Journal of Government and Economics最新文献_第7页

Optimal mechanism in governmental project screening: A theory of Kornai's soft budget constraint 政府项目筛选的最优机制:科尔奈软预算约束理论

Journal of Government and Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jge.2022.100049

Chong-en Bai , Yijiang Wang

{"title":"Optimal mechanism in governmental project screening: A theory of Kornai's soft budget constraint","authors":"Chong-en Bai , Yijiang Wang","doi":"10.1016/j.jge.2022.100049","DOIUrl":"10.1016/j.jge.2022.100049","url":null,"abstract":"<div><p>Soft budget constraint refers to the phenomenon that money losing inefficient projects keep on getting subsidies and operating. It was first phrased and analyzed by the late Hungarian economist Janos Kornai when he studied former socialist economies and by now, economists generally have agreed that soft budget constraint also exists extensively in market economies. As an important area of research in government and economics, existing explanations of soft budget have focused on the government's lack of commitment to terminate inefficient investment projects. In this paper, we propose a new theory in which soft budget constraint is an optimal governmental mechanism to induce greater effort in project selection. The idea is that if a manager (banker) selects a bad project, he has to keep on subsidizing it and lose more. Anticipating this, soft budget constraint makes the manager work hard to avoid choosing bad projects. Our theory sheds light on research in government and economics from the perspective of mechanism design.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"7 ","pages":"Article 100049"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319322000209/pdfft?md5=23f7df2add680737836fcae1cf9bb43d&pid=1-s2.0-S2667319322000209-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75819993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Re-allocating taxing rights and minimum tax rates in international profit taxation 国际利得税中的征税权再分配与最低税率

Journal of Government and Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jge.2022.100048

Gerhard Kempkes, Nikolai Stähler

{"title":"Re-allocating taxing rights and minimum tax rates in international profit taxation","authors":"Gerhard Kempkes, Nikolai Stähler","doi":"10.1016/j.jge.2022.100048","DOIUrl":"https://doi.org/10.1016/j.jge.2022.100048","url":null,"abstract":"<div><p>What happens when sovereign governments coordinate their tax policies? This is an important research topic in government and economics. We focus on implications of re-allocating taxing rights away from source countries (where goods are produced) to market countries (where goods are consumed) and introducing minimum rates in international profit taxation. Utilizing a dynamic macroeconomic model, we find that, in low tax economies, the average profit tax rate will rise. On one hand, this reduces price competitiveness of firms located in these regions and, thereby, output. On the other hand, higher profit tax revenues help to reduce other taxes. Moreover, lower expected future output requires less capital in production in the long run. Firms hence invest less and (temporarily) augment dividend payments. This raises disposable income of households, who (at least temporarily) increase consumption. The opposite holds for high tax economies. In terms of welfare, low tax economies can benefit from an increase in profit taxation. Reduced “tax avoidance” and higher repatriation of firm profits only changes this picture for relatively high levels of initial profit shifting.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"7 ","pages":"Article 100048"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319322000192/pdfft?md5=17dc2cf22cdb75bb15421c3efdbf36bb&pid=1-s2.0-S2667319322000192-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137220655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Political dynasties, business, and poverty in the Philippines 菲律宾的政治王朝、商业和贫困

Journal of Government and Economics Pub Date : 2022-09-01 DOI: 10.1016/j.jge.2022.100051

Ronald U. Mendoza, Jurel K. Yap, Gabrielle Ann S. Mendoza, Leonardo Jaminola III, Erica Celine Yu

引用次数: 0

Fiscal policy in the 21st century: Evidence on automatic stabilizers in the European union 21世纪的财政政策:欧盟自动稳定器的证据

Journal of Government and Economics Pub Date : 2022-06-01 DOI: 10.1016/j.jge.2022.100038

Georgios Karras , Michael C.-Y. Yang

引用次数: 1

Pension policy in autocracy: The case of Hungary 专制制度下的养老金政策:匈牙利的案例

Journal of Government and Economics Pub Date : 2022-06-01 DOI: 10.1016/j.jge.2022.100040

András Simonovits

引用次数: 0

Towards a carbon neutral economy: How government should respond to market failures and market absence 走向碳中和经济:政府应如何应对市场失灵和市场缺失

Journal of Government and Economics Pub Date : 2022-06-01 DOI: 10.1016/j.jge.2022.100036

Nicholas Stern

{"title":"Towards a carbon neutral economy: How government should respond to market failures and market absence","authors":"Nicholas Stern","doi":"10.1016/j.jge.2022.100036","DOIUrl":"10.1016/j.jge.2022.100036","url":null,"abstract":"<div><p>The transition towards a carbon-neutral economy is a fundamental change, it involves not only transforming the energy sector but also radical reforms across the whole economy. Managing fundamental and wholesale change across such a large economy is a massive coordination challenge requiring the simultaneous deployment of a collection of instruments and institutional change. This paper looks into the key challenges in building a carbon-neutral economy and discusses how governments and markets should work together in addressing these challenges. Due to significant failures in key markets relevant to tackling carbon emissions and to the absence of crucial markets, this paper argues that governments must play an active role in formulating and implementing effective environmental policies, regulations and design. This paper discusses major market failures and market absence, leading to suggestions on policy measures that governments should take to overcome these challenges, enabling markets to give better signals in directing resource allocation and guiding the low-carbon transition. Governments must act to facilitate a transition that enables equity in opportunities and outcomes across regions and individuals. Implementing these strategies and policies requires cohesive government structures, led from the most senior levels, to foster the necessary investment, innovation and change needed.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"6 ","pages":"Article 100036"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319322000088/pdfft?md5=d2e11bbfde783d2f235ca10a5feba561&pid=1-s2.0-S2667319322000088-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73229012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Variability and strictness in COVID-19 government response: A macro-regional assessment 政府应对COVID-19的变异性和严谨性:宏观区域评估

