The paper assessed, from a methodological and practical point of view, opportunities available in the fiscal sphere and limitations arising from the formation of the integration associations of the former Soviet Union, and to develop proposals for improving the agreements between integrating countries.В работе проведена оценка, с методологической и практической точек зрения, имеющихся в налогово-бюджетной сфере возможностей и возникающих ограничений при формировании интеграционного объединения стран на постсоветском пространстве, а также выработаны предложения, направленные на совершенствование соглашений между интегрирующимися странами.
{"title":"Разработка Концептуальных Основ Интеграции Налоговых и Бюджетных Систем Стран Евразийского Экономического Пространства (Development of the Conceptual Foundations of Integration of Tax and Budget Systems of the Eurasian Economic Space)","authors":"V. Klimanov, A. Altyntsev, Vitа Yagоvkinа","doi":"10.2139/ssrn.2663355","DOIUrl":"https://doi.org/10.2139/ssrn.2663355","url":null,"abstract":"The paper assessed, from a methodological and practical point of view, opportunities available in the fiscal sphere and limitations arising from the formation of the integration associations of the former Soviet Union, and to develop proposals for improving the agreements between integrating countries.В работе проведена оценка, с методологической и практической точек зрения, имеющихся в налогово-бюджетной сфере возможностей и возникающих ограничений при формировании интеграционного объединения стран на постсоветском пространстве, а также выработаны предложения, направленные на совершенствование соглашений между интегрирующимися странами.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132296754","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}
Pub Date : 2013-09-01DOI: 10.5089/9781484390917.001
Jaejoon Woo, E. Bova, Tidiane Kinda, Y. S. Zhang
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.
{"title":"Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?","authors":"Jaejoon Woo, E. Bova, Tidiane Kinda, Y. S. Zhang","doi":"10.5089/9781484390917.001","DOIUrl":"https://doi.org/10.5089/9781484390917.001","url":null,"abstract":"The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal policies on income inequality in a panel of advanced and emerging market economies over the last three decades, complemented by a case study of selected consolidation episodes. The paper shows that fiscal consolidations are likely to raise inequality through various channels including their effects on unemployment. Spending-based consolidations tend to worsen inequality more significantly, relative to tax-based consolidations. The composition of austerity measures also matters: progressive taxation and targeted social benefits and subsidies introduced in the context of a broader decline in spending can help offset some of the adverse distributional impact of consolidation. In addition, fiscal policy can favorably influence long-term trends in both inequality and growth by promoting education and training among low- and middle-income workers.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123576628","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}
Several factors have contributed to the growth of the microfinance industry in the Philippines – the adoption of a sound business model – patterned after Grameen Bank – that caters to a large untapped market, assistance from government and/or donor agencies, a supportive policy and regulatory environment, and innovations based on Internet and mobile technology. However, microfinance institutions (MFIs) continue to face challenges that could affect their ability to reach more poor people even as they strive to achieve financial sustainability. To better understand the challenges faced by MFIs in meeting both their social and economic goals, we propose a research program that addresses the gaps in measuring the ‘quality’ and ‘welfare’ dimensions of financial inclusion, and that complements the development-economics literature by examining MFIs from a business-strategy perspective.
{"title":"The Microfinance Industry in the Philippines: Striving for Financial Inclusion in the Midst of Growth","authors":"R. Habaradas, M. Umali","doi":"10.2139/ssrn.2568021","DOIUrl":"https://doi.org/10.2139/ssrn.2568021","url":null,"abstract":"Several factors have contributed to the growth of the microfinance industry in the Philippines – the adoption of a sound business model – patterned after Grameen Bank – that caters to a large untapped market, assistance from government and/or donor agencies, a supportive policy and regulatory environment, and innovations based on Internet and mobile technology. However, microfinance institutions (MFIs) continue to face challenges that could affect their ability to reach more poor people even as they strive to achieve financial sustainability. To better understand the challenges faced by MFIs in meeting both their social and economic goals, we propose a research program that addresses the gaps in measuring the ‘quality’ and ‘welfare’ dimensions of financial inclusion, and that complements the development-economics literature by examining MFIs from a business-strategy perspective.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116480493","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}
Bank runs are always associated with economy failure and investor panic in the literature. This paper explores the relationship between technology innovation and bank runs in a general equilibrium model. Intuitively, in a stable economy, which says no technology innovation, the return of capital accumulation is constant. But the return is subject to change when innovation happens and as a result, interest rates will change with return of investment. I point out that these changes are possible to result in banks run when some conditions are satisfied.
