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This paper was written during the internship of Vincent Belinga at the IMF. We thank participants at the IMF’s Fiscal Affairs Department seminar, as well as Nicolas End, Ivo Razafimahefa, Martin Schindler and Anita Tuladhar for useful suggestions and comments. The usual disclaimer applies.
A full account of the underlying determinants of tax buoyancies goes beyond the scope of this paper.
Results on short-run buoyancy per tax category and per country are available upon request. For aggregate revenues and revenue components, results are robust to the inclusion of 1 to 5 lags for GDP. Also these results are available upon request.