Generalizing the tax reform approach of Laroque (2005), Kaplow (2006) and Hellwig (2009), we show that for any arbitrary income tax system differential commodity taxation can be Pareto-dominated by a uniform rate with a suitably reformed income tax. Under particular preference specifications, we derive the explicit income tax reforms required in an representative-agent economy and when there is linear progressive, piecewise linear and nonlinear income taxation. Optimal uniform commodity results of Sandmo (1974), Atkinson and Stiglitz (1976) and Deaton (1979) apply with involuntary unemployment and when individuals differ in preferences for leisure and make extensive labour supply decisions.
{"title":"The Case for Uniform Commodity Taxation: A Tax Reform Approach","authors":"Robin Boadway, Katherine Cuff","doi":"10.7866/hpe-rpe.23.1.4","DOIUrl":"https://doi.org/10.7866/hpe-rpe.23.1.4","url":null,"abstract":"Generalizing the tax reform approach of Laroque (2005), Kaplow (2006) and Hellwig (2009), we show that for any arbitrary income tax system differential commodity taxation can be Pareto-dominated by a uniform rate with a suitably reformed income tax. Under particular preference specifications, we derive the explicit income tax reforms required in an representative-agent economy and when there is linear progressive, piecewise linear and nonlinear income taxation. Optimal uniform commodity results of Sandmo (1974), Atkinson and Stiglitz (1976) and Deaton (1979) apply with involuntary unemployment and when individuals differ in preferences for leisure and make extensive labour supply decisions.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135533602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The real estate sector, including the residential and commercial market segments, is a heavy consumer of energy and, as a result, a sizeable source of emissions of greenhouse gases. This is primarily on account of the consumption of energy in heating and cooling systems, as well as in the use of domestic appliances. The construction, maintenance and thermal characteristics of buildings add to the sector’s energy consumption. Based on a review of scholarly and policy-focused work, this paper argues that decarbonisation strategies to meet agreed climate change targets will need to incorporate policies targeted to the specificities of the real estate sector. They include addressing split incentives among owner-occupiers, landlords and renters (in the private and social housing markets) for investment in home improvements and energy retrofitting; raising the standards of energy performance for new and existing properties through labelling/certification and other means; and reducing the cost of finance for needed investments while broadening access to the underserved population.
{"title":"Real Estate in a Post-Pandemic World: How Can Policies Make Housing More Enviromentally Sustainable and Affordable?","authors":"Luiz de Melo","doi":"10.7866/hpe-rpe.23.1.5","DOIUrl":"https://doi.org/10.7866/hpe-rpe.23.1.5","url":null,"abstract":"The real estate sector, including the residential and commercial market segments, is a heavy consumer of energy and, as a result, a sizeable source of emissions of greenhouse gases. This is primarily on account of the consumption of energy in heating and cooling systems, as well as in the use of domestic appliances. The construction, maintenance and thermal characteristics of buildings add to the sector’s energy consumption. Based on a review of scholarly and policy-focused work, this paper argues that decarbonisation strategies to meet agreed climate change targets will need to incorporate policies targeted to the specificities of the real estate sector. They include addressing split incentives among owner-occupiers, landlords and renters (in the private and social housing markets) for investment in home improvements and energy retrofitting; raising the standards of energy performance for new and existing properties through labelling/certification and other means; and reducing the cost of finance for needed investments while broadening access to the underserved population.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135533603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
For decades the discussion on the local public services in urban areas pivoted on the advantages and disadvantages of central cities. Their effects are difficult to measure and mitigate, the benefits are debatable although the literature proposes a set of answers. Some of these options have been adopted in practice through different economic policy measures that spark a debate. This paper is the first to collect a survey with the different positions regarding the costs and benefits of centrality and it also provides a policy watch of economic policy measures that have been put into practice in Spain.
