethan
E62 - Fiscal Policy
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
F41 - Open Economy Macroeconomics
Several empirical studies have found that government expenditures are procyclical in developing countries, unlike the countercyclical expenditures observed in high-
income countries. We develop a dynamic political economy model to explain this phenomenon. In the model, governments provide public insurance to uninsured households,
and Pareto-effcient and time-consistent redistributive policies are countercyclical. The introduction of a political friction, in which alternating governments disagree on the desired redistributive policy, can lead to procyclical transfer policies. In numerical simulations, the model successfully captures the cyclicality of government expenditures,tax revenues, and de�cits observed in the data for both high-income and developing
countries. Simulations also allow a quantitative comparison with other common explanations for fiscal procyclicality. We �nd that without the political friction, borrowing
constraints and differences in macroeconomic volatility cannot account for the differences in fiscal policy across countries in this setting.
2006-04-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11900/2/MPRA_paper_11900.pdf
Ilzetzki, Ethan (2006): Rent seeing distortions and fiscal procyclicality.
en
oai:mpra.ub.uni-muenchen.de:12016
2019-10-01T05:16:41Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483535
7375626A656374733D47:4732:473233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12016/
lmplicit Pension Debt in the Middle-East and North Africa: Magnitude and Fiscal lmplications
Robalino, David
Bogomolova, Tatyana
E62 - Fiscal Policy
H55 - Social Security and Public Pensions
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
This paper breaks down the contingent liability of a mandatory pension system into two components: the implicit pension debt and the pay-as-you-go asset. It then estimates
these two components for 12 pension schemes across six MENA countries and presents international comparisons. The results show that implicit pension debts are large (in the
order of 50% to 100% of GDP), often higher than the explicit public debt. At the same time, the large majority of pension schemes have negative pay-as-you-go assets. Under these circumstances, it is misleading to consider the implicit pension debt a contingency, as the government will have to finance it with almost certainty. In the absence of a default the fiscal impacts are expected to be large. The paper recommends including in the assessment of public debt sustainability the implicit liabilities of the mandatory pension system and the pay-as-you-go asset.
2006-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12016/1/MPRA_paper_12016.pdf
Robalino, David and Bogomolova, Tatyana (2006): lmplicit Pension Debt in the Middle-East and North Africa: Magnitude and Fiscal lmplications. Published in: Middle East and North Africa Working Papers Series No. 46 (June 2006)
en
oai:mpra.ub.uni-muenchen.de:12019
2019-09-28T22:04:01Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483535
7375626A656374733D47:4732:473233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12019/
lmplicit Pension Debt in the Middle-East and North Africa Magnitude and Fiscal lmplications
Robalino, David
Tatyana, Bogomolova
E62 - Fiscal Policy
H55 - Social Security and Public Pensions
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
This paper breaks down the contingent liability of a mandatory pension system into two components: the implicit pension debt and the pay-as-you-go asset. It then estimates these two components for 12 pension schemes across six MENA countries and presents international comparisons. The results show that implicit pension debts are large (in the order of 50% to 100% of GDP), often higher than the explicit public debt. At the same time, the large majority of pension schemes have negative pay-as-you-go assets. Under these circumstances, it is misleading to consider the implicit pension debt a contingency, as the government will have to finance it with almost certainty. In the absence of a default the fiscal impacts are expected to be large. The paper recommends including in the assessment of public debt sustainability the implicit liabilities of the mandatory pension system and the pay-as-you-go asset.
