Guido Schwerdt Jarkko Turunen. Extending the common baseline model in various dimensions does not fundamentally change the low contribution of labor quality to productivity growth in Germany. Labor quality growth is low owing to a small increase in the share of workers with higher education, a negative contribution from a higher share of females and declines in relative returns. The contribution of actual labor market experience is lower than suggested by an age proxy.
Monte-Carlo Simulations Revised: A Reply to Arqus. Sabrina Dorn. This contribution revises Monte-Carlo based simulation techniques as used in BusinessTaxation and Accounting literature, most prominently proposed by fellows ofTherefore, we focus on a methodically orientated discussion.
Our results suggestthe standard approach leads to biased estimates of expected discounted tax paymentsassuming cash flow uncertainty and incomplete loss-offset regulations. We built upcritique by giving an analytical expression for expected discounted tax paymentsformulating the structure of probability weighted tax states in the future conditionalcash flows above or be-low zero.
Consequently, this enables us to evaluate the resultsobtained from the standard Monte-Carlo approach within a numerical analysis. The statutory pension system is the most important source of income for senior citizens in Germany. Due to increasing disruptions in employment biographies since the s and due to the mass unemployment in eastern Germany since the s, there is a growing fear of postretirement poverty in Germany.
We develop a microsimulation model to compare the distribution of statutory pension incomes for new retirees in with the incomes of new retirees in The pension income distribution is calculated for eastern and western Germany separately, for men and women, and for different skill levels.
Throughout Germany, we find growing postretirement poverty, especially among low-skilled workers. Eastern Germany will lose its current advantage in high pensions and low inequality. Oct This report identifies and discusses best practices to attract and promote inward and outward foreign direct investment.
To better inform Canadian policy-making at various levels of government, this report provides an extensive and systematic review of the empirical evidence on the public policies and other factors that influence foreign investors. The report also evaluates which policies and other factors affect the degree to which foreign direct investment improves productivity and leverages other benefits in the economies receiving the investment. Estimating the effects of oil price shocks on the Kazakh economy.
Johannes Mayr. This paper explores the role of oil for the Kazakh economy. In order to assess thedegree of volatility the oil price features, it, firstly, discusses the literature on oil price behaviour.
Secondly, it analyzes the effect of oil price declines on key macroeconomicvariables such as real GDP, inflation and real exchange rates using vectorautoregressive VAR models. In this respect, the paper deviates from a large number of papers on oil price effects as it considers a transition rather than a developed economy and an oil exporting rather than an oil importing country.
The key findings to emerge from this paper are, first, that the price of oil is influenced by a large number of factors, which results in a considerable degree of volatility. Secondly, all variables considered in theVAR model exhibit a strong negative significant reaction on oil price declines, and, thirdly, a standard linear VAR model is appropriate for capturing the Kazakh oil-macro relationship. Spatial Implications of Minimum Wages.
This paper addresses possible consequences of a minimum wage in a spatial context. An empirical analysis utilizing German data shows that a significant spatial wage structure exists and that, as a consequence, the share of workers earning wages below a minimum wage will be particularly high in rural counties even if we control for educational and occupational differences.
A theoretical analysis discusses the implications for the spatial structure of the economy and shows that while the wages in the countryside will be affected positively, wages will decline in the city, where employment and population rise. Workers in the city will further suffer from an increase in housing costs. This supports concerns that urban poverty might increase as a result of the introduction of a minimum wage.
The investigation of the determinants of economic growth plays an important role forour understanding of the sources of cross-country income differences. This paper analyzesthe effects of institutions and innovations on country productivity growth. The empiricalevidence shows that institutions and innovations matter, in particular for human capitalefficiency.
Without controlling for endogeneity the effect of innovations turns significantonly when aggregate institutions indexes or human capital efficiency are included. When controlling for endogeneity innovations become insignificant, but more institutionalvariables become relevant. Allowing for three alternative institutional variables does not change the effects of theinstitutional variables of interest. A Mixed Logit Approach. An electronic version of the paper may be downloaded from the Ifo website www.