{"title":"Centrality and Capital Costs in Urban Areas: Policy Watch for Spain","authors":"María Cadaval, Alberto Vaquero","doi":"10.7866/hpe-rpe.23.1.3","DOIUrl":"https://doi.org/10.7866/hpe-rpe.23.1.3","url":null,"abstract":"For decades the discussion on the local public services in urban areas pivoted on the advantages and disadvantages of central cities. Their effects are difficult to measure and mitigate, the benefits are debatable although the literature proposes a set of answers. Some of these options have been adopted in practice through different economic policy measures that spark a debate. This paper is the first to collect a survey with the different positions regarding the costs and benefits of centrality and it also provides a policy watch of economic policy measures that have been put into practice in Spain.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135533604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Arielle Beyaert, Laura López-Gómez, Jose García-Solanes
In this paper we apply the Synthetic Control Method developed by Abadie, Diamond and Hainmüeller (2010) to assess the extent to which the adoption of the euro has affected corruption in three groups of Eurozone countries: the core, southern and eastern countries. To do so, we construct counterfactuals for each group and for individual countries and compare them with the actual evolution of the corruption-control indicator. Except in the case of the Netherlands, where significant negative effects are detected, we find evidence that the adoption of the euro has either contributed to reducing corruption or has not affected it significantly.
{"title":"Did the Euro Really Increase Corruption in the Eurozone? A Counterfactual Analysis","authors":"Arielle Beyaert, Laura López-Gómez, Jose García-Solanes","doi":"10.7866/hpe-rpe.23.1.1","DOIUrl":"https://doi.org/10.7866/hpe-rpe.23.1.1","url":null,"abstract":"In this paper we apply the Synthetic Control Method developed by Abadie, Diamond and Hainmüeller (2010) to assess the extent to which the adoption of the euro has affected corruption in three groups of Eurozone countries: the core, southern and eastern countries. To do so, we construct counterfactuals for each group and for individual countries and compare them with the actual evolution of the corruption-control indicator. Except in the case of the Netherlands, where significant negative effects are detected, we find evidence that the adoption of the euro has either contributed to reducing corruption or has not affected it significantly.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135533605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ublic spending is one effective instrument of fiscal policy in both developed and developing countries. Governments use it to overcome the cyclicality of the economy and to run the economy. However, it can crowd in or crowd out private investment. Is there a difference in the public expenditure – private investment relationship between developed and developing countries? This study looks for an answer by empirically investigating the effect of public expenditure on private investment for a group of 36 developed countries and a group of 98 developing countries from 2002 to 2019. The results by the two-step difference GMM Arellano-Bond estimator seem to be counter-intuitive. Public expenditure crowds out private investment in developed countries but crowds in it in developing countries. The study uses the FE-IV estimator and the PGM estimator to check the robustness of these estimates. The study suggests some arguments to explain the validity of the counter-intuitive results and policy implications for governments in both developed and developing countries.
{"title":"The Relationship between Public Expenditure and Private Investment in Developed and Developing Economies: Policy Implications Based on the Difference","authors":"Van Bon Nguyen","doi":"10.7866/hpe-rpe.23.1.2","DOIUrl":"https://doi.org/10.7866/hpe-rpe.23.1.2","url":null,"abstract":"ublic spending is one effective instrument of fiscal policy in both developed and developing countries. Governments use it to overcome the cyclicality of the economy and to run the economy. However, it can crowd in or crowd out private investment. Is there a difference in the public expenditure – private investment relationship between developed and developing countries? This study looks for an answer by empirically investigating the effect of public expenditure on private investment for a group of 36 developed countries and a group of 98 developing countries from 2002 to 2019. The results by the two-step difference GMM Arellano-Bond estimator seem to be counter-intuitive. Public expenditure crowds out private investment in developed countries but crowds in it in developing countries. The study uses the FE-IV estimator and the PGM estimator to check the robustness of these estimates. The study suggests some arguments to explain the validity of the counter-intuitive results and policy implications for governments in both developed and developing countries.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135533601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
J. M. Cordero, Carlos Díaz, Francisco Pedraja, C. Polo
Este trabajo estima la evolucion de la eficiencia en la gestion de los principales tributos tradicionales cedidos a las Comunidades Autonomas durante el periodo 2005-2014. En el analisis empirico las medidas de efi¬ciencia se obtienen mediante la aplicacion de un modelo condicional robusto, con el que resulta posible incluir en la estimacion la influencia de variables representativas del contexto socio-economico en el que operan las oficinas tributarias. Ademas, esta metodologia se ha adaptado a un contexto dinamico en el que pueda analizarse la evolucion experimentada por el comportamiento de estas unidades a lo largo de un pe¬riodo que incluye la ultima crisis economica. El principal resultado es que, una vez que ajustamos los indices de eficiencia por las variables de contexto, las diferencias entre las unidades evaluadas son muy reducidas.
