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Taxation And Endogenous Growth In Open Economies
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Book Synopsis Taxation and Endogenous Growth in Open Economies by : Mr.Gian Milesi-Ferretti
Download or read book Taxation and Endogenous Growth in Open Economies written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 1994-07-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Book Synopsis Tax Policy Implications in Endogenous Growth Models by : Bin Xu
Download or read book Tax Policy Implications in Endogenous Growth Models written by Bin Xu and published by International Monetary Fund. This book was released on 1994-03-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys the tax policy implications in various endogenous growth models. The focus is on the long-run growth effects of income, consumption, and investment taxation in models whose engine of growth is the accumulation of human capital, technological innovation, and/or public infrastructure. The results depend on model specifications. This paper also reviews quantitative results from cross-country regressions and simulations, and indicates some statistical and methodological problems to which they are subject. Tax policy implications in endogenous growth models both with tax policy endogenously determined by a political process and with international capital mobility are also discussed.
Book Synopsis Taxation and Endogenous Growth in Open Economies by : Nouriel Roubini
Download or read book Taxation and Endogenous Growth in Open Economies written by Nouriel Roubini and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of taxation of human capital, physical capital and foreign assets in a multi-sector model of endogenous growth. It is shown that in general the growth rate is reduced by taxes on capital and labor (human capital) income. When the government faces no borrowing constraints and is able to commit to a given set of present and future taxes, it is shown that the optimal tax plan involves high taxation of both capital and labor in the short run. This allows the government to accumulate sufficient assets to finance spending without any recourse to distortionary taxation in the long run. When restrictions to government borrowing and lending are imposed, the model implies that human and physical capital should be taxed similarly.
Book Synopsis Growth in Open Economies by : Sergio Rebelo
Download or read book Growth in Open Economies written by Sergio Rebelo and published by World Bank Publications. This book was released on with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Growth and Environmental Policy by : Frank Hettich
Download or read book Economic Growth and Environmental Policy written by Frank Hettich and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book should interest all students and scholars of environmental economics and particularly those interested in the relationship between economic growth and environmental quality.
Book Synopsis Capital Income Taxation and Economic Growth in Open Economies by : Mr.Geremia Palomba
Download or read book Capital Income Taxation and Economic Growth in Open Economies written by Mr.Geremia Palomba and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-05-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do reductions in capital income taxes attract foreign capital and, at the same time, foster economic growth? This paper examines the effect of capital income taxation on the international allocation of capital and on economic growth in a two-country overlapping generations model with endogenous growth and internationally mobile capital. It shows that domestic capital taxes affect both the international allocation of capital and the rate of economic growth and that these two effects are not necessarily the same. A country can increase its share of the existing world capital by changing its taxes but, depending on the elasticity of saving to after-tax returns, this may reduce the rate of capital accumulation and economic growth.
Book Synopsis Endogenous Growth in Open Economies by : Alberto Franco Pozzolo
Download or read book Endogenous Growth in Open Economies written by Alberto Franco Pozzolo and published by . This book was released on 2004 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Growth in Open Economies by : Alberto F. Pozzolo
Download or read book Endogenous Growth in Open Economies written by Alberto F. Pozzolo and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Endogenous growth has set a new paradigm for macroeconomic analysis. This paper overviews the most relevant theoretical contributions of this literature for the analysis of open economies, highlighting their implications both for the effects of cross-country integration on output convergence and for the overall growth performance of the integrated economy, as compared to that of an identical group of autarchic countries. The literature is divided into three major classes, studying, respectively, the effects of factor mobility, the role of international trade, and the consequences of technology diffusion.The main conclusion is that interactions with other countries play a key role in determining a nation's long-run rate of growth. From a theoretical viewpoint, some of the results of closed economy models of growth are in fact overturned by assuming that capital is mobile across borders, that countries can trade with each other, or that technologies diffuse internationally. However, the models presented in this survey often move the problem of explaining the differences in countries' growth performances one step backwards. Differences in structural parameters (such as those describing preferences and technologies), disparities in policy variables (such as the rate of taxation), asymmetries in the degree of international mobility of factors of production, dissimilarities in the patterns of technology diffusion, all these should be explained by a theory of growth in open economies, not simply assumed. Some contributions in this direction have already come, but much more need to be done. Indeed, the only way of explaining differences in output per capita between integrated countries is assuming that at least one factor is immobile between physical capital, human capital, or technology. Moreover, convergence dynamics can only be achieved by assuming some degree of stickiness in factor accumulation or transferability. Once it is recognized that these characteristics are necessary for an endogenous growth model to be able to explain differences in the countries' growth performances, the key point is to choose which factor is the most likely to be immobile. Apparently, the theoretical literature produced so far has reached a broad consensus that the most promising channels in order to explain the differences in growth performances across countries is knowledge diffusion, both in human capital accumulation and in research. The way in which the spillovers are modelled, however, still lacks the necessary microfoundations: the conclusions reached so far are often based on weaker bases than one would like to have. More careful analyses of the factors determining the shape and the patterns of international spillovers, capable of matching the findings of the growing empirical research, and of giving a guide to future applied analyses, are still required.