2006-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12019/1/MPRA_paper_12019.pdf
Robalino, David and Tatyana, Bogomolova (2006): lmplicit Pension Debt in the Middle-East and North Africa Magnitude and Fiscal lmplications. Published in: Middle East and North Africa Working Papers Series No. 46 (June 2006)
en
oai:mpra.ub.uni-muenchen.de:12020
2019-10-01T05:20:34Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4835:483535
7375626A656374733D4A:4A34:4A3431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12020/
Incentive Effects of Retirement Income Transfers
Piggot, John
Robalino, David
Jimenez-Martin, Sergi
E62 - Fiscal Policy
H55 - Social Security and Public Pensions
J41 - Labor Contracts
The paper explores the incentive effects of retirement income transfers – essentially, non-contributory cash transfers aimed at reducing poverty among the elderly. A literature review reveals how little academic analysis of the impact of these transfers has been completed. We begin with a taxonomy of retirement income transfers, differentiating between ex-ante and ex-post interventions and universal and targeted arrangements. This distinction allows important differences across designs to be highlighted. We then provide a simple framework for thinking about what the incentive impacts of the transfers might be, distinguishing between effects related to the transfer itself and those related to the financing mechanism. Thus, from theory and available empirical evidence we derive a few policy relevant findings. First, incentive effects will depend on the level of the transfer relative to average earnings and the degree of integration between the formal and informal sectors in the economy. In general, for modest transfers, negative impacts on savings and labor supply would be contained. Second, we highlight the tradeoff between maintaining low effective marginal tax rates (EMTRs) to reduce distortions and keeping the program costs at affordable levels. This tradeoff suggests that universal programs are suboptimal. Third, in terms of design features, we emphasize the importance of implementing a gradual withdrawal of the benefit to avoid crowding-out contributory pensions among low income individuals and of indexing the eligibility age with life expectancy to contain costs. Finally we find that matching contributions can be a promising instrument to promote savings among individuals with limited savings capacity.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12020/2/MPRA_paper_12020.pdf
Piggot, John and Robalino, David and Jimenez-Martin, Sergi (2008): Incentive Effects of Retirement Income Transfers.
en
oai:mpra.ub.uni-muenchen.de:12048
2019-09-26T09:00:42Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4437:443730
7375626A656374733D52:5231:523131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12048/
The Vote, The Politics and the interjurisdictional Transfers: The Romanian Case
Mihai, Mutascu
E62 - Fiscal Policy
D70 - General
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
This paper represents a continuation of a previous paper, Mutaşcu & Dima (2005), where we demonstrated the “abnormal” behavior that local authority from Romania is manifesting regarding the subventions received from the central budget. In accord with public choice theory, exist an “affinity” of a social group - local communities in this case - for a certain political party or political coalition, in which case can expect that the distribution of public funds, having the nature of transfers given by the central budget to local budgets, to be impregnated with a considerable “political color”. This paper is trying to establish, in Romania, quantitative and qualitative, the modality of distributing the central public funds to local authorities under the political impact.
2008-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12048/1/MPRA_paper_12048.pdf
Mihai, Mutascu (2008): The Vote, The Politics and the interjurisdictional Transfers: The Romanian Case. Published in: Caiet de drept international , Vol. 6, (20 November 2008): pp. 785-790.
en
oai:mpra.ub.uni-muenchen.de:12148
2019-10-03T11:40:12Z
7374617475733D707562
7375626A656374733D47:4731
7375626A656374733D45:4536:453632
7375626A656374733D48:4836:483633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12148/
Bond financing and debt stability: theoretical issues and empirical analysis for India
Moorthy, Vivek
Singh, Bhupal
Dhal, Sarat Chandra
G1 - General Financial Markets
E62 - Fiscal Policy
H63 - Debt ; Debt Management ; Sovereign Debt
The study examines the theoretical considerations and empirical results of the switch to market borrowing, i.e. bond financing of the fiscal deficit, with correspondingly low monetisation, as part of India’s structural reforms initiated in 1991. It basically concludes that despite the sharp deterioration in State finances and persistently large market borrowing programme of the Centre, the move to market borrowings to finance the deficit is proving to be beneficial when viewed in relation to broader movements in the major fiscal variables over time. The study makes a clear distinction between the consequences of borrowing at market interest rates versus those of non-market liabilities.
In preference to recent econometric approaches to test the Government’s long run debt profile, the study proposes a simple necessary condition, popularly known as the Domar condition, to evaluate the prospects for debt stability under which GDP growth should exceed the interest rate on Government debt. Based on the premises that in the long run, it is not possible to trade growth for inflation (although such a trade off may be possible in the short run) and that the central bank is unable to influence real variables (real output and real interest rates) in the long run, the study simulates different short and long run consequences of alternative combinations of bond and money financing of budget deficits on interest rates, growth, inflation, the debt-to-GDP ratio and measures of the interest burden.
Empirical evaluation of the Domar debt-stability condition reveals that Central Government debt, under certain assumptions, may remain stable at prevailing levels of the primary deficit and monetised deficit. High administered rates in the Small Savings and Provident Fund Schemes, i.e., due to non-market based borrowing, however, pose problems for debt sustainability in future. The study argues that bond financing of the fiscal deficit has contributed to fiscal consolidation by inducing the Government to reduce primary expenditures. This conclusion holds even for the combined finances of the Central and State Governments. Robust evidence indicates that non-government borrowing costs have come down relative to those of the Government, and credit conditions for non-government borrowers are now easier, after the move to bond finance. Further, some evidence suggests that private capital formation has surged in recent years, contradicting the view that the anti-inflation policy of bond finance has crowded out private investment and adversely affected growth. However, the stability in market debt notwithstanding, the overall fiscal situation is critical because of potential instability in non-market debt and due to unfunded and contingent liabilities of the Central and State Governments.
