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Ian W.H. Parry
Fiscal instruments are potentially among the most effective, and cost-effective, options for addressing externalities related to poor air quality, urban road congestion, and greenhouse gases. This paper takes a case study, focused on Mauritius (a pioneer in the use of green taxes) to illustrate how existing taxes, especially on fuels and vehicles, could be reformed to better address these externalities. We discuss, in particular, an explicit carbon tax; a variety of options for reforming vehicle taxes to meet environmental, equity, and revenue objectives; and a progressive transition to usage-based vehicle taxes to address congestion
Ms. Marjorie B. Rose
This paper examines the effects of capital controls on asset prices. A closed-form valuation model by Eun and Janakirimanan (1986) is extended to analyze the impact of three restrictions on international portfolio investment: a percentage quantity constraint on the amount of foreign securities a domestic resident may hold in her portfolio; a constraint on the absolute amount of foreign securities a domestic resident may hold; and a percentage tax on the domestic purchase price of a foreign security. Comparative statics and numerical analysis are used to reveal the effects of these distortions on domestic and world equilibrium prices.
Marjorie B. Rose and Sérgio Pereira Leite

This paper examines the effects of capital controls on asset prices. A closed-form valuation model by Eun and Janakirimanan (1986) is extended to analyze the impact of three restrictions on international portfolio investment: a percentage quantity constraint on the amount of foreign securities a domestic resident may hold in her portfolio; a constraint on the absolute amount of foreign securities a domestic resident may hold; and a percentage tax on the domestic purchase price of a foreign security. Comparative statics and numerical analysis are used to reveal the effects of these distortions on domestic and world equilibrium prices.

Mrs. Poonam Gupta and Mr. Walter Mahler
The domestic taxation of petroleum products is an important source of revenue in most countries. However, there is a wide variation of tax rates on petroleum products across countries, which cannot be explained by economic theory alone. This paper surveys different considerations advanced for taxing petroleum and presents petroleum tax rate data in 120 countries. It concludes that a significant reduction in the present extremely wide variation in petroleum prices and tax rates appears warranted.
Mrs. Poonam Gupta and Mr. Walter Mahler

/ Moreover, many of the developing countries (even those that have explicit taxes on electricity) set electricity prices at levels which do not provide an adequate return on investment in this sector. 7/ Throughout the paper, especially in the data section, the discussion is in terms of percentage tax rates (or the percentage equivalent of specific taxes) unless it is clearly indicated that specific tax rates are being discussed. 8/ The taxation of the use of diesel fuel in rail and marine transportation, and aviation fuel in air transportation raise additional

Mr. Sanjeev Gupta, Mr. Walter Mahler, and Mr. Vito Tanzi

to separate road use of diesel or gasoline effectively from other uses which are not appropriately taxed at high rates. The data show that aforementioned considerations have indeed influenced the average percentage tax rates in the country sample studied; against an average tax of around 82 percent for gasoline, kerosene had a percentage tax rate of 31 percent and automotive diesel of 48 percent in 1991. In addition to the benefit-based levy on all fuel used on highways, fuel used for private cars can justifiably be subject to an additional tax on equity grounds

Mr. Stephan Danninger, Ms. Annette J Kyobe, and Mr. M. Cangiano

countries reported none or incomplete data, and about half of the countries had observations with excessively high forecast errors (exceeding 50 percent of actual outcomes). To augment the data set, we supplied missing data on GDP forecast or revenue outturns from past IMF staff reports. Observations with errors in excess of 50 percent were dropped from the sample. We then regressed percentage tax revenue forecast errors on percentage nominal GDP forecast errors and other control variables (per capita GDP, population size, reliance on natural resources, and data