ERN: Fiscal & Monetary Policy in Developing Economies (Topic)最新文献

{"title":"Monetary and Fiscal Policy in England During the French Wars (1793-1821)","authors":"Pamfili M. Antipa, Christophe Chamley","doi":"10.2139/ssrn.2983672","DOIUrl":"https://doi.org/10.2139/ssrn.2983672","url":null,"abstract":"The French Wars (1793-1815) exerted unprecedented pressures on Britain's fiscal and monetary policy settings. Policy makers had to constantly adjust the policy mix as events unfolded. This meant implementing monetary and fiscal policy innovations, such as the suspension of the gold standard and the instauration of Britain's first income tax. These adjustments signalled the government's commitment to undertake the necessary to win the war, without jeopardizing fiscal sustainability. Drawing on new hand-collected data, we also show that the Bank of England played an essential role in two successive phases of the war. The Bank granted ample liquidity to the domestic payment system, by discounting large amounts of private bills. It also financed the decisive phase of the wars by purchasing large amounts of public debt. The successful winding down of the balance sheet and the resumption of the gold standard influenced the Bank's policies and shaped the political and financial landscape for the century to come.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116373695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Macroprudential Policy, Incomplete Information and Inequality: The Case of Low-Income and Developing Countries","authors":"Filiz Unsal, Margarita Rubio","doi":"10.5089/9781475588057.001","DOIUrl":"https://doi.org/10.5089/9781475588057.001","url":null,"abstract":"In this paper, we use a DSGE model to study the passive and time-varying implementation of macroprudential policy when policymakers have noisy and lagged data, as commonly observed in lowincome and developing countries (LIDCs). The model features an economy with two agents; households and entrepreneurs. Entrepreneurs are the borrowers in this economy and need capital as collateral to obtain loans. The macroprudential regulator uses the collateral requirement as the policy instrument. In this set-up, we compare policy performances of permanently increasing the collateral requirement (passive policy) versus a time-varying (active) policy which responds to credit developments. Results show that with perfect and timely information, an active approach is welfare superior, since it is more effective in providing financial stability with no long-run output cost. If the policymaker is not able to observe the economic conditions perfectly or observe with a lag, a cautious (less aggressive) policy or even a passive approach may be preferred. However, the latter comes at the expense of increasing inequality and a long-run output cost. The results therefore point to the need for a more careful consideration toward the passive policy, which is usually advocated for LIDCs.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128085772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Macro Shocks and Micro Woes: Short-Term Effects of India's Demonetization on the Poor","authors":"Heng Zhu, Anubhab Gupta, Binoy Majumder, S. Steinbach","doi":"10.2139/ssrn.3001396","DOIUrl":"https://doi.org/10.2139/ssrn.3001396","url":null,"abstract":"This study analyses and estimates the impact of demonetisation on the welfare of poor households in the Sundarbans region of India. Using a unique high frequency (weekly) data set collected during the process of demonetisation, we estimate that household welfare is reduced by INR 1,414 (US $ 20.8), equivalent to about 15.6% of income over the two months post demonetisation. Short-term welfare reductions happen through increased unemployment, losses to income and savings, and the opportunity costs of exchange. Our analysis shows that immediately after demonetisation, households adopted a range of strategies to rid themselves of unwanted currency notes, including increased consumption-related purchases, a reduction in borrowing and increased instances of loans. We find evidence that consumption levels and borrowing fall continuously, but consumption expenditures remain stubbornly high two months after the shock. Local income and remittances are affected heterogeneously by the shock, with households experiencing unemployment and female-headed households losing out more. The results shed light on how low income households use the limited tools at their disposal to deal with shocks, as well as the need to carefully consider how national monetary policy, however well intentioned, may adversely affect the welfare of vulnerable households. Our findings have important policy implications not only in the context of India but for governments in other developing countries thinking of adopting similar policies.