2000-06-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12148/1/MPRA_paper_12148.pdf
Moorthy, Vivek and Singh, Bhupal and Dhal, Sarat Chandra (2000): Bond financing and debt stability: theoretical issues and empirical analysis for India. Published in: RBI Development Research Group Study No. 19 (10 June 2000): pp. 1-79.
en
oai:mpra.ub.uni-muenchen.de:12152
2019-09-26T22:43:16Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D48:4832:483230
7375626A656374733D46:4632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12152/
Tax quota development in the Czech Republic and in the European Union
Szarowska, Irena
E62 - Fiscal Policy
H20 - General
F2 - International Factor Movements and International Business
Eurostat and OECD regularly publish data concerning a tax burden in particular countries. Tax quota (compound tax quota) is used as a basic international comparative indicator, which determines a ratio of taxes in the gross domestic product. This indicator is a subject of interest even in discussions concerning the tax harmonization of the European Union, which objective is to make taxes not to be a barrier of free movement of people, capital, goods and services among states and also to prevent tax evasions. This paper describes a basic conception of the indicator, points out methodical differences in the calculation of the tax quota and analyses the development of the tax quota in the Czech Republic and in the European Union. The objective is as well to verify a hypothesis that a value of the tax quota is decreasing in time and indirect taxes currently outweigh direct ones.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12152/1/MPRA_paper_12152.pdf
Szarowska, Irena (2008): Tax quota development in the Czech Republic and in the European Union.
en
oai:mpra.ub.uni-muenchen.de:12154
2019-10-07T16:26:58Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D47:4733
7375626A656374733D48:4832
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12154/
Fiscal reform and corporate governance in the Czech Republic
Szarowska, Irena
E62 - Fiscal Policy
G3 - Corporate Finance and Governance
H2 - Taxation, Subsidies, and Revenue
The Czech Republic became a Member State of the European Union in May 2004. Under the EU legislation, prior to adopting the euro the Czech Republic must therefore be an EU Member State and must have fulfilled the Maastricht convergence criteria. The Czech Republic is currently reporting an excessive deficit, which poses an obstacle on the way towards compliance with Maastrich convergence criteria. Therefore Czech government has decided to solve primarily public finance problems.
Early April 2007, the Czech government introduced a planned legislative reform affecting taxes, social security, health insurance etc. The bill introduced by the Czech government contains many significant changes which came into effect from 2008. Moreover the president of the Czech Republic signed the amendment on the stabilization of public finances which brings alterations to the most of the currently valid tax law. The main object of approved changes is to stabilize Czech public finance, but tax and fiscal reform will have a fundamental impact on corporate governance in the Czech Republic.
The aim of a paper is not to summarize all approved modifications but paper analyzes and points out significant changes which came into effect in year 2008 and focuses on estimated impact and consequences for corporate governance in the Czech Republic in a future period.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12154/1/MPRA_paper_12154.pdf
Szarowska, Irena (2008): Fiscal reform and corporate governance in the Czech Republic. Published in: Athenian Policy Forum: 9th Biennial International Conference The Global Economics of a Changing Environment (2008)
en
oai:mpra.ub.uni-muenchen.de:12186
2019-09-27T16:44:51Z
7374617475733D696E7072657373
7375626A656374733D4F:4F32:4F3233
7375626A656374733D45:4536:453632
7375626A656374733D4D:4D34:4D3431
7375626A656374733D48:4833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12186/
Accounting Implications of Taxation
Paliu-Popa, Lucia
Ecobici, Nicolae
O23 - Fiscal and Monetary Policy in Development
E62 - Fiscal Policy
M41 - Accounting
H3 - Fiscal Policies and Behavior of Economic Agents
Romania's accession to the European Union required a series of changes in the fiscal legislation in order to harmonize it with the Community Regulations; the value-added tax, the new introduced concepts or mechanism being especially regarded at this indirect tax level, with the function to accelerate the implementation of the European Directives.
The changes made have a partial influence on how the fiscal liabilities are reflected in accounting, the latter representing in the same time a privileged source of information for the fiscal bodies.
We shall present in this paper the implications of taxation on accounting, dwelling on the simplification measures provided for in Law no. 571/2003 concerning the Fiscal Code (Article 160), the reverse charge and self-liquidation of the value-added tax.
