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Sustainability of Public Finances
Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997
finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term …. In this study, we develop a concept of sustainability focusing on the controllability of public finances. In so doing, we … adopt the approach of the Maastricht Treaty, to assume sustainability as long as a country does not violate the double …
Persistent link: https://www.econbiz.de/10005667090
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The Impact of Controlled Foreign Company Legislation on Real Investments Abroad: A Two-dimensional Regression Discontinuity Design
Egger, Peter; Wamser, Georg - C.E.P.R. Discussion Papers - 2011
Controlled foreign company (CFC) rules are frequently imposed by countries as part of their anti-tax-avoidance legislation. This paper aims at quantifying their impact on foreign investments by utilizing a regression discontinuity design and the universe of German foreign investments notified to...
Persistent link: https://www.econbiz.de/10009144735
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The use of tax havens in exemption regimes
Gumpert, Anna; Hines Jr, James R; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2012
This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The...
Persistent link: https://www.econbiz.de/10011084127
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How would the design of an alternative minimum tax impact the effective corporate tax rate in Belgium?
Daxbek, Vincent; Estache, Antonio - C.E.P.R. Discussion Papers - 2013
The main purpose of this paper is to provide an assessment of the impact of the introduction of an alternative minimum tax (AMT) in Belgium with a focus on the impact on various distortions margins. In the process, we provide an up-to date account of the state of effective corporate taxation in...
Persistent link: https://www.econbiz.de/10011084174
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Inequality, Tax Avoidance, and Financial Instability
Landier, Augustin; Plantin, Guillaume - C.E.P.R. Discussion Papers - 2011
We model the link between inequality and excessive risk taking. In the presence of increasing returns to tax avoidance …, the middle class is willing to take non rewarded financial risk despite risk aversion. Electoral pressure may lead an … incumbent politician to endorse this excessive risk taking if the right tail of wealth distribution is sufficiently fat. By …
Persistent link: https://www.econbiz.de/10009371468
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Causality Implications of the Public-Finance Approach to Inflation and Seigniorage
Diba, Behzad; Martin, Philippe - C.E.P.R. Discussion Papers - 1995
Recent empirical tests of dynamic optimal seigniorage models focus on their `smoothing' and long-run implications. The models also imply that the optimal policies are forward looking; that is seigniorage revenues depend on expected future government expenditures. We report causality tests of...
Persistent link: https://www.econbiz.de/10005666468
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Sequencing and the Size of the Budget: A Reconsideration
Hallerberg, Mark; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997
Conventional wisdom argues that spending levels and, by extension, budget deficits will be higher for governments using bottom-up instead of top-down methods of budgeting. Ferejohn and Krehbiel (1987) appear to debunk this argument. They indicate that the superiority of one method over the other...
Persistent link: https://www.econbiz.de/10005123816
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East Germany: Transition With Unification - Experiments and Experiences
Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2000
investment and economic restructuring. Third, there is, therefore, a considerable risk that East Germany will remain a transfer …
Persistent link: https://www.econbiz.de/10005124285
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Comparative Politics and Public Finance
Persson, Torsten; Roland, Gérard; Tabellini, Guido - C.E.P.R. Discussion Papers - 1997
This paper presents a model of electoral accountability to compare the public finance outcomes under a presidential-congressional and a parliamentary system. In a presidential-congressional system, contrary to a parliamentary system, there are no endogenous incentives for legislative cohesion,...
Persistent link: https://www.econbiz.de/10005136516
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Public Finance in Models of Economic Growth
Barro, Robert J.; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1992
The recent literature on endogenous economic growth allows for the effects of fiscal policy on long-term growth. If the social rate of return on investment exceeds the private return, tax policies that encourage investment can raise the growth rate and levels of utility. An excess of the social...
Persistent link: https://www.econbiz.de/10005136740