{"title":"Will Technology Innovation Result in Bank Runs? - A New Prospective of Bank Runs","authors":"Jie Liu","doi":"10.2139/ssrn.2283574","DOIUrl":"https://doi.org/10.2139/ssrn.2283574","url":null,"abstract":"Bank runs are always associated with economy failure and investor panic in the literature. This paper explores the relationship between technology innovation and bank runs in a general equilibrium model. Intuitively, in a stable economy, which says no technology innovation, the return of capital accumulation is constant. But the return is subject to change when innovation happens and as a result, interest rates will change with return of investment. I point out that these changes are possible to result in banks run when some conditions are satisfied.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130348954","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}
For decades, the United States has enjoyed extensive policy influence stemming from its hegemonic position within the international monetary order – a position defined both by the dollar’s status as the principal reserve currency and U.S primacy in international financial forums and institutions. More recently, China has begun to amass many of the trappings of a great monetary power, accounting for 16% of global GDP-PPP, 11% of world merchandise trade, and more than 30% of global foreign exchange reserves. China’s emergence is among the key factors leading many analysts to forecast the emergence of a more multipolar international monetary system and diffusion of policy influence in that arena. This paper investigates the extent to which China has translated its growing economic capabilities into monetary policy influence in other capitals, focusing on South and Southeast Asia, one of the first regions in which Chinese influence might be expected to appear. The paper examines various mechanisms through which China could exercise monetary policy influence: through international institutions, regional initiatives, and bilateral engagement. The evidence shows that China’s monetary policy influence has been quite limited to date, lagging China’s capabilities by a significant margin. This is due largely to a continuing deficit in Chinese “structural power” in a dollar-dominated monetary system that continues to confer major legacy advantages on the United States and upon which China has relied heavily for its own economic development. The paper suggests that while many aspects of the global economic order have changed, it will be some time before China develops monetary policy influence commensurate with its overall economic capabilities.
{"title":"China's Influence on Monetary Policy in Developing Asia","authors":"J. Ciorciari","doi":"10.2139/ssrn.2281297","DOIUrl":"https://doi.org/10.2139/ssrn.2281297","url":null,"abstract":"For decades, the United States has enjoyed extensive policy influence stemming from its hegemonic position within the international monetary order – a position defined both by the dollar’s status as the principal reserve currency and U.S primacy in international financial forums and institutions. More recently, China has begun to amass many of the trappings of a great monetary power, accounting for 16% of global GDP-PPP, 11% of world merchandise trade, and more than 30% of global foreign exchange reserves. China’s emergence is among the key factors leading many analysts to forecast the emergence of a more multipolar international monetary system and diffusion of policy influence in that arena. This paper investigates the extent to which China has translated its growing economic capabilities into monetary policy influence in other capitals, focusing on South and Southeast Asia, one of the first regions in which Chinese influence might be expected to appear. The paper examines various mechanisms through which China could exercise monetary policy influence: through international institutions, regional initiatives, and bilateral engagement. The evidence shows that China’s monetary policy influence has been quite limited to date, lagging China’s capabilities by a significant margin. This is due largely to a continuing deficit in Chinese “structural power” in a dollar-dominated monetary system that continues to confer major legacy advantages on the United States and upon which China has relied heavily for its own economic development. The paper suggests that while many aspects of the global economic order have changed, it will be some time before China develops monetary policy influence commensurate with its overall economic capabilities.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114746512","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}
Pub Date : 2012-12-21DOI: 10.1142/S0217590812500245
N. Yoshino, Sahoko Kaji, T. Asonuma
This paper determines whether adopting the basket-peg rather than the floating regime is optimal for emerging market countries. Under the basket-peg regime, there is a trade-off between practical usefulness and welfare losses associated with capital movements across countries. We develop a dynamic stochastic general equilibrium model for small open economies to derive a simple basket weight rule. Although this is suboptimal, we find it practical and easy to implement. With calibration using Singaporean and Thai data for 1997Q3–2006Q2 and comparison among cumulative losses associated with the policy instrument rules, we show that a commitment to the basket weight rule is superior to other instrument rules under the floating regime for small, open emerging market countries like Singapore and Thailand.