Journal of Government and Economics Pub Date : 2022-06-01 DOI: 10.1016/j.jge.2022.100039

Michael Donadelli , Ivan Gufler , Renatas Kizys , Marcella Lucchetta

{"title":"Variability and strictness in COVID-19 government response: A macro-regional assessment","authors":"Michael Donadelli , Ivan Gufler , Renatas Kizys , Marcella Lucchetta","doi":"10.1016/j.jge.2022.100039","DOIUrl":"10.1016/j.jge.2022.100039","url":null,"abstract":"<div><p>We examine the effectiveness of non-pharmaceutical government interventions (NPIs) against COVID-19. In particular, we focus on the impact of strictness and variability in government interventions on the reproduction rate (<span><math><msub><mi>R</mi><mi>t</mi></msub></math></span>) and the number of new deaths (per million of inhabitants) in five different world regions (G7, G20, EU28, Central America and Asia). In line with existing evidence, we observe that more stringent and frequent NPIs contributed to slow down contagion. Unfortunately, no benefits in terms of mortality are found. In fact, with few exceptions, both strictness and variability in NPIs are associated with a rise in the number of new deaths. This evidence is observed to be stronger among advanced economies and over the second pandemic wave. Take together, our research findings advocate early and decisive implementation of NPIs, but gradual and staggered relaxation of NPIs when the pandemic appears to recede.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"6 ","pages":"Article 100039"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319322000118/pdfft?md5=edcc96d9a9981d7826aaf16173630c79&pid=1-s2.0-S2667319322000118-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87398868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The government, private firms, and dual-track private sector development: China's experience in two crucial decades 政府、私营企业和私营部门双轨发展:中国在关键的二十年的经验

Journal of Government and Economics Pub Date : 2022-06-01 DOI: 10.1016/j.jge.2022.100037

Cheryl Xiaoning Long , Lixin Colin Xu , Jin Yang

{"title":"The government, private firms, and dual-track private sector development: China's experience in two crucial decades","authors":"Cheryl Xiaoning Long , Lixin Colin Xu , Jin Yang","doi":"10.1016/j.jge.2022.100037","DOIUrl":"https://doi.org/10.1016/j.jge.2022.100037","url":null,"abstract":"<div><p>A key to understand the evolution of an economy is the property rights institution and the contracting institution that the government set up to shape the business environment of private firms. Focusing on China during its crucial two decades of transition (from the early 1990s to the early 2010s), this paper documents how the country's business environment and the characteristics of entrepreneurs evolved, along with the role played by local governments. Relying on multiple comprehensive data sets, the paper shows that many aspects of local business environments improved: infrastructure, development of the court system, and access to external finance. Meanwhile, the share of politically connected private firms remained large, and their advantage in accessing key resources increased. Under this dual-track private sector development, private firms became larger and more innovative and adopted more formal corporate governance mechanisms. Entrepreneurs became better educated, with more diverse sectoral experiences. Market competition increased over time, especially after China's World Trade Organization entry. The paper offers suggestive evidence that this dual track development had negative consequences, such as a lower tendency to innovate by politically connected firms.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"6 ","pages":"Article 100037"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266731932200009X/pdfft?md5=340f5df88e5b0d92c4d73742b8e40c58&pid=1-s2.0-S266731932200009X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137011468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Ageing and Welfare State Policy: A Macroeconomic Perspective 老龄化与福利国家政策:宏观经济视角

Journal of Government and Economics Pub Date : 2022-03-01 DOI: 10.1016/j.jge.2022.100030

Assaf Razin , Alexander Schwemmer

{"title":"Ageing and Welfare State Policy: A Macroeconomic Perspective","authors":"Assaf Razin , Alexander Schwemmer","doi":"10.1016/j.jge.2022.100030","DOIUrl":"https://doi.org/10.1016/j.jge.2022.100030","url":null,"abstract":"<div><p>It has been widely recognized that population ageing could generate structural changes centered around a dwindling labor force, on one hand, and an expanding dependency on the generosity of the welfare state, on the other hand. Welfare state policy related to population ageing entails both fiscal and migration issues. This paper employs a general-equilibrium model with a policy making focus to help illuminate the mechanisms governing social benefit provision, labor income taxation, capital income taxation, and migration curbs on low-skilled and high-skilled workers, all driven by population ageing. Greater generosity of the welfare state comes together with a more liberal migration policy when incentives are compatible with the interests of the majority of voters. The effects of ageing on the tax and benefit sides of the welfare state depend on the number of dependents in the population and whether the country is a capital importer (in which case the capital tax burden is shared with foreigners) or a capital exporter (in which case the age-related wage increase skews taxation towards labor income). The tax-benefit narraive is about factor supplies. Low ageing evolution correlates with a relatively labor-abundant country (low retirement), which turns into a labor-scarce country (high retirement). Parallel to the evolution of the labor force, a country that is a capital importer (with a high rate of return) becomes a capital exporter (with a low rate of return). Greater demand for social benefits from an ageing population is balanced against the rising costs of labor income taxation and capital income taxation.</p></div>","PeriodicalId":100785,"journal":{"name":"Journal of Government and Economics","volume":"5 ","pages":"Article 100030"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667319322000027/pdfft?md5=57b752018d457434828562a6f9209f6a&pid=1-s2.0-S2667319322000027-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92060660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Public Debt: My Dissent from “Keynesian” Theories 公共债务:我对“凯恩斯主义”理论的异议

Journal of Government and Economics Pub Date : 2022-03-01 DOI: 10.1016/j.jge.2022.100029

Edmund Phelps

引用次数: 5