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Substitution Between Private and Government Consumption in a Currency Area: The Case of the CFA Franc Zone 货币区私人消费与政府消费的替代:以非洲金融共同体法郎区为例
IF 0.7 Q4 ECONOMICS Pub Date : 2023-04-02 DOI: 10.1177/10911421231164521
M. Samba, Seabrook Arthur Mveng
The current study aims at investigating the relationship between private and government consumption within CFA franc zone. In fact, since the decade 2000, most of these countries have launched ambitious spending programs in order to become emergent in the 2035 horizon. For this aim, we applied the cointegration approach of Ogaki (1992) and Ogaki and Park (1997) using panel data and country level analyses for the period 1985–2019. Results from the two methodologies indicate that private consumption and public expenditure are better described as Edgeworth-Pareto substitutes. Conventionally, this means that an increase in government spending decreases the marginal utility of private consumption. Consequently, fiscal stimuli in CFA franc countries are harmful since they crowd out the private consumption. However, in case these countries have to face a fiscal consolidation, the substitutability pattern between private and public consumption is likely to moderate the contractionary impact of cuts in government consumption.
本研究旨在调查非洲金融共同体法郎区内私人和政府消费之间的关系。事实上,自2000年以来,这些国家中的大多数都启动了雄心勃勃的支出计划,以便在2035年崭露头角。为此,我们应用了Ogaki(1992)和Ogaki and Park(1997)的协整方法,使用了1985-2019年期间的面板数据和国家层面的分析。这两种方法的结果表明,私人消费和公共支出可以更好地描述为埃奇沃斯-帕累托替代品。按照惯例,这意味着政府支出的增加会降低私人消费的边际效用。因此,非洲金融共同体法郎国家的财政刺激是有害的,因为它们排挤了私人消费。然而,如果这些国家不得不面临财政整顿,私人和公共消费之间的可替代性模式可能会缓和政府消费削减的收缩影响。
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引用次数: 0
The Ends Against the Middle: The Case of Municipal Golf 反对中间的结局:以市政高尔夫为例
IF 0.7 Q4 ECONOMICS Pub Date : 2023-03-22 DOI: 10.1177/10911421231160375
Xiaoxiao Li, Wen Mao, Peter A. Zaleski, C. Kenny
The theory and empirical analysis of the public provision of private goods have primarily considered the provision of education and healthcare. In this paper, we extend the application of the theories presented in Epple and Romano (1996a, 1996b) to the provision of a more private good—a golf course. While there may be some public social benefits of recreation including golf, for the most part, golf is a private good. We analyze golf course ownership in Pennsylvania, a state with a diversity of municipalities. Our main findings support the ends-against-the-middle hypothesis in which municipalities with a majority of low-income voters and high-income voters are less likely to own a municipal golf course. Municipalities with a majority of middle-income voters are more likely to own a municipal golf course.
公共提供私人物品的理论和实证分析主要考虑了教育和医疗保健的提供。在本文中,我们将Epple和Romano(1996a,1996b)提出的理论应用于提供更私人的商品——高尔夫球场。虽然包括高尔夫在内的娱乐活动可能会带来一些公共社会效益,但在大多数情况下,高尔夫是一种私人物品。我们分析了宾夕法尼亚州的高尔夫球场所有权,该州拥有多种市政当局。我们的主要发现支持了反对中间假设的结论,即低收入选民和高收入选民占多数的市政当局不太可能拥有市政高尔夫球场。中等收入选民占多数的城市更有可能拥有市政高尔夫球场。
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引用次数: 0
Local Governments’ Adoption of Innovative Infrastructure Finance Tool: Evidence From Pennsylvania Municipalities 地方政府采用创新的基础设施融资工具:来自宾夕法尼亚州市政当局的证据
IF 0.7 Q4 ECONOMICS Pub Date : 2023-02-28 DOI: 10.1177/10911421231153787
Laiyang Ke, Shiqin Liu
State Infrastructure Banks (SIBs) are established to provide low-interest loans and credit enhancements to assist local governments in financing transportation projects. SIB loans, one of their core products, are low-cost and low-risk when compared to traditional capital finance tools. However, SIB loans are still rarely used by local communities. This study investigates the determinants of local government adoption of SIB loans among Pennsylvania municipalities from 2008 to 2015. Using limited dependent variable models, we discover that infrastructure demands, prior experiences, and neighboring adoptions are all positively associated with municipalities’ likelihood of applying for SIB loans as well as the intensity of loan usage, whereas fund balance reduces the probability of applying for SIB loans. We also find that as fund balance increases, the positive impact of infrastructure demands diminishes.
