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Author: Benjamin Carton
Publisher: International Monetary Fund
ISBN: 1484330323
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of corporate income, cash-flow and destination based cash-flow taxes into the model. The analysis presented considers the transmission mechanism of these taxes and details how financial frictions interact with each of the taxes.
Author: Benjamin Carton
Publisher: International Monetary Fund
ISBN: 1484330323
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of corporate income, cash-flow and destination based cash-flow taxes into the model. The analysis presented considers the transmission mechanism of these taxes and details how financial frictions interact with each of the taxes.
Author: Benjamin Carton
Publisher: International Monetary Fund
ISBN: 1484390083
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries’ exports benefit from additional investment in the country undertaking the reform and other countries’ domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP.
Author: Benjamin Carton
Publisher: International Monetary Fund
ISBN: 1484333403
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. This paper uses GIMF to illustrate when a destination-based cash-flow tax is equivalent to a combination of a consumption tax and a labor subsidy, as the latter combination have been advocated as proxies for the implementation of destination-based cash-flow taxes. The paper documents the conditions under which both types of taxes are identical and how the equivalence in terms of the real economy and tax revenue responses can be broken, namely after the introduction of finitely lived consumers that value government debt as net wealth (real economy) and the introduction of untaxed government expenditure (tax revenue).
Author: Randy James Holland
Publisher:
ISBN: 9780314676719
Category : Constitutional history
Languages : en
Pages : 0
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Book Description
An authoritative two volume dictionary covering English law from earliest times up to the present day, giving a definition and an explanation of every legal term old and new. Provides detailed statements of legal terms as well as their historical context.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498311849
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
This Selected Issues paper examines the impact of the Financing Law on both tax revenues and the economy. This paper assesses the main tax measures introduced by the law and their dynamic impact on tax revenue through macroeconomic transmission channels. Despite various reforms in recent years, non-oil tax revenues in Colombia remain comparatively low. The Financing Law should raise tax revenues in 2019 but will likely create shortfalls thereafter. The model-based simulations point to sizeable increases in private investment. The simulations suggest that the Law could boost medium-term growth by around 0.2 percent of GDP but will reduce tax revenues by over 1/2 percent of GDP in the medium term. The key channel is through a lower corporate burden through lower corporate income tax and allowing input credit for value added tax on capital goods. The analysis finds that the Law may boost medium-term growth by around 0.2 percent of GDP, but it may lead to future tax revenue shortfalls starting in 2020.
Author: Mariana Colacelli
Publisher: International Monetary Fund
ISBN: 1484384733
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
Yes, partly. This paper studies the potential role of structural reforms in improving Japan’s outlook using the IMF’s Global Integrated Monetary and Fiscal Model (GIMF) with newly-added demographic features. Implementation of a not-fully-believed path of structural reforms can significantly offset the adverse effect of Japan’s demographic headwinds — a declining and ageing population — on real GDP (by about 15 percent in the next 40 years), but would not boost inflation or contribute substantially to stabilizing public debt. Alternatively, implementation of a fully-credible structural reform program can contribute significantly to stabilizing public debt because of the resulting increase in inflation towards the Bank of Japan’s target, while achieving the same positive long-run effects on real GDP. If no reforms are implemented, severe demographic headwinds are expected to reduce Japan’s real GDP by over 25 percent in the next 40 years.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1484349733
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
This report describes the world economic outlook as of April 2018, projecting that advanced economies will continue to expand above their potential growth rates before decelerating, while growth in emerging markets in developing economies will rise before leveling off. It details global prospects and policies, including risks to the forecast, and essential determinants of long-term economic growth: labor force participation in advanced economies, the declining share of manufacturing jobs globally and in advanced economies, and the process through which innovative activity and technological knowledge spread across national borders.
Author: John L. Bullion
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
George Grenville could have upheld Parliament's sovereignty, raised revenue, reduced smuggling, and asserted British control over the colonies by lowering the duty on foreign molasses imported into America from sixpence to one penny per gallon. But Grenville chose to set the duty at threepence instead, thereby irritating the mercantile community in the colonies. Would setting the molasses duty at one penny and collecting interest on paper currency have inspired Americans to resist parliamentary tyranny? Perhaps they would have; perhaps not. It does seem certain, though, that if resistance to these policies had occurred, it would have been a resistance shorn of substantial support from merchants, the agricultural elite of the northern colonies, and the planters of the South. In any crisis that might have arisen, Britain would have enjoyed far more support from these powerful groups in American society than she in fact did during the 1760s and 1770s. Thus, different decisions by Grenville might have totally prevented, considerably delayed, or essentially changed the American Revolution. How and why Grenville and his colleagues reached the fateful decisions are the questions examined in this book.
Author: Thomas P. Bernstein
Publisher: Cambridge University Press
ISBN: 1139438042
Category : Political Science
Languages : en
Pages : 302
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Book Description
The financial burden imposed upon the Chinese farmer by local taxes has become a major source of discontent in the Chinese countryside and a worrisome source of political and social instability for the Chinese government. Bernstein and Lü examine the forms and sources of heavy, informal taxation, and shed light on how peasants defend their interests by adopting strategies of collective resistance (both peaceful and violent). Bernstein and Lü also explain why the central government, while often siding with the peasants, has not been able to solve the burden problem by instituting a sound, reliable financial system in the countryside. While the regime has, to some extent, sought to empower farmers to defend their interests - by informing them about tax rules, expanding the legal system, and instituting village elections, for example, these attempts have not yet generated enough power from 'below' to counter powerful, local official agencies.
Author: Sol Picciotto
Publisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 424
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Book Description
This book is a study on the historical development and current status of international tax law in several of the world's most important trading economies. The book emphasizes the laws and policies of the United States, Western Europe, the United Nations, and the OECD. Chapter eight contains a discussion of transfer pricing. Chapter ten addresses the internationalization of tax administrations, contains information relating to tax havens, anti-tax haven legislation, transfer pricing, and tax treaties. Other chapters cover the history, principles and policies of international tax laws; the past and present status of the international tax treaty system; international tax avoidance; the problems created by tax deferrals; worldwide unitary tax issues; and global business and international fiscal laws.
