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Efficiency and Equity Effects of Taxing the Financial Sector: Lessons from a CGE Model for Belgium

Chisari, Omar; Estache, Antonio; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2013

This paper assesses the effects of applying VAT or a sales tax on (intermediate or final) sales of the financial sector. It uses a CGE Model calibrated for a small open economy. It highlights the differentiated sectoral and redistributional effects of these taxes and shows the importance of the...

Persistent link: https://www.econbiz.de/10011084284

Prisoners' Other Dilemma

Blonski, Matthias; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2003

Collusive agreements and relational contracts are commonly modeled as equilibria of dynamic games with the strategic features of the repeated Prisoner's Dilemma. The pay-offs agents obtain when being ‘cheated upon’ by other agents play no role in these models. We propose a way to take these...

Persistent link: https://www.econbiz.de/10005666887

Efficient Competition through Cheap Talk: Competing Auctions and Competitive Search without Ex Ante Price Commitment

Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2013

competing auctions and competitive search continue to hold unaltered even without ex ante price commitment. …

Persistent link: https://www.econbiz.de/10011083306

Efficient Cheap Talk in Directed Search: On the Non-essentiality of Commitment in Market Games

Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2012

Directed search models are market games in which each firm announces a wage commitment to attract a worker … commitments to fill their vacancies faster, which yields constrained efficient outcomes. We show that commitment is not essential … subsequent wage-formation stage. The insights from existing commitment models extend unchanged to such a cheap-talk environment …

Persistent link: https://www.econbiz.de/10011083578

Coordination and the fight against tax havens

Konrad, Kai A.; Stolper, Tim - C.E.P.R. Discussion Papers - 2015

The success or failure of the fight against tax havens is the outcome of a coordination game between a tax haven and its potential investors. Key determinants are the costly international pressure and the haven country's revenue pool. The latter is determined endogenously by the decisions of...

Persistent link: https://www.econbiz.de/10011213307

Asylum Policy in the EU: The Case for Deeper Integration

Hatton, Tim - Research School of Economics, College of Business and … - 2012

Over the last decade the locus of policy-making towards asylum seekers and refugees has shifted away from national governments and towards the EU as the Common European Asylum Policy has developed. Most of the focus has been on the harmonisation of policies relating to border control, the...

Persistent link: https://www.econbiz.de/10009651584

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197

Sustainability of Public Finances

Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

A central tenet of the Maastricht Treaty is that a successful European Monetary Union requires sustainable public finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term builds on the concept of an intertemporal budget...

Persistent link: https://www.econbiz.de/10005667090

From Deficits to Debt and Back: Political Incentives under Numerical Fiscal Rules

Buti, Marco; Martins, Joao Nogueira; Turrini, … - C.E.P.R. Discussion Papers - 2006

Under numerical fiscal rules, such as those underpinning EMU, governments have strong temptations to use accounting tricks to meet the fiscal constraints. Given these political incentives, fiscal variables that in the past were regarded as a mere residual acquire a strategic role. This is the...

Persistent link: https://www.econbiz.de/10005788949

On the Welfare Effects of Competition for Foreign Direct Investments

Fumagalli, Chiara - C.E.P.R. Discussion Papers - 2000

This paper studies the effects of subsidy competition for the location of a multinational enterprise (MNE). We assume that a (poorer) region enjoys larger gains from the positive externalities associated with the inward investment but that the MNE would find it more profitable to locate to the...

Persistent link: https://www.econbiz.de/10005791352

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