Correo Electrónico
DNINFOA - SIA
Bibliotecas
Convocatorias
Identidad U.N.
Publicado
Terms of trade shocks and taxation in developing countries
Términos de intercambio y estructura tributaria en países en desarrollo
Termos de intercâmbio e estrutura tributária em países em desenvolvimento
DOI:
https://doi.org/10.15446/cuad.econ.v39n81.80207Palabras clave:
Tax structure, output fluctuations, developing economies, terms of trade (en)estructura tributaria, fluctuaciones de producto, países en desarrollo, términos de intercambio (es)
estrutura tributária, flutuações de produto, países em desenvolvimento, termos de intercâmbio (pt)
Descargas
We find evidence suggesting that economies with a tax structure more oriented toward indirect taxes –rather than direct taxes– tend to mitigate the effect of terms of trade shocks on output fluctuations. This finding might be particularly important for lower-income countries since the negative welfare effects caused by macroeconomic volatility in the absence of consumption-smoothing mechanisms are more severe in developing economies exposed to external shocks. Additionally, some of these economies are attempting to reorient their tax structure toward more direct taxes following the standards in advanced economies.
Encontramos evidencia que sugiere que las economías con una estructura tributaria más orientada hacia los impuestos indirectos tienden a mitigar el efecto de los términos de intercambio en las fluctuaciones del producto. Este hallazgo podría ser particularmente importante para los países de bajos ingresos, ya que los efectos negativos sobre el bienestar causados por la volatilidad macroeconómica, en ausencia de mecanismos de suavización del consumo, son más graves en las economías en desarrollo expuestas a choques externos, y porque algunas de estas economías están intentando reorientar su estructura tributaria hacia impuestos directos, siguiendo los estándares de las economías avanzadas.
Encontramos evidência que sugere que as economias com uma estrutura tributária mais orientada aos impostos indiretos tendem a mitigar o efeito dos termos de intercâmbio nas flutuações do produto. Isto poderia ser particularmente importante para os países de baixos ingressos, já que os efeitos negativos sobre o bem-estar causados pela volatilidade macroeconômica, em ausência de mecanismos de suavização do consumo, são mais graves nas economias em desenvolvimento expostas a choques externos, porque algumas destas economias estão tentando reorientar sua estrutura tributária aos impostos diretos, seguindo os padrões das economias avançadas.
Referencias
Agénor, P. R., McDermott, C. J., & Prasad, E. S. (2000). Macroeconomic fluctuations in developing countries: some stylized facts. The World Bank Economic Review, 14(2), 251-285.
Aiolfi, M., Catão, L. A., & Timmermann, A. (2011). Common factors in Latin America’s business cycles. Journal of Development Economics, 95(2), 212-228.
Aizenman, J. (2008). Large hoarding of international reserves and the emerging global economic architecture. The Manchester School, 76(5), 487-503.
Andrés, J., & Doménech, R. (2006). Automatic stabilizers, fiscal rules and macroeconomic stability. European Economic Review, 50(6), 1487-1506.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
Arnold, J. (2008). Do tax structures affect aggregate economic growth? (Working Paper, 643). OECD Economics Department.
Auerbach, A. J., & Feenberg, D. R. (2000). The significance of federal taxes as automatic stabilizers. Journal of Economic Perspectives, 14(3), 37-56.
Auerbach, A. J., & Gorodnichenko, Y. (2012). Measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 4(2), 1-27.
Basu, P., & McLeod, D. (1991). Terms of trade fluctuations and economic growth in developing economies. Journal of Development Economics, 37(1-2), 89-110.
Blanchard, O., & Perotti, R. (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on out-put. The Quarterly Journal of Economics, 117(4), 1329-1368.
Branson, J., & Lovell, C. K. (2001). A growth maximising tax structure for New Zealand. International Tax and Public Finance, 8(2), 129-146.
Broda, C. (2004). Terms of trade and exchange rate regimes in developing countries. Journal of International Economics, 63(1), 31-58.
Engen, E. M., & Skinner, J. (1996). Taxation and economic growth. National Bureau of Economic Research No. 5826.
Gavin, M., Hausmann, R., Perotti, R., & Talvi, E. (1996). Managing fiscal policy in Latin America and the Caribbean: Volatility, procyclicality, and limited creditworthiness (Working Paper, 269). IDB.
Hernández, G. (2013). Terms of trade and output fluctuations in Colombia. CEPAL Review, (110).
Hernández, G. (2018). Output Co-movement between Latin America and the United States: The Export Structure Matters. International Review of Applied Economics, https://doi.org/10.1080/02692171.2018.1511690
Hoffmaister, A. W., & Roldos, J. E. (2001). The sources of macroeconomic fluctuations in developing countries: Brazil and Korea. Journal of Macroeconomics, 23(2), 213-239.
Jones, L. E., Manuelli, R. E., & Rossi, P. E. (1993). Optimal taxation in models of endogenous growth. Journal of Political Economy, 101(3), 485-517.
Kaminsky, G.L. (2010). Terms of trade shocks and fiscal cycles. National Bureau of Economic Research No. 15780.
Kose, M. A., & Riezman, R. (2013). Trade shocks and macroeconomic fluctuations in Africa. In International Trade Agreements and Political Economy, 369-394.
Lee, Y., & Gordon, R. H. (2005). Tax structure and economic growth. Journal of Public Economics, 89(5-6), 1027-1043.
Mendoza, E. G. (1995). The terms of trade, the real exchange rate, and economic fluctuations. International Economic Review, 101-137.
Ocampo, J. A. (2009). Latin America and the global financial crisis. Cambridge Journal of Economics, 33(4), 703-724.
Österholm, P., & Zettelmeyer, J. (2008). The effect of external conditions on growth in Latin America. IMF Staff Papers, 55(4), 595-623.
Perotti, R. (2012). The effects of tax shocks on output: not so large, but not small either. American Economic Journal: Economic Policy, 4(2), 214-237.
Roodman, D. (2006). How to do xtabond2: An introduction to difference and system GMM in Stata (Working Paper, 103). Center for Global Development.
Vegh, C. A., & Vuletin, G. (2015). How is tax policy conducted over the business cycle? American Economic Journal: Economic Policy, 7(3), 327-370.
Cómo citar
APA
ACM
ACS
ABNT
Chicago
Harvard
IEEE
MLA
Turabian
Vancouver
Descargar cita
CrossRef Cited-by
1. Godfrey J. Kweka. (2024). Terms of trade volatility and tax revenue in Sub‐Saharan African countries. Annals of Public and Cooperative Economics, 95(3), p.655. https://doi.org/10.1111/apce.12455.
Dimensions
PlumX
- Citations
- CrossRef - Citation Indexes: 1
- Scopus - Citation Indexes: 3
- Usage
- SciELO - Full Text Views: 320
- SciELO - Abstract Views: 22
- Captures
- Mendeley - Readers: 10
Visitas a la página del resumen del artículo
Descargas
Licencia
Derechos de autor 2020 Cuadernos de EconomíaCuadernos de Economía a través de la División de Bibliotecas de la Universidad Nacional de Colombia promueve y garantiza el acceso abierto de todos sus contenidos. Los artículos publicados por la revista se encuentran disponibles globalmente con acceso abierto y licenciados bajo los términos de Creative Commons Atribución-No_Comercial-Sin_Derivadas 4.0 Internacional (CC BY-NC-ND 4.0), lo que implica lo siguiente:
