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This paper provides a set of detailed estimated fiscal reaction functions for a panel of twenty industrialized countries, and it discusses commonalities and differences with regard to systematic fiscal policies across countries. In general, the countries in the panel adjust tax revenues strongly...
Persistent link: https://www.econbiz.de/10009782452
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adjustments episodes. Such episodes rely fundamentally on increasing tax rates and bases of indirect taxes (such as the VAT) that …
Persistent link: https://www.econbiz.de/10012052149
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We derive the quantitative implications of reducing sustained budget deficits (labeled fiscal stabilizations) in the context of a general equilibrium model of innovation-led growth. In the model, innovation comes from entrant firms creating new products and incumbent firms improving own existing...
Persistent link: https://www.econbiz.de/10012125472
. In particular, relatively little weight has been given to reducing tax expenditures and raising taxes on immovable … certain tax expenditures, hiking taxes on immovable property and broadly-based consumption taxes. Increases in capital income … taxes would also be equitable but need to be well designed to avoid being distortive. Calculations based on simplifying …
Persistent link: https://www.econbiz.de/10011276882
The economy of Honduras contracted as a result of the global economic crisis. In the economic policy area, the authorities gave priority to strengthening the financial position of the public sector and restarting the external assistance. Measures are taken to strengthen the fiscal position, in...
Persistent link: https://www.econbiz.de/10011244248
This paper presents key findings of the Second Review for the Kyrgyz Republic under the Extended Credit Facility. Buoyant revenue collection and significant shortfalls in external financing led to a lower-than-programmed fiscal deficit for 2011. The overall health of the banking sector continued...
Persistent link: https://www.econbiz.de/10011244314