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"3 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113962094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Empirical Analysis of Stable Demand for Money in India with Co-Integration Approach","authors":"Hemachandra Padhan","doi":"10.2139/ssrn.2867551","DOIUrl":"https://doi.org/10.2139/ssrn.2867551","url":null,"abstract":"The recent macroeconomics and emerging market economics have contributed to the growing integration of financial innovation; financial markets integration, and financial dis intermediaries. This study investigates the long run and short run stability demand for money in India and relationship among M3 (Broad money), income level (Y), interest rate (call money) and exchange rate. The empirical results have analyzed from CUSUM test, CUSUMSQ test, co-integration, and VECM (vector error correction model) by taking the financial year data from 1970-71 to 2013-14. The results reveal that three co-integrating vectors at 5% significance level whereas the maximum eigenvalue test indicates the presence of two co-integrating vectors at 5% level of significance. VECM explains the speed of adjustment. Equation 1,","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128912893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Carrot and the Stick: Evidence on Voluntary Tax Compliance from a Pilot Field Experiment in Rwanda","authors":"G. Mascagni, C. Nell, N. Monkam, D. Mukama","doi":"10.2139/ssrn.3120358","DOIUrl":"https://doi.org/10.2139/ssrn.3120358","url":null,"abstract":"Large-scale field experiments on tax compliance have been a thriving field of research in many regions of the world. However, Africa is still lagging behind, as administrative data from anonymised returns is available only in a handful of countries. To the best of our knowledge, there is as yet no published evidence of a tax field experiment from Africa. This paper reports the results of a pilot experiment in Rwanda that served as a stepping stone for a larger experimental study on tax compliance. In this pilot, we test the process of messaging taxpayers to encourage them to comply voluntarily, by providing information on sanctions. The results indicate that communication strategies that aim to inform taxpayers may be effective in increasing tax compliance. However, these results are only indicative. They will be complemented by further evidence from the larger field experiment, where we test different types of messages and delivery methods. Nonetheless, this paper provides some initial insight into the use of tax experiments in Africa, both in terms of initial evidence and lessons learned for future efforts in this field.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115849427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tax Base Erosion and Profit Shifting in Africa – Part 1: Africa's Response to the OECD BEPS Action Plan","authors":"AW Oguttu","doi":"10.2139/SSRN.3120328","DOIUrl":"https://doi.org/10.2139/SSRN.3120328","url":null,"abstract":"This paper considers what Africa’s response should be to the OECD’s base erosion and profit shifting (BEPS) project. The paper acknowledges that BEPS concerns for developing countries (such as those in Africa) may not necessarily be the same as those for developed countries. The author first explains the concepts of tax avoidance and tax planning, to describe the background to BEPS. An explanation is given of the causes of BEPS, the challenges BEPS poses to corporate tax systems, the importance of corporate taxes in Africa, and the factors that exacerbate BEPS in Africa. The paper also differentiates BEPS from the notion of illicit financial flows – a matter that is causing a lot of confusion to the general public in understanding BEPS issues, and to finding solutions to the problem of capital flight from Africa. Thereafter the author addresses the relevance of the OECD BEPS Project to Africa, the international initiatives that could benefit Africa in curtailing BEPS, and what Africa’s response should be.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128225557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Macro Trends of Sustainable Income for Sustainable Development; Case Study of Tehran Municipality","authors":"Kamran Yeganegi","doi":"10.2139/ssrn.3602399","DOIUrl":"https://doi.org/10.2139/ssrn.3602399","url":null,"abstract":"Generally, the income sources of the municipalities of Iran during different periods have varied. By1983, the government had virtually contributed to the financing of the municipalities of the country. But in the same year's budget law, municipalities were expected to become self three years. Accordingly, the Interior Ministry was supposed to provide a new financial system for municipalities. As a result of this law, an important part of the state financial assistance to the municipalities was cut off while a new income system didn’t replace the government's grants. Simultaneously with the application of self-sufficiency policies, municipalities resorted to various forms of urban spending. The most important and most commonly used methods are the introduction of new impositions or the development of impositions. Revenues such as the impositions of buildings, selling building density, penalties such as fines for land use change.