From Stimulus to Consolidation: Revenue and Expenditure Policies in Advanced and Emerging Economies

Business & Finance, Economics, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book From Stimulus to Consolidation: Revenue and Expenditure Policies in Advanced and Emerging Economies by Benedict Mr. Clements, Juan Mr. Toro R., Victoria Perry, INTERNATIONAL MONETARY FUND
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Author: Benedict Mr. Clements, Juan Mr. Toro R., Victoria Perry ISBN: 9781455238705
Publisher: INTERNATIONAL MONETARY FUND Publication: October 6, 2010
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Benedict Mr. Clements, Juan Mr. Toro R., Victoria Perry
ISBN: 9781455238705
Publisher: INTERNATIONAL MONETARY FUND
Publication: October 6, 2010
Imprint: INTERNATIONAL MONETARY FUND
Language: English

This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.

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This paper identifies policy tools that could be used for fiscal consolidation in advanced and emerging economies in the years ahead. The consolidation strategy, particularly in advanced countries, should aim to stabilize age-related spending in relation to GDP, reduce non-age-related expenditure ratios, and increase revenues. Bold reforms are needed to offset projected increases in age-related spending, particularly health care. On the revenue side, measures could include improving tax compliance, for example through better international cooperation, as well as increasing the yield from VAT by eliminating exemptions and reduced rates, further developing property taxes, and increasing excise rates within the range of rates already applicable in comparable countries.

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