{"title":"Macro and micro effects of fiscal policy - experience from the COVID-19 pandemic: introduction to the thematic issue of Public Sector Economics","authors":"Milan Deskar-Škrbić, D. Milutinovic","doi":"10.3326/pse.45.4.1","DOIUrl":"https://doi.org/10.3326/pse.45.4.1","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43102531","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}
* The views expressed are those of the author and not necessarily those of the Bank for International Settlements, Basel, Switzerland. The author thanks Frederic Boissay, Cheng Gong, Paul Wachtel and participants of the 27th Dubrovnik Economic Conference (July 2021) for helpful discussions, and Alberto Americo and Emese Kuruc for research assistance as well as two anonymous referees for their useful comments and suggestions. ** Received: October 15, 2021 Accepted: October 31, 2021
*所表达的观点是作者的观点，不一定是瑞士巴塞尔国际清算银行的观点。作者感谢Frederic Boissay, Cheng Gong, Paul Wachtel和第27届杜布罗夫尼克经济会议(2021年7月)的参与者进行了有益的讨论，Alberto Americo和Emese Kuruc提供了研究协助，以及两位匿名审稿人提出了有益的意见和建议。**收稿日期:2021年10月15日收稿日期:2021年10月31日
{"title":"Interactions between fiscal and monetary policies: a brief history of a long relationship","authors":"D. Mihaljek","doi":"10.3326/pse.45.4.2","DOIUrl":"https://doi.org/10.3326/pse.45.4.2","url":null,"abstract":"* The views expressed are those of the author and not necessarily those of the Bank for International Settlements, Basel, Switzerland. The author thanks Frederic Boissay, Cheng Gong, Paul Wachtel and participants of the 27th Dubrovnik Economic Conference (July 2021) for helpful discussions, and Alberto Americo and Emese Kuruc for research assistance as well as two anonymous referees for their useful comments and suggestions. ** Received: October 15, 2021 Accepted: October 31, 2021","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41824477","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":"Characteristics of fiscal policy in Croatia: does it depend on the phase of the business cycle?","authors":"Vladimir Arčabić, Frane Banić","doi":"10.3326/pse.45.4.3","DOIUrl":"https://doi.org/10.3326/pse.45.4.3","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43407711","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":"Asymmetric effect of government debt on GDP growth: evidence from Namibia","authors":"T. Mosikari, J. Eita","doi":"10.3326/pse.45.4.7","DOIUrl":"https://doi.org/10.3326/pse.45.4.7","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43838730","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}
C. Papageorgiou, Panagiotis Farlekas, Zacharias Dermatis, A. Anastasiou, P. Liargovas
The purpose of this study is to assess the impact of excise duties on tobacco products on state’s revenues. Increasing excise duties on tobacco may act as a means to reduce the consumption of this product and thus to have a positive effect on citizens’ health and prosperity. Our research showed that an increase in consumer income will result in a certain increase in cigarette consumption and an analogous decrease in fine-cut tobacco consumption, while a similar increase in cigarette price results in a small decrease in cigarette consumption and a very large increase in fine-cut tobacco consumption. Additionally, stepping up an anti-smoking campaign results in a decrease in cigarette consumption. Specifically for Greece we found that during 2019 and 2020 there will be a decrease in the state’s revenues from excise duties on tobacco products of €150-€200 million each year.
{"title":"Assessing the impact of excise duties on a state’s revenues: the case of Greece","authors":"C. Papageorgiou, Panagiotis Farlekas, Zacharias Dermatis, A. Anastasiou, P. Liargovas","doi":"10.3326/pse.45.3.4","DOIUrl":"https://doi.org/10.3326/pse.45.3.4","url":null,"abstract":"The purpose of this study is to assess the impact of excise duties on tobacco products on state’s revenues. Increasing excise duties on tobacco may act as a means to reduce the consumption of this product and thus to have a positive effect on citizens’ health and prosperity. Our research showed that an increase in consumer income will result in a certain increase in cigarette consumption and an analogous decrease in fine-cut tobacco consumption, while a similar increase in cigarette price results in a small decrease in cigarette consumption and a very large increase in fine-cut tobacco consumption. Additionally, stepping up an anti-smoking campaign results in a decrease in cigarette consumption. Specifically for Greece we found that during 2019 and 2020 there will be a decrease in the state’s revenues from excise duties on tobacco products of €150-€200 million each year.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41653247","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 provides an overview of different inheritance tax regimes in selected European countries and the United States. We identify that in the majority of countries the tax rate is related to the relationship between bequeathing party and the bequeathed as well as the value of the inherited assets. In most countries the transfer of wealth within families is treated preferentially (lower tax rates, tax exemptions and reliefs). This is particularly the case for business assets and family homes. This analysis further discusses the features and effects of inheritance tax regimes based on various criteria. These cover behavioural responses of individuals and different distributional effects of an inheritance tax. Furthermore, the amount of tax revenues varies considerably both between countries and over time. Although the actual revenues of inheritance taxation are quite low in the selected countries (ranging between 0.1% and 0.5% of GDP), some indicators point to higher revenue potentials in the future. Due to an increase in private wealth and its concentration over time, we can expect to observe an increase in inheritance tax revenues, even though countries allow a high tax-free allowance. An appropriate design of inheritance taxation could further help to foster economic growth and decelerate the increase in wealth inequality.
{"title":"Inheritance tax regimes: a comparison","authors":"Stefan Jestl","doi":"10.3326/pse.45.3.3","DOIUrl":"https://doi.org/10.3326/pse.45.3.3","url":null,"abstract":"This paper provides an overview of different inheritance tax regimes in selected European countries and the United States. We identify that in the majority of countries the tax rate is related to the relationship between bequeathing party and the bequeathed as well as the value of the inherited assets. In most countries the transfer of wealth within families is treated preferentially (lower tax rates, tax exemptions and reliefs). This is particularly the case for business assets and family homes. This analysis further discusses the features and effects of inheritance tax regimes based on various criteria. These cover behavioural responses of individuals and different distributional effects of an inheritance tax. Furthermore, the amount of tax revenues varies considerably both between countries and over time. Although the actual revenues of inheritance taxation are quite low in the selected countries (ranging between 0.1% and 0.5% of GDP), some indicators point to higher revenue potentials in the future. Due to an increase in private wealth and its concentration over time, we can expect to observe an increase in inheritance tax revenues, even though countries allow a high tax-free allowance. An appropriate design of inheritance taxation could further help to foster economic growth and decelerate the increase in wealth inequality.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42787950","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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