Members of the US House of Representatives have proposed a major overhaul of the US corporate tax system, the so-called "destination-based border-adjusted cash-flow tax" (DBCFT). The literature on the economic implications and spillovers of such a DBCFT is scarce. This paper aims to provide a...

After many years of rapid expansion, China's growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have negative effects on its trading partners in the near term. This paper studies the potential spillovers...

China's transition to a new growth model continues and the impact has been felt across the globe. Several trends contribute to the 'maturing' of China's economy: i) structural slowing on the convergence path; ii) on-shoring deepening; and iii) demand rebalancing from investment towards...

This paper presents new results on the relationship between income inequality and education expansion-that is, increasing average years of schooling and reducing inequality of schooling. When dynamic panel estimation techniques are used to address issues of persistence and endogeneity, we find a...

This paper revisits options for fiscal anchors in Australia against the backdrop of a medium-term budget balance anchor that has led to larger than expected upward drift in the net debt to GDP ratio since the end of the mining investment boom. The IMF's G20MOD model is used to compare the budget...

This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries' growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole,...

Against the background of political turmoil in the Middle-East, Europe faces an unprecedented surge in asylum applications. In analyzing the economic impact of this inflow, this paper draws from the experience of previous economic migrants and refugees, mindful of the fact that the...

The paper develops a small New-Keynesian FPAS model for Vietnam. The model closely matches actual data from 2000-2014. We derive an optimal monetary policy rule that minimizes variablity of output, inflation, and the exchange rate. Compared to the baseline model, the optimal rule places a larger...