Jaewhan Park Changbong Kim. The empirical results are as follows. First, inbound FDI increases significantly when the corporate effective or statutory tax rates of the host country are relatively lower than those of other countries or when the tariff rates imposed on imported goods in the host country decrease. Therefore, the empirical results of this study intensify the opinion that tax burdens or incentives are deeply associated with inbound or outbound FDI, and imply that the adjusted outbound FDI gravity model is helpful to examine determinants of FDI or tax effects on FDI.
Tax and Regulation Policy. Julia Merz Michael Overesch. This paper analyzes how corporate taxation and regulatory requirements affect the location of financial sector FDI. We use novel information on new financial services entities established by multinational firms in 83 host countries. We find a negative effect of host country taxes on the probability of choosing a particular host location.
We can also confirm a significant influence of the regulatory environment. For example, stricter equity capital requirements negatively affect location probabilities. Our empirical approach allows us to provide new insight in how a policy measure of a given country affects other countries by estimating cross-country tax and regulation elasticities.
Tax attractiveness and the location of German-controlled subsidiaries. This paper analyzes whether taxation has an influence on the location decisions of multinational enterprises. We employ a novel set of 22 tax variables, such as the taxation of dividends and capital gains, withholding taxes, the existence of a group taxation regime, and thin capitalization rules.
Furthermore, we use the Tax Attractiveness Index, a new aggregate measure containing the 22 tax variables. Our count data regression analysis is based on a novel hand-collected dataset consisting of the subsidiaries of German DAX30 companies in 97 countries. Specifically, our analysis reveals that German multinational firms place affiliates in countries that offer favorable statutory tax rates, withholding taxes, double tax treaty networks, and holding incentives. Additionally, we find that the Tax Attractiveness Index has explanatory power in subsidiary location decisions and, therefore, it can be used as alternative composite measure, for example, when 22 single tax variables are not at disposal.
Nov J Econ Surv. Using a unique hand-collected data set, we add a new perspective to the current base erosion and profit shifting BEPS state of research and debate, in three ways: Second, we consider this effect in more detail by separating a tax accounting effect and a profit shifting effect, which to our knowledge has not yet been investigated. Third, our meta-regression reveals factors that are possible sources of variation and bias in previous empirical studies.
Steuervermeidung multinationaler Unternehmen. Jul International Corporate Tax Planning. In the first place, international tax planning aims at avoiding legal double taxation. In second place, international tax planning focuses on tax arbitrage. Nevertheless, intra-group transactions may give rise to double taxation as tax bases may overlap when different countries apply different rules to determine the tax base e.
Listed European corporations have to comply with international accounting standards. IFRS are designed to provide useful information to present and potential investors, lenders and other creditors, who use that information to make financial decisions.
As taxes reduce the profit available for distribution to shareholders, the effective tax burden must be disclosed. Working Paper. What do we know about the tax planning of German-based multinational firms? Shafik Hebous. Apr This paper investigates the impact of institutions or structural policies on the volatility of income or GDP per capita in transition countries and in Kazakhstan in particular. Reform progress was mainly achieved in infrastructure. In the second part of the paper we employ state-of-the-art Bayesian Model Averaging BMA to identify institutional and macroeconomic policy areas that have the strongest impact on output volatility in transition economies.
The analysis shows that good legal and administrative institutions can help smooth output volatility. Moreover, we also find that inflation and current account volatility and to a smaller extend exchange rate fluctuations are important determinants of output volatility. JEL Code: E02, E30, O11, P Jan Panoeconomicus.
The aim of this paper is to research the determinants of FDI inflows in the SEE region with a special emphasis on corporate tax rates. The panel data analysis GMM methodology was conducted on six countries in the period in two versions: Institutional variables and corporate tax rates were not significant in the analysis of flows, but they become significant in the analysis of FDI inward stock.
From a theoretical point of view, the tax responsiveness of firms crucially depends on this distinction. To address this problem, we use a finite mixture modeling approach which allows us to distinguish avoiders from non-avoiders stochastically from a mixture of distributions of the two types of firms. Using panel data on the universe of foreign affiliates of German multinational firms over the years towe find that investments of tax avoiders do not respond to host-country profit taxes at all, while those of non-avoiders do.
