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Author : Harry Huizinga
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4./5 ( download)
Download or read book Privatization, Public Investment, and Capital Income Taxation written by Harry Huizinga and published by World Bank Publications. This book was released on 1997 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry Huizinga
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book Privatization, Public Investment, and Capital Income Taxation written by Harry Huizinga and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: March 1997 An investigation of the optimal boundary between public and private production. Huizinga and Nielsen investigate the optimal boundary between the public and private production sectors. They use a model in which government and private production coexist - in which a range of production activities can be carried out by either the government or the private sector. In effect, the government determines which activities to maintain within the public sector and which to privatize. In choosing the sectoral boundary, the government trades off the relative inefficiency of marginal government production against the private investment distortion created by tax policy. In an open economy, the private investment decision is distorted by a source-based income tax. In a closed economy, the private investment decision is distorted by either a private investment tax or a savings tax. Either tax produces a wedge between the gross return on investment and the net-of-tax return received by savers. Because of this tax wedge, the private cost of capital exceeds the shadow cost of public capital. Optimally, the government sector is shown to be too large in the sense that the government carries out some activities in which it has an efficiency disadvantage and the private sector has an efficiency advantage. And it invests more in those activities than the private sector would. Generally the size of the government sector is related positively to the investment tax wedge. The level of investment taxes - and thus the size of the state production sector - may be affected by tax competition in the international economy. As international capital becomes more mobile, there seems to be more scope for international (investment) tax competition. As a result of tax competition, perhaps, corporate income tax rates have been on a downward trend in European countries. In Europe, the general lowering of corporate income tax rates has coincided with a trend toward privatizing government activities. Huizinga and Nielsen focus on the relationship between capital income taxes and the size of the government production sector. Analogously, one could consider the relationship between labor income taxes and the size of the state sector. In that instance, the model predicts that a formerly state-owned enterprise, after privatization, reduces its payroll. Privatization also seems to lead to reduced employment levels. These results hold in both open economy and closed economy versions of the model. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand private sector development.
Author : Harry Huizinga
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (129 download)
Download or read book Privatization, Public Investment, and Capital Income Taxation written by Harry Huizinga and published by . This book was released on 2016 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the o ...
Author :
Publisher : World Bank Publications
ISBN 13 : 6060530192
Total Pages : 44 pages
Book Rating : 4.0/5 (65 download)
Download or read book Taxing Issues with Privatization A Checklist written by and published by World Bank Publications. This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry HUIZINGA
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
Download or read book PTIVATIZATION, PUBLIC INVESTMENT, AND CAPITAL INCOME TAXATION written by Harry HUIZINGA and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pierre-Daniel G. Sarte
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Public Investment with and Without Government Commitment written by Pierre-Daniel G. Sarte and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the problem of optimal public investment when government purchases of productive capital assets are financed through income taxes. Virtually all previous work in this literature has prescribed a share of public investment in GDP that is both constant and time consistent. This paper shows that this straightforward prescription derives from specific assumptions relating to preferences and technology. In a more general framework, the optimal policy is neither constant nor time consistent. With full commitment, a policymaker will typically choose a tax rate, or alternatively a share of public investment, that increases over time. Interestingly, he does not exploit the first-period non-distortionary tax on capital but instead delays taxation in order to generate a "take-off" phase with higher consumption and higher private investment. We also show that the inability to commit to future policy generally implies, surprisingly, lower taxes and too little public investment in the long run. Finally, in contrast to previous work, the efficient share of public investment in GDP depends importantly on the intertemporal elasticity of substitution, capital depreciation rates, and the growth rates of productivity and population.
