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2013
Like a wild rollercoaster, steep ups and downs describe the economic performance of the Latin American and Caribbean region.1 Econom ic booms have been followed by deep and long recessions, sometimes driven by poor domestic policies, other times precipitated by negative exogenous shocks, often times fueled by both. Notwithstanding considerable progress
Ana Corbacho +2 more
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Like a wild rollercoaster, steep ups and downs describe the economic performance of the Latin American and Caribbean region.1 Econom ic booms have been followed by deep and long recessions, sometimes driven by poor domestic policies, other times precipitated by negative exogenous shocks, often times fueled by both. Notwithstanding considerable progress
Ana Corbacho +2 more
openaire +2 more sources
SSRN Electronic Journal, 2009
Does the Chilean government smooth taxes? This paper argues that the answer is yes, but only if one takes into account royalties from copper. During the past ten years there has been a serious debate in Chile initially regarding the sustainability of the Chilean government’s fiscal deficit and more recently regarding what to do with the budget ...
Pasten, R., Cover, J.P.
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Does the Chilean government smooth taxes? This paper argues that the answer is yes, but only if one takes into account royalties from copper. During the past ten years there has been a serious debate in Chile initially regarding the sustainability of the Chilean government’s fiscal deficit and more recently regarding what to do with the budget ...
Pasten, R., Cover, J.P.
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Joint Implications of Consumption and Tax Smoothing
Journal of Money, Credit, and Banking, 2005In this paper, the joint hypotheses of consumption and tax smoothing are shown to imply that the present value of expected proportionate declines in government non-interest outlays is approximately equal to a log-linear function of the budget deficit and private dissaving.
Lance A. Fisher, Geoffrey Kingston
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Seigniorage and tax smoothing in developing countries
Journal of Economic Studies, 1998This paper tests the extended tax‐smoothing model for a sample of 32 developing countries. Importantly, the testable implications employed relax the assumption of constant money velocity. Although seigniorage is an important source of revenue in developing countries, all the evidence indicates that the principles of optimal taxation have not been used ...
John Ashworth, Lynne Evans
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Theory of tax smoothing in the small open economy
Economics Letters, 2004Abstract We derive necessary and sufficient conditions for the martingale-like behavior of tax rates. The world real interest rate is exogenous to the small domestic economy. Consumers are risk averse and markets are incomplete. The government's loss function is not ad hoc.
Lance A. Fisher, Geoffrey H. Kingston
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Tax Smoothing: Tests on Indonesian Data [PDF]
, 2011 This paper contributes to the literature of public debt management by testing for tax smoothing behaviour in Indonesia. Tax smoothing means that the government smooths the tax rate across all future time periods to minimize the distortionary costs of taxation over time for a given path of government spending.
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Does Tax Smoothing Imply Smooth Taxes?
1999Using a stochastic growth model we derive analytic expressions for optimal labour and capital tax rates under both complete and incomplete markets. We find taxes are driven by two factors reflecting : (a) Ramsey efficiency considerations and (b) the financing needs of the government which vary with the excess burden of taxation. In the case of complete
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Tax smoothing hypothesis : a case of Pakistan
2017Tax Smoothing Hypothesis (TSH) proposes that a government seeks to minimize tax distortions and does not vary tax rates directly with changes in expenditures. Instead expenditures are financed by debt and a constant tax stream is maintained. This thesis explores if TSH holds for Pakistan and finds evidence of Tax Smoothing from 1976-2014 as tax rate ...
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Tax Smoothing with Financial Instruments.
American Economic Review, 1990This paper analyzes the optimal structure of government debt in a stochastic environment. In a model with distortionary taxes, the government should smooth tax rates over states of nature as well as over time. Government liabilities should be structured to hedge against macroeconomic shocks that affect the government budget.
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Tax Smoothing and Tax Avoidance
korean journal of taxation research, 2018Hyun Joo Lee, Kyu Eon Jung
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