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Europe > Ireland

You are looking at 1 - 10 of 13 items for :

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Cover IMF Working Papers
Pareto-Improving Minimum Corporate Taxation
Mr. Shafik Hebous
and
Mr. Michael Keen
The recent international agreement on a minimum effective corporate tax rate marks a profound change in global tax arrangements. The appropriate level of that minimum, however, has been, and remains, extremely contentious. This paper explores the strategic responses to a minimum tax, which—the policy objective being to change the rules of tax competition game--—are critical for assessing the design and welfare impact of, and prospects for, this fundamental policy innovation. Analysis and calibration plausibly suggest sizable scope for minima that are Pareto-improving, benefiting low as well as high tax countries, over the uncoordinated equilibrium.
Keywords:
Tax Competition; Minimum Taxation; Corporate Tax Reform; International Taxation; competition game; policy objective; corporate tax reform; best response; country benefit; residence country; Corporate income tax; Competition; Tax avoidance; Global
Cover Departmental Papers
Taxing Multinationals in Europe
Ernesto Crivelli
,
Ruud A. de Mooij
,
J. E. J. De Vrijer
,
Mr. Shafik Hebous
, and
Mr. Alexander D Klemm
This paper aims to contribute to the European policy debate on corporate income tax reform in three ways. First, it takes a step back to review the performance of the CIT in Europe over the past several decades and the important role played by MNEs in European economies. Second, it analyses corporate tax spillovers in Europe with a focus on the channels and magnitudes of both profit shifting and CIT competition. Third, the paper examines the progress made in European CIT coordination and discusses reforms to strengthen the harmonization of corporate tax policies, in order to effectively reduce both tax competition and profit shifting.
Keywords:
Europe; International taxation; Corporate taxation; Multinational corporations; Corporate profits; Tax competition; MNE profits; revenue effect; EU code of conduct; effects of the CCCTB reform; profit shifting; Corporate income tax; Corporate taxes; Competition; Formula apportionment; Global
Cover IMF Staff Country Reports
Portugal: Ex Post Evaluation of Exceptional Access Under the 2011 Extended Arrangement-Press Release; Staff Report; and Authorities Views
International Monetary Fund. European Dept.
This paper discusses Portugal’s Ex-post Evaluation of Exceptional Access Under the 2011 Extended Arrangement. Portugal faced a sudden stop in financing in 2011. The authorities’ IMF-supported program aimed to address the problems that had made Portugal vulnerable to changes in market confidence. The evaluation concurs that the program’s “big decisions” were justified. The main lesson to be drawn from Portugal’s experience is that adjustment in the context of currency union membership is difficult. Further work is needed to flesh out the measures required to support internal devaluation and private sector deleveraging. Options for union-level conditionality would benefit from clarification.
Keywords:
ISCR; CR; Fund; reform program; IMF expertise; Program; debt; competitiveness gap; labor cost-adjustment strategy; EFF arrangement; General government balance; Debt restructuring; Fiscal consolidation; Competition; Global; Europe
Cover IMF Working Papers
Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method
Bibek Adhikari
,
Mr. Romain A Duval
,
Bingjie Hu
, and
Mr. Prakash Loungani
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case studies of well-known waves of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms in Germany in the early 2000s. In four of the six cases, GDP per capita was higher than in the control group as a result of the reforms. No difference between the treated country and its synthetic counterpart could be found in the cases of Denmark and New Zealand, which in the latter case may have partly reflected the implementation of reforms under particularly weak macroeconomic conditions. Overall, also factoring in the limitations of the SCM in this context, the results are suggestive of a positive but heterogenous effect of reform waves on GDP per capita.
Keywords:
WP; labor market; real GDP; product market; fiscal policy; structural reforms; synthetic control method; liberalization; labor and productivity market reforms; growth; heads of state government; State life insurance insurance company; industrial relations; government's share; predictive power; reform package; donor country; untreated country; income support; firm level; life insurance insurance company; Labor market reforms; Competition; Active labor market policies; Unemployment; Europe; Global
Cover Policy Papers
Key Aspects of Macroprudential Policy - Background Paper
International Monetary Fund
The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Keywords:
PP; housing market; market structure; financial crisis; bank competition; banking sector; competition Policy; house price; credit exposure; regulation initiative; Housing prices; Mortgages; Credit; Competition; Global
Cover IMF Working Papers
Competition Policy for Modern Banks
Mr. Lev Ratnovski
Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of recent changes to financial services provision. Modern banking is largely market-based and contestable. Consequently, banks in advanced economies today have structurally low charter values and high incentives to take risk. In such an environment, traditional policies that seek to affect the degree of competition by focusing on market structure (i.e. concentration) may have limited effect. We argue that bank competition policy should be reoriented to deal with the too-big-to-fail (TBTF) problem. It should also focus on the permissible scope of activities rather than on market structure of banks. And following a crisis, competition policy should facilitate resolution by temporarily allowing higher concentration and government control of banks.