A one-percentage-point increase in the statutory corporate profit tax rate of a host country is found to reduce the fixed assets of non-avoiders in that host country by 0. International business taxation and the business cash flow tax. Ulrich Schreiber. Investments and business profits are internationally mobile. Countries respond by tackling international profit shifting.
As a result, the international allocation of taxable profits becomes an increasingly complex and costly issue. Reform proposals either address the Organisation of Economic Co-operation and Development approach to international profit allocation or target tax bases that are less mobile than profits.
This paper investigates cash flow as a tax base. A business cash flow tax abolishes current accrual accounting and has the potential to block international profit shifting. Profit shifting via intra-group transactions is eliminated if the business cash flow tax is based on the country of destination principle. However, a destination-based business cash flow tax might distort the investment decisions of international groups.
How low business tax rates attract MNE activity: Municipality-level evidence from Germany. Most existing empirical evidences on the impact of profit taxation on multinational firm activity are based on cross-country data. One major drawback of such data is that countries differ not only with regard to taxes but also with other dimensions which might be hard to capture by means of observable characteristics.
We compile a database of more than 11, municipalities in Germany to analyze the sensitivity of location decisions of foreign MNEs in Germany with respect to business tax rates which are levied directly by the municipalities.
We find that higher business tax rates have a negative effect on three alternative measures of MNE activity, after controlling for other determinants of firm location decisions: Our results suggest that tax competition among regional entities for foreign investors is a game of a few. In cross-section instrumental-variable regressions, a one-percent reduction of the municipal business tax rate equivalent to a decline by about 0. The average municipality would have to reduce its business tax rate by about 2.
Hence, municipalities need to be attractive in other dimensions to be able to use tax instruments to attract foreign firms at the margin. Many countries pursue an immigration policy that is targeted at attracting high skilled workers. Borjas has shown that assuming perfect labor markets immigration leads to a welfare gain for the native population, the so-called immigration surplus.
Thus, as the labor market for high skilled workers exhibits few frictions, high skilled immigration should lead to a welfare gain. Nevertheless, this argumentation implicitly assumes that immigration has no influence on the qualification structure of natives.
In this paper I show that if natives anticipate high skilled immigration, fewer natives acquire a high education level. In labor markets that are not frictionless this effect can be such strong that high skilled immigration leads to a welfare loss for natives.
Moreover, if high skilled migration is expected but not realized, this expectation generates a welfare loss. May Christian Seiler.
This paper compares the German Gross Domestic Product between and with the Ifo business indicators. Because GDP is published quarterly but the Ifo indicators monthly, the most analyses compare these variables by merging the indicators to quarterly data. In this paper an alternative way is shown: Furthermore, a spline-based disaggregation approach is discussed. The results of the analyses demonstrate a high connection between the disaggregated GDP and the Ifo indicators.
Show more. Multinational Firms and the Theory of International Trade. Despite the great importance of multinational firms in international economics, theoretical and empirical research on these firms has generally been conducted separately from that on international trade.
In this book, James Markusen provides a comprehensive integration of the two fields. Drawing on twenty years of research, he focuses on the interaction of scale economies, trade costs, factor endowments, and imperfect competition.
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He analyzes decisions about whether to build or acquire a foreign plant separately from decisions about where to raise the financing. Markusen begins with the simplest possible partial equilibrium models and works systematically toward a full-fledged general equilibrium model with both horizontal and vertical foreign direct investment.
He offers empirical tests of hypotheses derived from the theoretical models. The notation is unified throughout, distinctions between models are explained with thoroughly explained derivations, and numerous graphs support the analysis. Evidence for the Euro Area. We compare the forecast properties of the WES with those of monthly composite indicators. Considering the WES is interesting because i it is exclusively based on the assessment of economic experts about the current economic situation, and ii it is timely released within the quarter on a quarterly basis.
The empirical analysis is carried out under full informationwhich means that the competing monthly indicators are known for the entire quarter, and under incomplete information.
Our findings exhibit that the forecast power of the WES is comparatively proper. Lessons from Behavioral Responses to International Taxation. James R. This paper considers the impact of international taxation on patterns of foreign direct investment and on the extent of international tax avoidance activity.