国家基础设施银行(SIBs)旨在提供低息贷款和信贷增强,以协助地方政府为交通项目融资。SIB贷款是其核心产品之一,与传统资本金融工具相比,成本低、风险低。然而,当地社区仍然很少使用SIB贷款。本研究调查了2008年至2015年宾夕法尼亚州各城市地方政府采用SIB贷款的决定因素。使用有限因变量模型,我们发现基础设施需求、先前经验和邻近地区的采用都与市政当局申请系统重要性银行贷款的可能性以及贷款使用强度呈正相关,而资金余额降低了申请系统重要性银行贷款的概率。我们还发现,随着资金余额的增加,基础设施需求的积极影响会减弱。
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引用次数: 0
Do Subnational Fiscal Rules Reduce Public Investment? The Case of Fiscal Responsibility Laws in India 地方财政规则会减少公共投资吗?印度财政责任法案例
IF 0.7 Q4 ECONOMICS Pub Date : 2023-02-28 DOI: 10.1177/10911421231158199
Rahul Pathak
This article examines whether the adoption of deficit targets by subnational governments in India influenced the composition of public spending. Using dynamic panel estimations, this study finds that the adoption of fiscal responsibility laws (FRLs) by Indian states is correlated with improvements in their budget balances, but the same period also witnessed significant cuts in development spending. Furthermore, the states have reduced their capital expenditure and social sector spending after adopting FRLs, while the increases in tax and nontax revenues are insignificant. The subnational governments in developing countries that are adopting numerical deficit and debt targets should explore mechanisms to minimize the distortionary impacts of fiscal targets on the composition of subnational spending since reduced expenditure on development and capital projects may be counterproductive for fiscal sustainability in the long run as these expenditures tend to have significant positive externalities.
本文考察了印度地方政府采用赤字目标是否影响了公共支出的构成。利用动态面板估计,本研究发现,印度各州通过财政责任法与预算平衡的改善有关,但同期发展支出也大幅削减。此外,各州在采用FRL后减少了资本支出和社会部门支出,而税收和非税收入的增长微不足道。采用数字赤字和债务目标的发展中国家的国家以下各级政府应探索各种机制,尽量减少财政目标对国家以下各级支出构成的扭曲影响,因为从长远来看,减少发展和资本项目支出可能会对财政可持续性产生反作用,因为这些支出往往显著的正外部性。
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引用次数: 0
The Impact of Coal Activity on Local Revenues for Elementary and Secondary Education in Appalachia 煤炭活动对阿巴拉契亚地区中小学教育收入的影响
IF 0.7 Q4 ECONOMICS Pub Date : 2023-01-24 DOI: 10.1177/10911421221149998
Jilleah G. Welch, Matthew N. Murray
Coal mining has a deep history in the Appalachian region, where some local economies have heavily relied on coal production. While coal employment in the region has generally been in a long-term decline, there is variation across counties, with coal employment still representing a large share of total employment for some counties. This paper explores how coal activity—measured by coal employment, coal employment as a share of total employment, coal production, and the number of coal mines—impacts locally provided funding for K-12 education. Using county-level data that spans from 1995 to 2016, results indicate that increases in coal activity have a positive and significant impact on local revenues per student though effects are modest. The findings are robust across different specifications. The implication is that declines in coal activity can hamper school funding, in turn affecting adequate investments in education that are essential for economic development.