Book Synopsis Trade Liberalization and Endogenous Growth in a Small Open Economy by : Thomas Fox Rutherford
Download or read book Trade Liberalization and Endogenous Growth in a Small Open Economy written by Thomas Fox Rutherford and published by World Bank Publications. This book was released on 1998 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1998 Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40). David Tarr may be contacted at [email protected].
Book Synopsis Capital Income Taxation and Long Run Growth by : Assaf Razin
Download or read book Capital Income Taxation and Long Run Growth written by Assaf Razin and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of capital income taxation on long run growth in an endogenous growth framework with two distinguishing features: endogenous population and international capital mobility. Endogenizing population growth introduces a new channel for taxes to affect economic growth and enables us to discriminate the effects of taxes on total versus per capita income growth. Allowing for capital mobility in the open economy, we show how the effects of taxes on population growth and income growth across countries will vary in specific ways, depending on the international income tax regimes and the relative preference bias of people towards the 'quantity' and 'quality' of children. The numerical results based on our calibrated model for the G-7 also indicate that, although the effects of liberalizing capital flows on long run growth may not be very sizable, the growth effects of changes in capital income tax rates can be tremendously magnified by cross-border capital flows and cross-border spillovers of policy effects.
Book Synopsis The Forces of Economic Growth by : Alfred Greiner
Download or read book The Forces of Economic Growth written by Alfred Greiner and published by Princeton University Press. This book was released on 2005 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Book Synopsis Capital Income Taxation and Long Run Growth Under Endogenous Population and Capital Mobility by : Assaf Razin
Download or read book Capital Income Taxation and Long Run Growth Under Endogenous Population and Capital Mobility written by Assaf Razin and published by . This book was released on 1994 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Policy and Economic Growth by : Robert Graham King
Download or read book Public Policy and Economic Growth written by Robert Graham King and published by . This book was released on 1990 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Growth Effects of Income and Consumption Taxes by : Mr.Gian Milesi-Ferretti
Download or read book Growth Effects of Income and Consumption Taxes written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 1995-07-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of human and physical capital. The different channels through which these taxes affect economic growth are discussed, and it is shown that in general the taxation of factor incomes (human and physical capital) is growth-reducing. The effects of consumption taxation on growth depend crucially on the elasticity of labor supply, and therefore on the specification of the leisure activity. The paper also derives some implications for the optimal intertemporal choice of tax instruments.
Book Synopsis Consumption taxation and endogenous growth in a model with new generations by : Alberto Petrucci
Download or read book Consumption taxation and endogenous growth in a model with new generations written by Alberto Petrucci and published by . This book was released on 2001 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Accumulation and Economic Growth in a Small Open Economy by : Stephen J. Turnovsky
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2009-08-20 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Book Synopsis Economic Growth, second edition by : Robert J. Barro
Download or read book Economic Growth, second edition written by Robert J. Barro and published by MIT Press. This book was released on 2003-10-10 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.