Reactions to worldwide tax rate differences, as well as to changes in international tax rules, provide important information concerning the extent to which taxpayers respond to incentives.
The generally high degree of responsiveness in turn carries implications for the design of domestic as well as international tax policy. Quality of Life in the Regions: Results for German Counties. In order to assess differences in living conditions across German regions we apply the hedonic approach of Rosen Current issues in urban economics, and Roback J Polit Econ 90 6: Employing a recent survey of more than half a million Germans on a wide range of social and political issues we confirm that differences in amenities give rise to substantial differences in land prices.
With regard to wages, however, we find only little effects of amenities. Relying on the land-price effects we assess the quality of life in each of the German counties and provide a comprehensive ranking.
Corporate Taxation and Multinational Activity. This paper assesses the impact of corporate taxation on multinational activity.
A numerically solvable general equilibrium model of trade and multinational firms is used to incorporate the following components of corporate taxation: We account for their differential impact under alternative methods of double taxation relief i.
The hypotheses regarding the effects of changes in the tax parameters are investigated in a panel of bilateral OECD outbound stocks of foreign direct investment FDI from to For this, we compile annual information on taxation to construct the largest existing panel of tax parameters at the bilateral level based on national tax law and bilateral tax treaties. Depreciation allowances exert a significant impact on FDI, as hypothesized.
The links between intangible income, intercompany transactions, income shifting and the choice of location are investigated using data on U. The objective is to better understand the income shifting process and its implications. In particular, do opportunities for income shifting distort "real" behavior such as the choice of location and the volume of intercompany transactions? Do prospective benefits from income shifting change behavior in both high-tax and low-tax locations?
The results present a coherent, consistent picture. In addition, subsidiaries in locations with either very high or very low statutory tax rates, with a strong incentive to shift income in or out, also undertake a significantly larger volume of intercompany transactions. An Application of Count Data Models. KaSaundra Tomlin. Previous studies have drawn a theoretical and empirical connection between foreign direct investment FDI and exchange rates using continuous measures of FDI.
However, FDI data are often in discrete count form. Campaand I analyze the sensitivity of the results to specification of the dependent variable. Using data on FDI in the United States from tocontrolling for the traditional determinants of FDI, I find that the results are sensitive across specifications.
Significance levels and the magnitude of the coefficients change when going from a continuous Tobit specification to a zero inflated Poisson ZIP model designed for count data. Formal statistical testing finds that the ZIP specification likely models the data most properly. Thus, I indicate that misspecification bias from modeling discrete data with continuous distributions is important.
The effects of bilateral tax treaties on U. FDI activity. This chapter presents the first estimates of the effects of bilateral treaties governing the taxation of foreign direct investment FDI on bilateral FDI activity. The chapter proceeds as follows. Section A discusses U.
Section B presents empirical methodology and data. Section C presents results and the last section concludes. There is no systematic evidence that bilateral tax treaties affect FDI activity, despite statements by the Organization for Economic Cooperation and Development OECD and other sources that such agreements are meant to increase the efficiency of world capital flows.
Instead, the results suggest that either the provisions of a treaty have no effect, or the positive and negative aspects of treaty formation largely cancel one another. The Impact of U. This study empirically examines how taxes shape foreign direct investment, and finds that increased taxes spur inward foreign investment. This finding conforms with theories that recognize that foreign investor response is critically shaped by the tax provisions faced by the foreign investor in his home country, and by the effects of tax reform on pre-tax asset returns.
We demonstrate that average tax rates may better proxy tax effects than do effective tax rates. Our findings are more robust than previous results since we utilize the entire s tax history, consider a fuller set of industry distinctions, and estimate the tax responsiveness in the context of exchange-rate fluctuations.
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Multinationals, Multi-plant Economies, and the Gains from Trade. A general equilibrium model of a multinational enterprise based on economies of multi-plant operation is developed.
These economies are modelled as arising from the existence of a joint input whose productivity in each production facility is independent of the number of facilities maintained by a firm. The multinational thus offers the world increased technical efficiency by eliminating the duplication of the joint input that would occur with independent national firms.