{"title":"Tributos cedidos y eficiencia en la gestión tributaria de las Comunidades Autónomas","authors":"J. M. Cordero, Carlos Díaz, Francisco Pedraja, C. Polo","doi":"10.7866/HPE-RPE.20.1.4","DOIUrl":"https://doi.org/10.7866/HPE-RPE.20.1.4","url":null,"abstract":"Este trabajo estima la evolucion de la eficiencia en la gestion de los principales tributos tradicionales cedidos a las Comunidades Autonomas durante el periodo 2005-2014. En el analisis empirico las medidas de efi¬ciencia se obtienen mediante la aplicacion de un modelo condicional robusto, con el que resulta posible incluir en la estimacion la influencia de variables representativas del contexto socio-economico en el que operan las oficinas tributarias. Ademas, esta metodologia se ha adaptado a un contexto dinamico en el que pueda analizarse la evolucion experimentada por el comportamiento de estas unidades a lo largo de un pe¬riodo que incluye la ultima crisis economica. El principal resultado es que, una vez que ajustamos los indices de eficiencia por las variables de contexto, las diferencias entre las unidades evaluadas son muy reducidas.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"232 1","pages":"75-112"},"PeriodicalIF":0.7,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44641097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper seeks to contribute to the empirical evidence on existing estimations of the factors partici¬pating in shadow economy. The estimations correspond to the period 1999-2015, with a sample of 82 countries. The paper examines the effect of the Hofstede cultural variables, along with other socioeconomic fac¬tors on the shadow economy, and incorporates the spatial variable as an additional explanatory variable. The estimation carried out as a novelty uses a panel model that incorporates the spatial filter technique. Our study confirms that national culture and how developed a country is are significant factors in ex¬plaining the different levels of shadow economies.
{"title":"Shadow economy and national culture: A spatial approach","authors":"G. Alarcón, John Buendia, M. Sanchez","doi":"10.7866/hpe-rpe.20.1.3","DOIUrl":"https://doi.org/10.7866/hpe-rpe.20.1.3","url":null,"abstract":"This paper seeks to contribute to the empirical evidence on existing estimations of the factors partici¬pating in shadow economy. The estimations correspond to the period 1999-2015, with a sample of 82 countries. The paper examines the effect of the Hofstede cultural variables, along with other socioeconomic fac¬tors on the shadow economy, and incorporates the spatial variable as an additional explanatory variable. The estimation carried out as a novelty uses a panel model that incorporates the spatial filter technique. Our study confirms that national culture and how developed a country is are significant factors in ex¬plaining the different levels of shadow economies.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"232 1","pages":"53-74"},"PeriodicalIF":0.7,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45201906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents two arguments in favor of the sole use of an income tax for redistribution purposes. The first is that most findings on nonlinear commodity taxation such as Mirrlees’s formulae for Pareto efficiency, Seade’s results on zero tax rates at the endpoints of the scale, and the Corlett-Hague tax rule only become valid under the second-order approach for the unrealistic class of utility functions that are affine with respect to ability. The second is that, for the Atkinson and Stiglitz theorem to hold, it suffices with assuming that preferences must be weakly separable in consumption and ability, a result that also remains valid with linear commodity taxation. All this relegates the use of nonlinear commodity taxes to the unlikely scenario in which, apart from non-weakly separable preferences between consumption and ability, there is a solution to the first-order approach problem.
