International Effects of Tax Reforms

This paper highlights the significance of open-economy considerations in the analysis of tax reforms. It focuses on domestic and international consequences of revenue-neutral conversion between income and value-added tax systems. The principal result is that the direction of changes in key macroeconomic variables consequent on such tax conversions depends critically on the current account position. For example, a conversion from an income to a value-added tax system lowers the world interest rate if the country adopting the reform runs a surplus in the current account of its balance of payments, and vice versa.
Publication date: July 1988
ISBN: 9781451964271
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Economics- Macroeconomics , Economics / General , International - Economics , tax reform , tax reforms , tax system , tax systems , consumption tax

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