For this purpose we shall approach the reverse charge evolution in our country, the method of documents drawing up, imposed by the fiscal regulations, the reflection in accounting of operations regarding deliveries of goods or supplies of services to which simplification measures are applied, both on the supplier/performer’s side and on the beneficiary's side, and also the advantages and disadvantages of these fiscal regulations.
2007-10-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12186/1/MPRA_paper_12186.pdf
Paliu-Popa, Lucia and Ecobici, Nicolae (2007): Accounting Implications of Taxation. Forthcoming in: International Conference Competitiveness and European Integration, Cluj Napoca, 26-27 octombrie 2007
en
oai:mpra.ub.uni-muenchen.de:12187
2019-09-27T16:26:21Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D4F:4F32:4F3233
7375626A656374733D48:4833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12187/
Fiscal Amendments Required by Romania's Accession to the European Union
Paliu-Popa, Lucia
Godeanu, Ionela-Claudia
E62 - Fiscal Policy
O23 - Fiscal and Monetary Policy in Development
H3 - Fiscal Policies and Behavior of Economic Agents
On the background of creation of a unitary fiscal system at the European Union's level, the legislative framework in Romania on the financial-fiscal field underwent a series of amendments with a view to achieve the objectives related to the extension of the taxation basis, to taking over the directives in the field from the European Union's legislation and to improvement and simplification of the regulatory environment. Next we shall try to summarize the main legislative amendments, by type of tax and fee entered into force after 1 January 2007 that directly affect both the business environment in Romania and every single citizen.
2007-10-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12187/1/MPRA_paper_12187.pdf
Paliu-Popa, Lucia and Godeanu, Ionela-Claudia (2007): Fiscal Amendments Required by Romania's Accession to the European Union. Published in: Conference „Globalisation-Social and Economic Impact '07” , Vol. 1, (4 October 2007): pp. 436-439.
en
oai:mpra.ub.uni-muenchen.de:12272
2019-09-30T10:28:09Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D44:4437:443730
7375626A656374733D52:5231:523131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12272/
The Vote, The Politics and the interjurisdictional Transfers: The Romanian Case
Mutascu, Mihai
E62 - Fiscal Policy
D70 - General
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
This paper represents a continuation of a previous paper, Mutaşcu & Dima (2005), where we demonstrated the “abnormal” behavior that local authority from Romania is manifesting regarding the subventions received from the central budget. In accord with public choice theory, exist an “affinity” of a social group - local communities in this case - for a certain political party or political coalition, in which case can expect that the distribution of public funds, having the nature of transfers given by the central budget to local budgets, to be impregnated with a considerable “political color”. This paper is trying to establish, in Romania, quantitative and qualitative, the modality of distributing the central public funds to local authorities under the political impact.
2008-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12272/1/MPRA_paper_12272.pdf
Mutascu, Mihai (2008): The Vote, The Politics and the interjurisdictional Transfers: The Romanian Case. Published in: Caiet de drept international , Vol. 6, (20 November 2008): pp. 785-790.
en
oai:mpra.ub.uni-muenchen.de:12447
2019-09-27T21:45:57Z
7374617475733D707562
7375626A656374733D45:4536:453632
7375626A656374733D50:5033:503336
7375626A656374733D4F:4F31:4F3137
7375626A656374733D48:4833:483331
7375626A656374733D4A:4A32:4A3232
7375626A656374733D44:4431:443130
7375626A656374733D43:4336:433631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12447/
Underground economy modelling: simple models with complicated dynamics
Albu, Lucian-Liviu
E62 - Fiscal Policy
P36 - Consumer Economics ; Health ; Education and Training ; Welfare, Income, Wealth, and Poverty
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
H31 - Household
J22 - Time Allocation and Labor Supply
D10 - General
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
The paper aims to model the underground economy using two different models: one based on the labor supply method and a generalized model for the allocation of time. The model based on the labor supply method is conceived as a simulating one in order to determine some reasonable thresholds of the underground sector extension based only on the available macroeconomic statistical data. The generalized model for the allocation of time is a model based on direct approach which estimates the underground economy through extrapolation of the data collected from a limited number of households. Developing the Lemieux model, the map of the entire process of allocation of time was obtained.
2003
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12447/1/MPRA_paper_12447.pdf
Albu, Lucian-Liviu (2003): Underground economy modelling: simple models with complicated dynamics. Published in: Romanian Journal of Economic Forecasting , Vol. Vol. 1, No. 1 (2003): pp. 79-85.
en
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