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International Monetary Fund
This paper provides an assessment of Greece’s competitiveness, export performance, and national saving and investment. It examines the Greek tax ratio and structure, and places them in the EU context. It also reviews the design of the various tax categories, and identifies the scope for further simplifying the tax system and broadening the tax base. The paper discusses that it would be desirable to raise the tax ratio through expanding the tax base before considering raising tax rates.
International Monetary Fund
For more than a decade, growth in Germany has been subdued and uneven. This paper introduces the stylized facts pertaining to the strength in exports, the weakness in domestic demand, and the surge in the current account. It discusses the adjustment undertaken in the private sector and its impact on exports and domestic demand, followed by fiscal and monetary policies and their macroeconomic impact. Finally, structural impediments accelerating capital exports and the rising current account surplus are outlined.
Mr. S. Nuri Erbas and Mr. Alan A. Tait
Excess wages tax (EWT) is a tax-based incomes policy instrument introduced in many centrally-planned economies and still used in some FSU and Eastern European countries in transition. The main macroeconomic goal of EWT is to curb inflationary pressures by penalizing through taxation the “excessive” wage awards granted by enterprises in the course of wage and price liberalization. In this paper, effects of EWT on the behavior of a profit-maximizing enterprise under monopsony, its incidence on wages and profits, and its impact on inflation are analyzed. The effect of EWT on an enterprise that maximizes workers’ income is also examined with some observations on EWT’s impact on managerial behavior. Finally, recent experience with EWT is assessed and compared to that suggested by the model.