Author : Paul Douglas Mason
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (922 download)
Download or read book The Effect of Investment Income Taxes on Acquisitions written by Paul Douglas Mason and published by . This book was released on 2015 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two research papers examining the effects of investment income taxes on acquisition transactions and prices. I specifically examine the effect of such taxes on public to private transactions as well as the prices paid for target firms in cash-for-stock deals. In Chapter 2, I demonstrate that capital gains tax rates and dividend tax rates can have differing effects on acquisition premiums. Using the passage of the Taxpayer Relief Act of 1997 and the Jobs and Growth Reconciliation Relief Act of 2003, I empirically test the effect of capital gains taxes and dividend taxes on acquisition premiums. My results suggest acquirers tend to pay more for targets following a reduction in the capital gains tax rate in order to capitalize on higher after tax valuations of the target thus supporting the capitalization theory of taxation. However, targets are more likely to receive a lower acquisition premium from acquirers when the target was likely to payback shareholders in the future with dividends. My results also show that large dividend tax rate changes can offset the potential increase in acquisition premiums from a capital gains tax rate reduction. This paper makes an important contribution to the literature in documenting how and to what extent tax policy effects transaction prices. In Chapter 3, I provide the first empirical investigation of personal investment income tax effect on public firms' going private transactions. Using the Taxpayer Relief Act of 1997 and the Jobs and Growth Tax Relief Reconciliation Act of 2003, I find that personal investment income tax reduction increases the likelihood of public firms' going private. Cross-sectional analysis on acquirers with different tax sensitivity shows that the private equity (PE) participation increases the likelihood of public firms' going private more after tax cuts than without PE. I attribute this result to PE investors' increased incentive to capture the benefit of personal investment income tax reductions by taking public firms private. My findings demonstrate that personal investment income taxes and PE compensation structure in the form of carried interest have statistically and economically significant impact on public firms' going private transactions.
Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241823
Total Pages : 484 pages
Book Rating : 4.2/5 (262 download)
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Author :
Publisher :
ISBN 13 :
Total Pages : 300 pages
Book Rating : 4.:/5 (319 download)
Download or read book The World Bank Research Observer written by and published by . This book was released on 2003 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. van Hoorn
Publisher :
ISBN 13 : 9789076078045
Total Pages : pages
Book Rating : 4.0/5 (78 download)
Download or read book The Taxation of Private Investment Income written by J. van Hoorn and published by . This book was released on 1967 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John R. Nellis
Publisher : World Bank Publications
ISBN 13 : 9780821321812
Total Pages : 100 pages
Book Rating : 4.3/5 (218 download)
Download or read book Privatization written by John R. Nellis and published by World Bank Publications. This book was released on 1992-01-01 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.
Author : Ioannis Nicolaos Kessides
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.3/5 (555 download)
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344658
Total Pages : 257 pages
Book Rating : 4.4/5 (983 download)
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Author : James A. Mirrlees
Publisher : Oxford University Press
ISBN 13 : 0199553750
Total Pages : 1360 pages
Book Rating : 4.1/5 (995 download)
Download or read book Dimensions of Tax Design written by James A. Mirrlees and published by Oxford University Press. This book was released on 2010-04-29 with total page 1360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Review was chaired by Nobel Laureate Professor Sir James Mirrlees of the University of Cambridge and the Chinese University of Hong Kong. --
Author : Narayana R. Kocherlakota
Publisher : Princeton University Press
ISBN 13 : 1400835275
Total Pages : 230 pages
Book Rating : 4.4/5 (8 download)
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Author : Shi Li
Publisher : Cambridge University Press
ISBN 13 : 1107002915
Total Pages : 531 pages
Book Rating : 4.1/5 (7 download)
Download or read book Rising Inequality in China written by Shi Li and published by Cambridge University Press. This book was released on 2013-10-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the evolution of economic inequality in China from 2002 to 2007; a sequel to Inequality and Public Policy in China (2008).
Author : Manal Fouad
Publisher : International Monetary Fund
ISBN 13 : 1513576569
Total Pages : 61 pages
Book Rating : 4.5/5 (135 download)
Download or read book Mastering the Risky Business of Public-Private Partnerships in Infrastructure written by Manal Fouad and published by International Monetary Fund. This book was released on 2021-05-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