{"title":"Choices of Optimal Monetary Policy Instruments Under the Floating and the Basket-Peg Regimes","authors":"N. Yoshino, Sahoko Kaji, T. Asonuma","doi":"10.1142/S0217590812500245","DOIUrl":"https://doi.org/10.1142/S0217590812500245","url":null,"abstract":"This paper determines whether adopting the basket-peg rather than the floating regime is optimal for emerging market countries. Under the basket-peg regime, there is a trade-off between practical usefulness and welfare losses associated with capital movements across countries. We develop a dynamic stochastic general equilibrium model for small open economies to derive a simple basket weight rule. Although this is suboptimal, we find it practical and easy to implement. With calibration using Singaporean and Thai data for 1997Q3–2006Q2 and comparison among cumulative losses associated with the policy instrument rules, we show that a commitment to the basket weight rule is superior to other instrument rules under the floating regime for small, open emerging market countries like Singapore and Thailand.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126176396","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}
This paper reviews the debate over fiscal rules and specifically balanced-budget requirements with regards to sub-national (state/regional) government. It will be argued that fiscal rules, if properly designed, can play an important role in balancing the relations between central and sub-national governments and build a healthy system of public finances in the long-run. Fiscal rules are required to limit the subsidiarity challenge that decentralizing governments face: How can they balance the need for locally delivered public services with a fair and sufficient financial endowment while at the same time incentivizing sub-national governments not to overspent their general resources? This paper analyzes global experiences with some of the strictest forms of fiscal policy rules - i.e. balanced-budget requirements (BBR). It will discuss and illustrate their relevance in the context of three major Asian economies with very different fiscal positions - China, India and Indonesia - but similar demands or requirements for the decentralization of public services due to their vast populations and geographical size.
{"title":"Fiscal Rules, Decentralization and Public Finances: Making Sense of Balanced Budget Requirements for Sub-National Governments","authors":"J. Seifert","doi":"10.2139/ssrn.2189218","DOIUrl":"https://doi.org/10.2139/ssrn.2189218","url":null,"abstract":"This paper reviews the debate over fiscal rules and specifically balanced-budget requirements with regards to sub-national (state/regional) government. It will be argued that fiscal rules, if properly designed, can play an important role in balancing the relations between central and sub-national governments and build a healthy system of public finances in the long-run. Fiscal rules are required to limit the subsidiarity challenge that decentralizing governments face: How can they balance the need for locally delivered public services with a fair and sufficient financial endowment while at the same time incentivizing sub-national governments not to overspent their general resources? This paper analyzes global experiences with some of the strictest forms of fiscal policy rules - i.e. balanced-budget requirements (BBR). It will discuss and illustrate their relevance in the context of three major Asian economies with very different fiscal positions - China, India and Indonesia - but similar demands or requirements for the decentralization of public services due to their vast populations and geographical size.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121475383","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}
O. Fjeldstad, C. Schulz-Herzenberg, Ingrid Hoem Sjursen
What are the key determinants of taxpayer compliance? And which features of citizen-state relations govern attitudes and behaviour regarding taxation? This paper examines the analytical foundation, methodological approaches and key findings of available empirical literature on taxpayer behaviour in Africa. Understanding how citizens perceive and experience taxation may provide an essential diagnostic of the political realities for tax reform. Attempts to broaden the tax base require insights into how citizens experience and perceive the tax system, whether people perceive they are paying taxes or not, what they eventually pay, their views on tax administration and enforcement, and whether and how their tax behaviour is correlated with how they perceive the state. Attitude and perception surveys of current and potential taxpayers may also help to identify perceived weaknesses of the tax system, and enable tax authorities to focus attention efficiently on high-risk categories of taxpayers.