{"title":"Two Reasons for not using Commodity Taxation in the Presence of an Optimal Income Tax","authors":"X. Ruiz del Portal","doi":"10.7866/HPE-RPE.20.1.1","DOIUrl":"https://doi.org/10.7866/HPE-RPE.20.1.1","url":null,"abstract":"This paper presents two arguments in favor of the sole use of an income tax for redistribution purposes. The first is that most findings on nonlinear commodity taxation such as Mirrlees’s formulae for Pareto efficiency, Seade’s results on zero tax rates at the endpoints of the scale, and the Corlett-Hague tax rule only become valid under the second-order approach for the unrealistic class of utility functions that are affine with respect to ability. The second is that, for the Atkinson and Stiglitz theorem to hold, it suffices with assuming that preferences must be weakly separable in consumption and ability, a result that also remains valid with linear commodity taxation. All this relegates the use of nonlinear commodity taxes to the unlikely scenario in which, apart from non-weakly separable preferences between consumption and ability, there is a solution to the first-order approach problem.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71306990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this paper is to assess horizontal inequity (HI) caused by the introduction of a (semi-) dual structure for the Spanish personal income tax (PIT), adopting a copula function-based measurement framework. Following Bo et al. (2012), we estimate the Clayton, Frank and Gumbel copulas, belonging to the Archimedean class, to quantify the impact of the 2007 Spanish PIT reform on HI, comparing it with the previous tax design applied in 2006. In order to identify possible anticipation and adaptation effects, the analysis covers the 2004-2010 period. This research employs microdata from the Spanish PIT Return Panel. Results reveal two effects of the reform on the HI working in opposite directions: while the partition of the taxable income into two bases (one is taxed at ˜at rate) increases the HI, the transformation of personal and family allowances into tax credits reduces it. The predominance of one effect over the other depends on the equivalence scale applied.
{"title":"How Did the ‘Dualization’ of the Spanish Income Tax Affect Horizontal Equity? Assessing its Impact Using Copula Functions","authors":"C. Díaz‐Caro, Jorge Onrubia","doi":"10.7866/hpe-rpe.19.4.3","DOIUrl":"https://doi.org/10.7866/hpe-rpe.19.4.3","url":null,"abstract":"The aim of this paper is to assess horizontal inequity (HI) caused by the introduction of a (semi-) dual structure for the Spanish personal income tax (PIT), adopting a copula function-based measurement framework. Following Bo et al. (2012), we estimate the Clayton, Frank and Gumbel copulas, belonging to the Archimedean class, to quantify the impact of the 2007 Spanish PIT reform on HI, comparing it with the previous tax design applied in 2006. In order to identify possible anticipation and adaptation effects, the analysis covers the 2004-2010 period. This research employs microdata from the Spanish PIT Return Panel. Results reveal two effects of the reform on the HI working in opposite directions: while the partition of the taxable income into two bases (one is taxed at ˜at rate) increases the HI, the transformation of personal and family allowances into tax credits reduces it. The predominance of one effect over the other depends on the equivalence scale applied.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"231 1","pages":"81-124"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41447259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Questions remain whether the government is aware of difyculties of incentive schemes, its effectiveness, implications and conditions that are required so policy instrument can be put to the best use. Using a corporate tax dataset for MSMEs (micro yrms) and SMEs in 2008, we use OLS to study the relationship between employment and environmental investment tax credit (EI) and technological innovation tax credit (R&D&I). Our results show a positive impact of EI and R&D&I tax credit on employment for MSMEs and SMEs. The impact is stronger for R&D&I tax credit than for EI tax credit and stronger for MSMEs than for SMEs. Also, the impacts of both tax credits are independent of each other. We help to provide insights into the impacts of two types of tax credits on employment level for micro and SMEs that are the backbone of an economy. The important thing is the government must remain engaged in both green and technology policies to ensure policy intervention schemes are powerful and effective.
{"title":"The Impact of Innovation and Green Fiscal Incentives on Employment in Spain","authors":"E. Martínez‐Ros, Rasi Kunapatarawong","doi":"10.7866/hpe-rpe.19.4.4","DOIUrl":"https://doi.org/10.7866/hpe-rpe.19.4.4","url":null,"abstract":"Questions remain whether the government is aware of difyculties of incentive schemes, its effectiveness, implications and conditions that are required so policy instrument can be put to the best use. Using a corporate tax dataset for MSMEs (micro yrms) and SMEs in 2008, we use OLS to study the relationship between employment and environmental investment tax credit (EI) and technological innovation tax credit (R&D&I). Our results show a positive impact of EI and R&D&I tax credit on employment for MSMEs and SMEs. The impact is stronger for R&D&I tax credit than for EI tax credit and stronger for MSMEs than for SMEs. Also, the impacts of both tax credits are independent of each other. We help to provide insights into the impacts of two types of tax credits on employment level for micro and SMEs that are the backbone of an economy. The important thing is the government must remain engaged in both green and technology policies to ensure policy intervention schemes are powerful and effective.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"231 1","pages":"125-154"},"PeriodicalIF":0.7,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71306981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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