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GEORGE E. LENT

The basic approaches to the taxation of corporate profits by developing countries are modeled on those of developed countries, and are subject to evaluation on similar grounds. As is true of industrial countries, the issues involved have never been satisfactorily resolved, and shifts continue to be made from one system to another. There is, therefore, an abundance of experience with different forms of corporation tax, even within particular countries, and a voluminous literature exists on the comparative merits and limitations of each.1 Differences in the economic environment and in the relationships between shareholders and corporations in different stages of economic development, however, call for a re-examination of the tax treatment of corporations that is most appropriate for developing countries.

International Monetary Fund

This Selected Issues paper assesses the economic recovery in Estonia that began in 1994 and accelerated in 1995, highlighting the extent to which the pattern of production has changed since the beginning of the transition in 1992, the factors that made the decline in output inevitable early on, and the sound policies that made an early recovery possible. The paper lists the policy requisites to maintain, and indeed strengthen, the growth momentum. The paper also analyzes Estonia’s experience with declining but persisting inflation since the introduction of the currency board in 1992.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes the link between Germany’s economic performance and institutions, taking a long-term perspective and focusing on the labor market. The thesis of the paper is that Germany’s institutional arrangements worked exceptionally well during the Wirtschaftswunder era of rapid catch-up growth, resulting in an economic performance that was envied by much of the world. The paper also examines fiscal consolidation and tax reform proposals, and describes the wage structure in Germany.

International Monetary Fund

This paper reviews trends in GDP and other macroeconomic variables since independence. It assesses the performance of the different sectors of the economy and expenditure categories. The paper identifies a number of products that could contribute to maintaining the high growth rate that nontraditional exports have experienced. The medium-term fiscal sustainability analysis provides a useful quantification of the impact of the shocks experienced on fiscal performance. Ghana's social insurance system, stock exchange, divestiture program, rural finance, and poverty are also discussed.

International Monetary Fund

Macedonia’s economic performance under the program has remained strong, reflecting the authorities’ commitment to build on the progress made and to advance the reform agenda. The average inflation rate was 2.3 percent, although it started to pick up recently owing to a relatively high increase in food prices, reflecting the global trend. On the expenditure side, the authorities will improve the quality of spending and redirect public spending to more productive uses, such as health, education, and infrastructure.

International Monetary Fund. European Dept.
This paper aims to contribute to the discussion by sketching ways in which the taxation equity-efficiency frontier could be shifted outward in the Netherlands. In a nutshell, we argue that significant efficiency gains could be achieved by shifting the tax burden away from labor, and toward consumption and capital—especially housing. The detrimental impact of the tax-benefit system on labor supply—in particular by mothers—and the insufficient and distortionary use of the value-added tax (VAT) as a revenue-collection mechanism is also highlighted in the paper. This paper also reviews the main features of the Dutch tax system and sketches the contours of a hypothetical tax reform.
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes the link between Germany’s economic performance and institutions, taking a long-term perspective and focusing on the labor market. The thesis of the paper is that Germany’s institutional arrangements worked exceptionally well during the Wirtschaftswunder era of rapid catch-up growth, resulting in an economic performance that was envied by much of the world. The paper also examines fiscal consolidation and tax reform proposals, and describes the wage structure in Germany.
International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that economic growth in Spain has resumed, and unemployment is falling. Exporters are gaining market share, and the current account is in surplus for the first time in decades. Financial conditions have improved sharply, with sovereign yields at record lows. Business investment is rebounding strongly and private consumption has also started to recover owing to improved employment prospects and rising confidence. Executive Directors have welcomed the improving Spanish economy. They have stressed that labor market reform should be accompanied by product and service market liberalization to maximize the gains to growth and jobs.
International Monetary Fund
This Selected Issues paper analyzes the challenge of population aging for Belgium. It argues that the aging strategy should be broadened to include more explicitly the objective of raising employment rates to foster potential growth. The paper discusses assumptions underlying the official aging projections, and presents an alternative baseline scenario on the basis of unchanged policies. It discusses the feasibility of strategies that rely exclusively on either fiscal or labor market adjustment, and illustrates the benefits of a two-pronged strategy. The paper also examines employment effects of reductions in labor taxes in a wage-bargaining model.
International Monetary Fund
This Selected Issues paper analyzes labor market asymmetries and macroeconomic adjustment in Germany. Empirical work reported shows that in Germany, negative demand shocks increase the unemployment rate by more than the decrease in the unemployment rate caused by a comparable-sized positive demand shock. The contribution of labor costs to explaining the high level of unemployment, particularly since unification, is studied. Empirical estimates are obtained for the wage gap—the deviation of actual labor costs from warranted labor costs based on estimated production functions assuming competitive factor markets and full employment.