{"title":"People's Views of Taxation in Africa: A Review of Research on Determinants of Tax Compliance","authors":"O. Fjeldstad, C. Schulz-Herzenberg, Ingrid Hoem Sjursen","doi":"10.2139/ssrn.2411424","DOIUrl":"https://doi.org/10.2139/ssrn.2411424","url":null,"abstract":"What are the key determinants of taxpayer compliance? And which features of citizen-state relations govern attitudes and behaviour regarding taxation? This paper examines the analytical foundation, methodological approaches and key findings of available empirical literature on taxpayer behaviour in Africa. Understanding how citizens perceive and experience taxation may provide an essential diagnostic of the political realities for tax reform. Attempts to broaden the tax base require insights into how citizens experience and perceive the tax system, whether people perceive they are paying taxes or not, what they eventually pay, their views on tax administration and enforcement, and whether and how their tax behaviour is correlated with how they perceive the state. Attitude and perception surveys of current and potential taxpayers may also help to identify perceived weaknesses of the tax system, and enable tax authorities to focus attention efficiently on high-risk categories of taxpayers.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132642919","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}
Agriculture is an important component in the socio-economic landscape of Jamaica, but its performance since independence, measured in terms of its contribution to the gross domestic product, has registered a downward slide, moving from 13.5 per cent in 1962 to 6.4 per cent in 2011. Attempts have been made by the government to stem the downward slide, yet the sector continues to produce at sub-optimal levels in relation to the available natural resources. The objective of this paper is to estimate the link between the contribution of agriculture to GDP and the ratio of government expenditure to total budgetary expenditure, using a VAR model. The empirical evidence shows that government expenditure policy and the rate of inflation have a positive impact on the performance of the agriculture sector in terms of its contribution to GDP. The size of the coefficient for agriculture expenditure is 0.042, while it is 0.0017 for inflation.
{"title":"The Impact of Government Expenditure on the Agricultural Sector in Jamaica: 1962-2011","authors":"Samuel P. Indalmanie","doi":"10.2139/ssrn.2588695","DOIUrl":"https://doi.org/10.2139/ssrn.2588695","url":null,"abstract":"Agriculture is an important component in the socio-economic landscape of Jamaica, but its performance since independence, measured in terms of its contribution to the gross domestic product, has registered a downward slide, moving from 13.5 per cent in 1962 to 6.4 per cent in 2011. Attempts have been made by the government to stem the downward slide, yet the sector continues to produce at sub-optimal levels in relation to the available natural resources. The objective of this paper is to estimate the link between the contribution of agriculture to GDP and the ratio of government expenditure to total budgetary expenditure, using a VAR model. The empirical evidence shows that government expenditure policy and the rate of inflation have a positive impact on the performance of the agriculture sector in terms of its contribution to GDP. The size of the coefficient for agriculture expenditure is 0.042, while it is 0.0017 for inflation.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"142 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132672427","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}
Two distinct approaches have been taken in the literature to consider the optimal denominations of coins and banknotes. One approach reduces the problem to determining the smallest set of denominations capable of handling a given range of transactions. Another approach argues the optimal denomination structure would minimize the number of coins and banknotes used in the average transaction. Both are ultimately concerned with the optimal spacing of denominations. In contrast, I estimate the average range of denominations for coins and banknotes conditional on real income and the monetary unit employed. To illustrate the practical application of this approach, I use the estimates as a benchmark for evaluating the payment system of Somalia emerging after the state collapsed in 1991. I show that the surviving 1000 Somali shillings note is too small for conveniently making large transactions, but too large to make precise change in small transactions.
{"title":"Estimating Optimal Denominations","authors":"William J. Luther","doi":"10.2139/ssrn.2066090","DOIUrl":"https://doi.org/10.2139/ssrn.2066090","url":null,"abstract":"Two distinct approaches have been taken in the literature to consider the optimal denominations of coins and banknotes. One approach reduces the problem to determining the smallest set of denominations capable of handling a given range of transactions. Another approach argues the optimal denomination structure would minimize the number of coins and banknotes used in the average transaction. Both are ultimately concerned with the optimal spacing of denominations. In contrast, I estimate the average range of denominations for coins and banknotes conditional on real income and the monetary unit employed. To illustrate the practical application of this approach, I use the estimates as a benchmark for evaluating the payment system of Somalia emerging after the state collapsed in 1991. I show that the surviving 1000 Somali shillings note is too small for conveniently making large transactions, but too large to make precise change in small transactions.","PeriodicalId":247622,"journal":{"name":"ERN: Fiscal & Monetary Policy in Developing Economies (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131565441","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}
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