煤矿开采在阿巴拉契亚地区有着悠久的历史,当地的一些经济严重依赖煤炭生产。虽然该地区的煤炭就业总体上处于长期下降状态,但各县之间存在差异,一些县的煤炭就业仍占总就业的很大一部分。本文探讨了煤炭活动(通过煤炭就业、煤炭就业占总就业的比例、煤炭产量和煤矿数量来衡量)如何影响当地为K-12教育提供的资金。使用1995年至2016年的县级数据,结果表明,煤炭活动的增加对每个学生的地方收入产生了积极而显著的影响,尽管影响不大。这些发现在不同的规范中都是可靠的。这意味着,煤炭活动的减少可能会阻碍学校的资金,进而影响对经济发展至关重要的教育的充分投资。
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引用次数: 1
Public Pension Reform and Credit Quality of State Governments 公共养老金改革与国家政府信贷质量
IF 0.7 Q4 ECONOMICS Pub Date : 2023-01-09 DOI: 10.1177/10911421221143569
T. Hoang
The growth of unfunded pension liabilities has raised concern over states’ fiscal sustainability and threatens their ability to access the capital market. Over the past decade, many states have implemented different types of pension reforms to reduce pension costs, improve funding levels, and mitigate the risks of default on unfunded pension obligations. However, have these reforms enabled states to enhance their credit quality? This study uses state-level data from 2004 to 2018 to examine the relationship between state pension reforms and assigned credit ratings and outlooks. The findings show that the impact of pension reforms on a state's credit quality is tangible and differs by reform type and the government's financial capacity and debt level.
无资金准备的养老金负债的增长引发了人们对各州财政可持续性的担忧,并威胁到它们进入资本市场的能力。在过去十年中,许多州实施了不同类型的养老金改革,以降低养老金成本,提高资金水平,并减轻无资金准备养老金义务的违约风险。然而,这些改革是否使各州提高了信贷质量?本研究使用2004年至2018年的州级数据来研究州养老金改革与分配的信用评级和前景之间的关系。研究结果表明,养老金改革对国家信用质量的影响是有形的,且因改革类型、政府财政能力和债务水平的不同而不同。
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引用次数: 0
If You Give Bureaucrats an Inch, Will They Take a Yard? Lessons from Threshold Regulatory Reform in Italy 如果你给官僚一英寸,他们会拿走一码吗?意大利门槛监管改革的经验教训
IF 0.7 Q4 ECONOMICS Pub Date : 2022-12-12 DOI: 10.1177/10911421221138438
Massimo Finocchiaro Castro, C. Guccio, Domenica Romeo
The role of discretion in public procurement has been the subject of wide debate in regulation literature and practice. Greater discretion potentially may allow for greater efficiency in procurement. However, when social capital and institutional quality are low, more discretion can easily open the door to bribery and corruption. In this paper, adopting a semiparametric approach and using a large dataset of public works managed by Italian municipalities, we empirically assess the effects of a reform in the regulation of public works in Italy, approved in 2011, that has increased the discretion of bureaucrats in the choice of the firms. The results provide evidence that the reform has exerted a positive, although mild, effect on the performance of public works execution. However, the positive role of the reform is more relevant in those areas where the effect of public service norms and prosocial behaviors are higher.
自由裁量权在公共采购中的作用一直是监管文献和实践中广泛争论的主题。更大的自由裁量权可能会提高采购效率。然而,当社会资本和制度质量较低时,更多的自由裁量权很容易为贿赂和腐败打开大门。在本文中,我们采用半参数方法并使用意大利市政当局管理的大型公共工程数据集,实证评估了2011年批准的意大利公共工程监管改革的影响,该改革增加了官僚在选择公司时的自由裁量权。结果证明,改革对公共工程执行绩效产生了积极的影响,尽管影响不大。然而,在公共服务规范和亲社会行为效果较高的地区,改革的积极作用更为显著。
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引用次数: 0
Effect of International Commodity Price Shocks on Public Finances in Africa 国际商品价格冲击对非洲公共财政的影响
IF 0.7 Q4 ECONOMICS Pub Date : 2022-11-14 DOI: 10.1177/10911421221137426
Dakpoulé Da, M. Diarra
This paper empirically investigates the macroeconomic responses to commodity price shocks with a focus on fiscal variables in a sample of thirty-three African commodity-dependent countries. Using the heterogeneous panel structural vector autoregressive (SVAR) approach developed by Pedroni, we find that government revenues as well as government expenditures react to commodity export prices shock. However, there is a large degree of heterogeneity across countries. Following country characteristics, we find that the response of fiscal variables is higher for countries dependent on extractive commodities than those dependent on agricultural ones. We also highlight the benefits of flexible exchange rate regimes for accommodating external shocks and ensuring macroeconomic stability, which in turn is beneficial to government revenue mobilization. Our results suggest that the African government should seize commodities as an opportunity and increase their efforts in revenue mobilization during price booms and make a productive investment to isolate their finances from commodity price collapses.