Since this technical efficiency may come at the expense of increased market power, the full determinants of home country, host country, and world welfare are considered. This paper assesses the sensitivity of the operations of multinational corporations MNCs to host country taxation. The empirical analysis is based on two different measures of MNC activity by U.
The empirical estimates indicate that investment geared toward export markets, rather than the domestic market, is particularly sensitive to host country taxation, that this sensitivity appears to be greater in developing countries than developed countries, and that it is becoming greater over time. International Profit Shifting Within Multinationals: A Multi-Country Perspective. We model the opportunities and incentives generated by international tax differences for international profit shifting by multinationals.
The model considers not only profit shifting arising from international tax differences between affiliates and parent companies, but also from tax differences between affiliates in different host countries. Using a unique dataset containing detailed firm-level information on the parent companies and subsidiaries of European multinationals and information about the international tax system, we test our model and empirically examine the extent of intra-European profit shifting by European multinationals.
On average, we find a semi-elasticity of reported profits with respect to the top statutory tax rate of 1. International profit shifting leads to a substantial redistribution of national corporate tax revenues. Many European nations appear to gain revenues from profit shifting by multinationals largely at the expense of Germany.
Taxes and the Location of Production: This paper considers the factors that influence the locational decisions of multinational firms.
A model in which firms produce differentiated products in imperfectly competitive markets is developed, in the spirit of Horstmann and Markusen Firms choose between a number of foreign locations; the outside options of exporting to or not serving the foreign market are explicitly modelled. Particular attention is paid to the impact of profit taxes; the separate roles of effective average and marginal tax rates are identified.
The model is applied to a panel of US firms locating in the European market. Agglomeration effects are found to be important. The effective average tax rate plays a role in the choice between locations, but not in the choice of whether to locate production in Europe compared with one of the outside options. Regression analysis of count data.
Econometric Analysis of Count Data. Rainer Winkelmann. The book provides graduate students and researchers with an up-to-date survey of statistical and econometric techniques for the analysis of count data, with a focus on conditional distribution models.
Proper count data probability models allow for rich inferences, both with respect to the stochastic count process that generated the data, and with respect to predicting the distribution of outcomes.
The book starts with a presentation of the benchmark Poisson regression model. Alternative models address unobserved heterogeneity, state dependence, selectivity, endogeneity, underreporting, and clustered sampling. Testing and estimation is discussed from frequentist and Bayesian perspectives. Finally, applications are reviewed in fields such as economics, marketing, sociology, demography, and health sciences.
The fifth edition contains several new topics, including copula functions, Poisson regression for non-counts, additional semi-parametric methods, and discrete factor models. Other sections have been reorganized, rewritten, and extended. Company Taxation in the Internal Market. European Commission. This study analyzes the effects of right-wing extremism on the well-being of immigrants based on data from the German Socio-Economic Panel SOEP for the years to merged with state-level information on election outcomes.
The results show that the life satisfaction of immigrants is significantly reduced if right-wing extremism in the native population increases. Moreover ; the life satisfaction of highly educated immigrants is affected more strongly than that of low-skilled immigrants. This supports the view that policies aimed at making immigration more attractive to the high-skilled have to include measures that reduce xenophobic attitudes in the native population.
The model is then used to derive predictions of trade patterns, volumes of trade, the share of intra-industry trade, and the share of intrafirm trade as functions of relative country size and differences in relative factor endowments.
Feb Rev Econ Stat. The income of Puerto Rican affiliates of U. This lowers the tax penalty on investment there, and also makes it attractive to shift reported taxable income from the U. This paper investigates these two interrelated impacts of taxation by developing a structural econometric model of the joint decisions regarding investment and income shifting, and estimating the model using firm-level data on the activity U.
The results suggest that the income shifting advantages are the predominant reason for U. Fiscal Paradise: Foreign Tax Havens and American Business. Hines Jr Eric M. The tax haven affiliates of American corporations account for more than 20 percent of U. American companies report extraordinarily high profit rates on their tax haven investments in This behavior implies that the revenue-maximizing tax rate for a typical haven is around percent.