Keywords:
WP; bank; lending; value; bank competition policy; TBTF; Banks; Competition Policy; Macroprudential Policy; Systemic Risk; core bank activity; bank merger; market structure; TBTF bank; bank lending; Competition; Bank soundness; Crisis management; Commercial banks; Europe
Cover IMF Working Papers
Euro Area Export Performance and Competitiveness
Mr. Jarkko Turunen
,
Mr. Richard T. Harmsen
, and
Mr. Tamim Bayoumi
Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for intra-euro area exports are at least double those for extra-euro area exports, so traditional real effective exchange rate indexes may overstate the effectiveness of euro depreciation in restoring exports growth in the euro area periphery and; (ii) There are surprisingly wide divergences across alternative relative price measures and even when relative price data suggest a steady loss in intra- (and extra-) euro area competitiveness, the pace of deterioration depends on the measure of relative prices used.
Keywords:
WP; euro; CPI; exchange rate; export; Exports; Competitiveness; Trade equations; Euro area; export equation; area trade; PPI datum; CPI price series; area export; export volume; Real effective exchange rates; Competition; Exchange rates; Consumer price indexes
Cover IMF Working Papers
From Bear Stearns to Anglo Irish: How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability
Mr. Ashoka Mody
This paper attempts to explain the recent rise and differentiation of sovereign spreads across the countries of the eurozone. Following the onset of the subprime crisis in July 2007, spreads rose but mainly on account of common global factors. The rescue of Bear Stearns in March 2008 marked a turning point. Countries thereafter were increasingly differentiated. Sovereign spreads of a eurozone country tended to rise when the prospects of its domestic financial sector worsened. It appears, therefore, that the rescue of Bear Stearns created a link between financial sector vulnerabilities and a larger contingent liability on public finances. Following the failure of Lehman Brothers, spreads also rose faster for countries with higher ratios of public debt-to-GDP. These transitional dynamics appear to have concluded with the nationalization of Anglo Irish: sovereign spreads throughout the eurozone jumped, with the jump emphasizing the differentiation by financial sector vulnerability and public debt levels. The results imply that, to varying degrees, countries may have moved to a new regime of weak economic outlook, financial sector fragilities, and strains on public finances.
Keywords:
WP; post Bear Stearns; Bear Stearns-phase; risk premium; sovereign spread; eurozone sovereign bond bond market; eurozone spread; post-Bear Stearns country variation; Financial sector; Sovereign bonds; Competition; Financial sector risk; Global
Cover IMF Working Papers
Measuring Competitiveness
J. Peter Neary
This paper reviews alternative approaches to measuring an economy's cost competitiveness and proposes some new measures inspired by the economic theory of index numbers. The indices provide a theoretical benchmark for estimated real effective exchange rates, but differ from standard measures in that they are based on marginal rather than average sectoral shares in GDP or employment. The use of the new indices is illustrated by some simple calculations that highlight the potential exposure of the Irish economy to fluctuations in the euro-sterling exchange rate.
Keywords:
WP; consumer price index; price elasticity of supply
Cover IMF Staff Country Reports
Ireland: Staff Report for the 2003 Article IV Consultation
International Monetary Fund
Over the past decade, Ireland has experienced a sustained expansion in output and employment that has raised its per capita income above the ED average. The decline in interest rates, and increasing financial sector competition, rapidly rising disposable income, and high rates of household formation have fuelled a spectacular increase in housing prices. Executive Directors emphasized that wage growth must moderate to preserve external competitiveness and avoid risks to output and employment. Regulatory reform should be oriented firmly toward serving consumer welfare.
Keywords:
ISCR; CR; merchandise trade data; report; harmonized consumer price inflation; income; debt ratio; accounts data; real GNP; national income accounts data; Fiscal stance; Housing prices; Wages; Competition; Global