Economic Effects of the Government Budget

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Elhanan Helpman, Assaf Razin, Professor of Economics Emeritus Assaf Razin, Efraim Sadka, Henry Kaufman Professor of International Capital Markets Efraim Sadka, Tel Aviv University. Pinhas Sapir Center for Development
MIT Press, 1988 - Business & Economics - 355 pages

The effects of a government's budget on society and the political economy are ofconsiderable concern to economists as well as to consumers and taxpayers. The original contributionsin this book analyze all of the budget's components expenditures, revenues, the deficit - with aspecial emphasis on issues that have assumed increasing importance over the last decade or so, suchas intergenerational transfers of debt and declines in corporate tax revenues.Chapters deal withboth microeconomic and macroeconomic aspects of the effects of budgets, and demonstrate howbudgetary policies affect inflation, efficiency, the balance of payments, exchange rates, and thedecision-making process.The contributions are grouped into five sections. The first covers therevenue side of the budget - taxation policy and its interaction with emigration, corporate taxrevenues, personal income taxes, and fiscal policies. The second takes up intergenerationaltransfers, consumption decisions, and Ricardian equivalence and neutrality. Budget deficits andoptimal policies, inflation and its relationship to budget deficits are examined in parts three andfour.The book concludes by looking at stabilization in open economies, and includes treatments ofthe consequences of balance-of-payments crises, exchange rate management under uncertainty, andforeign exchange operations.Elhanan Helpman, Assaf Razin, and Efraim Sadka are professors ofeconomics at Tel-Aviv University.

 

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Contents

International Migration and Income Taxation
13
Why Have Corporate Tax Revenues Declined?
33
RevenueNeutral Changes in Corporate and Personal
50
Risk Reducing Fiscal Policies and Economic Growth
65
An Analysis of Fiscal Policy under Operative
91
Testing Ricardian
107
Saving and Permanent Income in Canada
122
International Aspects of Budget Deficits with Distortionary
145
Checks and Balances on the Government Budget
199
World Inflation Revisited
217
Inflation Deficit and Seignorage with Expected
238
The Economic Consequences of the Franc Poincare
257
Inflation Balance of Payments Crises and Public
287
Stabilization with Exchange Rate Management under
310
The Irrelevance of Government Foreign Exchange
328
Name Index
347

Optimal TimeConsistent Fiscal Policy with Finite
163

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About the author (1988)

Elhanan Helpman is Professor of Economics at Harvard University, the Archie Sherman Chair Professor of International Economic Relations in the Eitan Berglas School of Economics at Tel-Aviv University, and a Fellow at the Canadian Institute for Advanced Research.

Assaf Razin is a former Professor at Cornell University, Emeritus Professor at the Eitan Berglas School of Economics at Tel Aviv University, and Research Fellow at the NBER, CEPR, and CESifo. He is the author of Understanding Global Crises: An Emerging Paradigm and a coauthor of, among other books, The Decline of the Welfare State: Demography and Globalization and Migration and the Welfare State: Political-Economy Policy Formation, all published by the MIT Press. He is the recipient of the 2017 EMET Prize in Economics.

Assaf Razin is a former Professor at Cornell University, Emeritus Professor at the Eitan Berglas School of Economics at Tel Aviv University, and Research Fellow at the NBER, CEPR, and CESifo. He is the author of Understanding Global Crises: An Emerging Paradigm and a coauthor of, among other books, The Decline of the Welfare State: Demography and Globalization and Migration and the Welfare State: Political-Economy Policy Formation, all published by the MIT Press. He is the recipient of the 2017 EMET Prize in Economics.

Efraim Sadka is Henry Kaufman Professor of International Capital Markets at Tel Aviv University.

Efraim Sadka is Henry Kaufman Professor of International Capital Markets at Tel Aviv University.

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