This paper studies the effects of public expenditure reallocations on long-run growth. To do this, we assemble a new dataset based on the IMF's GFS yearbook for the period 1970-2010 and 56 countries (14 low-, 16 medium-, and 26 high-income countries). Using dynamic panel GMM estimators, we find that a reallocation involving a rise in education spending has a positive and statistically robust effect on growth, when the compensating factor remains unspecified or when this is associated with an offsetting reduction in social protection spending. We also find that public capital spending relative
Zugriffsoptionen:
Die folgenden Links führen aus den jeweiligen lokalen Bibliotheken zum Volltext:
We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69 countries with at least 20 years of observations on total tax revenue during the period 1970-2009?21 high-income, 23 middle-income and 25 low-income countries. To our knowledge this is the most comprehensive and up-to-date dataset on tax composition and growth. We find that increasing income taxes while reducing consumption and property taxes is associated with slower growth over the
Zugriffsoptionen:
Die folgenden Links führen aus den jeweiligen lokalen Bibliotheken zum Volltext:
Cover -- Contents -- Abstract -- I. Introduction -- II. Background-A pension system primer -- III. Background-Demographic trends -- IV. An integrated methodology to assess public pensions cash flows and healthcare spending -- V. Key stylized facts about pension systems in LAC5 -- A. Pensions Baseline Results -- B. Pensions Reform Scenarios -- VI. Key stylized facts about healthcare systems in LAC5 -- A. Healthcare Baseline Results -- B. Healthcare Reform Scenario -- VII. Comparison with other projections -- VIII. Concluding remarks -- Appendix I. Addressing demographic uncertainty -- Appendix II. Methodology for public pension and healthcare projections -- A. Defined benefit public pension scheme -- The Number of Estimated Pensioners -- Cash Flows Under a DB System -- Contributions Under a DB System -- Net Government Cash Flow Under a DB System -- B. Alternative Pension Reforms on Government's Cash Flows Under a DB System -- Reduction in the Generosity of the Pension System -- Reduction in the Indexation of Benefits -- An Increase in the Contribution Rate -- C. DC Pension Scheme -- Per Capita Account Balance Under a DC System -- Government Spending, Revenue and Net Cash Flow Under a DC System -- D. Total Public Expenditure of Pension Systems -- E. Healthcare Projections -- F. Analyzing the Impact of Reforms on Healthcare Expenditure -- G. Calibration to Implement Toolkit -- References -- Tables -- Table 1. Baseline pension cash flow projections -- Table 2. A onetime increase in the retirement age by 5 years -- Table 3. Indexation of retirement age -- Table 4. Reduction of replacement rate -- Table 5. Reduction in the indexation of benefits -- Table 6. Increase in contribution rate -- Table 7. Dependency indexed contribution rate -- Table 8. Introduction of all reforms simultaneously -- Table 9. Transition from a DB to a DC system.
Zugriffsoptionen:
Die folgenden Links führen aus den jeweiligen lokalen Bibliotheken zum Volltext: