Taxation is inevitable in modern economies to finance public spending, which is aimed at meeting fundamental economic and social objectives. However, efficiency losses associated with taxation need to be taken into account when the cost and benefits of public expenditure to be funded are being...

This paper reviews tax policy initiatives and the scope for further reform in Norway. Norway faces the challenge of containing expenditure to at least avoid future increases in the tax burden, which is already above the OECD average. The favourable tax regimes for some industries imply that the...

A problem associated with inflation differentials in monetary unions is that the “crowding-in” effect of lower real interest rates associated with high inflation will initially outweigh the loss of competitiveness (crowding out). The crowding-in effect may produce volatility in house prices,...