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Displaying results 1 to 4 of 4.

  1. Corporate tax reform
    from income to cash flow taxes
    Author: Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, Benjamin F.
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

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    Orient-Institut Beirut
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    Online
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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    No inter-library loan

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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
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    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
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    Fachhochschule Kiel, Zentralbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 142
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
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    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
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    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
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    e-Book International Monetary Fund eLibrary
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    No loan of volumes, only paper copies will be sent

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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    Location:
    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    Signature:
    E_Book IMF
    Inter-library loan:
    No inter-library loan

     

    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the country undertaking the reform and other countries' domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP

     
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  2. Kuwait
    financial system stability assessment
    Published: April 2019
    Publisher:  International Monetary Fund, Washington, D.C.

    This Financial System Stability Assessment paper discusses that Kuwait's limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors,... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This Financial System Stability Assessment paper discusses that Kuwait's limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors, as well as significant common exposures. Risks to the financial sector are mostly external, stemming from oil price shocks, geopolitical tensions, and global financial developments. The risks are mitigated by sizeable sovereign financial assets, and by the ability of public entities to provide liquidity through large deposits. Stress tests suggest that banks are resilient to a wide range of shocks. The newly developed regulatory framework for capital market participants and products is an important step, but some gaps remain. The authorities have made important progress in strengthening the macroprudential framework. The crisis management framework and financial safety net arrangements should be strengthened and further operationalized. The diversification and resilience of the economy is expected to benefit from better financial inclusion of small-and-medium enterprises

     
    Export to reference management software   RIS file
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  3. Corporate tax reform
    from income to cash flow taxes
    Author: Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, Benjamin F.
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries' exports benefit from additional investment in the country undertaking the reform and other countries' domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
  4. Kuwait
    financial system stability assessment
    Published: April 2019
    Publisher:  International Monetary Fund, Washington, D.C.

    This Financial System Stability Assessment paper discusses that Kuwait's limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors,... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    Orient-Institut Beirut
    Signature:
    Online
    Inter-library loan:
    No inter-library loan

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Braunschweig
    Inter-library loan:
    No inter-library loan

    Location:
    Staats- und Universitätsbibliothek Bremen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
    Inter-library loan:
    No inter-library loan

    Location:
    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
    Inter-library loan:
    No inter-library loan

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Inter-library loan:
    No inter-library loan

    Location:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Inter-library loan:
    No inter-library loan

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Universität Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    Signature:
    e-Book Nationallizenz
    Inter-library loan:
    No inter-library loan

    Location:
    Thüringer Universitäts- und Landesbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Fachhochschule Kiel, Zentralbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 143
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Leipzig
    Inter-library loan:
    No inter-library loan

    Location:
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    Signature:
    E-Book Nationallizenz IMF
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    Signature:
    E-Book International Monetary Fund
    Inter-library loan:
    No inter-library loan

    Location:
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    Signature:
    e-Book International Monetary Fund eLibrary
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    Inter-library loan:
    No loan of volumes, only paper copies will be sent

    Location:
    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    Signature:
    E_Book IMF
    Inter-library loan:
    No inter-library loan

     

    This Financial System Stability Assessment paper discusses that Kuwait's limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors, as well as significant common exposures. Risks to the financial sector are mostly external, stemming from oil price shocks, geopolitical tensions, and global financial developments. The risks are mitigated by sizeable sovereign financial assets, and by the ability of public entities to provide liquidity through large deposits. Stress tests suggest that banks are resilient to a wide range of shocks. The newly developed regulatory framework for capital market participants and products is an important step, but some gaps remain. The authorities have made important progress in strengthening the macroprudential framework. The crisis management framework and financial safety net arrangements should be strengthened and further operationalized. The diversification and resilience of the economy is expected to benefit from better financial inclusion of small-and-medium enterprises

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)