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125948551","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Fiscal History of Ethiopia: Taxation and Aid Dependence 1960-2010","authors":"G. Mascagni","doi":"10.2139/ssrn.3120299","DOIUrl":"https://doi.org/10.2139/ssrn.3120299","url":null,"abstract":"This paper reviews the fiscal history of Ethiopia, focusing particularly on the period between 1960 and 2010, for which detailed fiscal data is available to underpin the analysis. While reviewing the key fiscal and economic events of this period, particular attention is paid to the relation between Ethiopia and its donors, which in fiscal terms can be seen as a relation between mobilising own tax revenue while negotiating aid and the conditions attached to it. While looking at the main drivers and constraints to tax revenue mobilisation in this period, the paper explores the role that aid and donors have played, and how this historical background influences Ethiopia today.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116089831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Long-Term Gain, Short-Term Pain: Assessing the Potential Impact of Structural Reforms in Chile","authors":"M. Santoro","doi":"10.5089/9781513537634.001","DOIUrl":"https://doi.org/10.5089/9781513537634.001","url":null,"abstract":"In this paper, I study the potential economic impact of the 2015-18 structural reform agenda in Chile, using the IMF dynamic general equilibrium model (GIMF). I find that the agenda has the potential to significantly increase Chile's long-run GDP, although it may have some negative effects in the short term. Ensuring a smooth transition to a higher productive potential depends on three key dimensions: the credibility of the reforms, their effectiveness in closing structural gaps, and their speed of implementation. Badly designed reforms that remove only a very small fraction of the existing structural gaps, at a slow speed, and with little credibility, can greatly reduce the positive impact of the reform agenda on GDP.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130377172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Drilling Down on Royalties: How Canadian Provinces Can Improve Non-Renewable Resource Taxes","authors":"Robin Boadway, Benjamin Dachis","doi":"10.2139/ssrn.2665754","DOIUrl":"https://doi.org/10.2139/ssrn.2665754","url":null,"abstract":"From coast to coast, non-renewable-resource taxation is a key source of provincial government revenue – and political rancour. Alberta has recently started a comprehensive review of its oil and natural gas extraction tax system. Newfoundland and Labrador is looking at a redesign of its royalty system. And British Columbia has set up a new tax on liquefied natural gas production. These provinces can all improve their current resource tax systems to raise more money without jeopardizing investment. The key problem with current resource taxes in Canada is not the tax rates, but the design of the taxes. Canadian policymakers should be looking at international best practices in resource tax design. Australia and Norway have best-in-class resource taxes that are based on the cash flows of resource production. That better design means that resource companies in those countries pay a high tax rate on cash flows but still have a strong incentive to invest. Western Canadian provinces instead rely on economically distorting gross-revenue royalties for most onshore oil and gas taxation. These provinces should change their gross-revenue royalties to more efficient cash-flow taxes. Cash-flow taxes are a better way of reflecting the cumulative costs that resource companies face to extract energy than are gross revenue royalties. Although Alberta’s oil sands cash-flow tax and Newfoundland and Labrador’s offshore royalty follow many international best practices, both have room for improvement. Those provinces should rethink the rules around how companies pre-pay gross revenue royalties, the limits on the kinds of expenses companies can deduct, and having a royalty rate that fluctuates with oil prices. British Columbia’s mining tax hits many of the right notes. However, the province’s tax on liquefied natural gas exports would be unnecessary if it changed its gross-revenue royalties on natural gas extraction to cash-flow taxes. Likewise, the federal government should consider reforms to its own corporate income tax system to tax cash flows, not profits. Canadian provinces have collected about $79 billion in resource-specific tax revenues from 2009 to 2013. But the provinces can collect more while not harming investment in mining and oil and natural gas extraction if they change their distortive gross-revenue royalties into better designed cash-flow taxes.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"84 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120884962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}