本文以33个依赖大宗商品的非洲国家为样本,以财政变量为重点,实证研究了大宗商品价格冲击下的宏观经济反应。利用Pedroni提出的异质面板结构向量自回归(SVAR)方法,我们发现政府收入和政府支出对商品出口价格冲击有反应。然而,各国之间存在很大程度的异质性。根据国家特征,我们发现依赖于采掘商品的国家对财政变量的反应高于依赖于农业商品的国家。我们还强调灵活的汇率制度在适应外部冲击和确保宏观经济稳定方面的好处,这反过来又有利于政府收入的调动。我们的研究结果表明,非洲政府应该抓住大宗商品作为一个机会,在价格上涨期间加大收入动员的力度,并进行生产性投资,使其财政不受大宗商品价格暴跌的影响。
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引用次数: 1
Do Countries Really Deviate from the Optimal Tax System? 国家真的偏离了最优税收制度吗?
IF 0.7 Q4 ECONOMICS Pub Date : 2022-11-14 DOI: 10.1177/10911421221132670
Cristian F. Sepulveda
One of the main goals of the literature on optimal tax systems is to reduce the gap between the highly stylized theory of optimal taxation and the practice of fiscal policy reform. Unfortunately, however, we know little about the extent to which the international experience follows the policy prescriptions derived from economic theory, or how those policy prescriptions would change with economic development. Based on the standard theory of optimal tax systems, this paper predicts the possible effects of economic development on the optimal level and composition of tax revenue and empirically tests these predictions with yearly data on three tax instruments from countries at different stages of development. In average, as countries develop, they are shown to collect more tax revenue and switch from regressive tax instruments like the value added tax, to more progressive taxes that become more productive with development, like the personal and corporate income taxes.
关于最优税收制度的文献的主要目标之一是缩小高度程式化的最优税收理论与财政政策改革实践之间的差距。然而,不幸的是,我们对国际经验在多大程度上遵循经济理论得出的政策处方知之甚少,也不知道这些政策处方将如何随着经济发展而变化。基于最优税收制度的标准理论,本文预测了经济发展对税收收入最优水平和构成的可能影响,并用不同发展阶段国家三种税收工具的年度数据对这些预测进行了实证检验。平均而言,随着国家的发展,它们会收取更多的税收,并从增值税等累退税收工具转向个人和企业所得税等随着发展而更具生产力的累进税。
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引用次数: 1
Corporate Effective Tax Rates for Research and Policy 用于研究和政策的企业有效税率
IF 0.7 Q4 ECONOMICS Pub Date : 2022-11-07 DOI: 10.1177/10911421221137203
P. Janský
How much companies pay in corporate income taxes is often better captured by effective tax rates (ETRs) rather than by statutory ones. Economists further distinguish between those modeled using the law—forward-looking ETRs—and those estimated from actual data on companies’ profits and taxes—backward-looking ETRs. In this article, I move beyond this distinction, and I break down backward-looking ETRs according to the type of data used to estimate them. I focus on backward-looking ETRs that are estimated using companies’ balance sheet databases. Based on my review of recent findings, I argue that backward-looking ETRs—of multinational corporations in particular—have become more frequently estimated thanks to advances in data availability while also becoming more relevant as a result of ongoing global corporate tax reform debates.
公司缴纳的企业所得税通常通过有效税率(ETR)而不是法定税率来更好地反映。经济学家进一步区分了那些使用法律建模的——前瞻性ETR——和那些根据公司利润和税收的实际数据估计的——向后看的ETR。在本文中,我超越了这一区别,并根据用于估计ETR的数据类型对其进行了分解。我关注的是使用公司资产负债表数据库估算的后向ETR。根据我对最近研究结果的回顾,我认为,由于数据可用性的进步,向后看的ETR——尤其是跨国公司——变得更频繁地被估计,同时也由于正在进行的全球公司税改革辩论而变得更具相关性。
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引用次数: 7
期刊
PUBLIC FINANCE REVIEW
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