American and foreign investment in tax havens has an uncertain effect on U. Kurzfristige Wachstumseffekte von Naturkatastrophen. Die Haeufigkeit von Naturkatastrophen hat in den letzten Jahrzehnten deutlich zugenommen. Vor diesem Hintergrund gewinnt die Frage an Bedeutung, welche oekonomischen Konsequenzen mit dem Auftreten von Naturkatastrophen verbunden sind. In der Literatur werden sowohl Argumente fuer positive als auch negative Wachstumseffekte diskutiert.
In diesem Aufsatz wird mit Hilfe von oekonometrischen Zeitreihenmodellen untersucht, inwieweit sich die Hochwasserkatastrophe vom August kurzfristig auf das Wirtschaftswachstum in Sachsen ausgewirkt hat. Den Ergebnissen zufolge ueberwogen die positiven Wachstumseffekte. Ohne die Flutkatastrophe waere das Wachstum des saechsischen Bruttoinlandsproduktes in den Jahrenund vermutlich um 0,6, 1,8 beziehungsweise 0,5 Prozentpunkte niedriger ausgefallen.
This paper investigates tax planning behavior by means of inter-company finance and the effectiveness of fighting back via thin-capitalization rules. A simple theoretical model, which considers the financing decision of a multinational company, is used to obtain empirical implications. The empirical analysis, based on German inbound investment data from untilsupports a significant impact of tax rate differences on the use of intra-company debt.
The effectiveness of the German thin-capitalization rule is tested by using legal amendments as natural experiments.
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The results suggest that the German thin-capitalization rule induces significantly lower intra-firm debt-levels of inbound investments. Hence, tax planning via intra-firm finance is effectively limited. Repatriation Taxes and Dividend Distortions. Hines Jr Mihir A. Desai C. Fritz Foley. This paper analyzes the effect of repatriation taxes on dividend payments by the foreign affiliates of American multinational firms.
The United States taxes the foreign incomes of American companies, grants credits for any foreign income taxes paid, and defers any taxes due on the unrepatriated earnings for those affiliates that are separately incorporated abroad.
This system thereby imposes repatriation taxes that vary inversely with foreign tax rates and that differ across organizational forms. As a consequence, it is possible to measure the effect of repatriation taxes by comparing the behavior of foreign subsidiaries that are subject to different tax rates and by comparing the behavior of foreign incorporated and unincorporated affiliates.
Evidence from a large panel of foreign affiliates of U. This implies that repatriation taxes reduce aggregate dividend payouts by These effects would disappear if the United States were to exempt foreign income from taxation.
Altered States: Hines Jr. This paper examines the effect of taxation on foreign investment and on business location within the United States. The idea is to compare the inter-state distribution of investments from certain foreign countries those with foreign tax credit systems with the distribution of investments from other countries.
Investors from countries with foreign tax credit systems receive home-country tax credits for income taxes paid to US states, so they are less likely than are other investors to avoid investing in high-tax states. Eric M. Rice Jr. This behavior implies that the revenue-maximizing tax rate for a typical haven is around 5—8 percent. What a Difference Does it Make?: This study explains the variation in empirical estimates in the literature on the elasticity of foreign direct investment with respect to company tax levels.
To that end, the meta analysis of De Mooij and Ederveen is extended by considering an alternative classification of the literature and by including new studies that have recently become available. Specific attention is paid to two new dimensions: Empirical Evidence from the EU. This paper analyzes the tax responsiveness of bilateral foreign direct investment flows in the EU.
Differentiating between investments in the three main economic sectors and using effective tax rates to measure tax incentives, we show that the tax sensitivity of foreign direct investment depends crucially on the sector the transaction takes place in. While investment in the primary sector is driven by other than tax incentives, investment in the secondary and the tertiary sector is deterred by high tax rates. The response in the tertiary sector is substantially higher than that in the secondary sector.
The theory of tax competition suggests that different tools might be used to attract physical capital and taxable profits. While it is assumed that FDI in real activity is deterred by high effective taxes, investment undertaken for purpose of profit-shifting is deterred by a higher statutory tax rate.
Using information from the RWI-Database "Globalisation", which contains statistics about foreign engagements of the most important German enterprises, this paper investigates if this assumption holds in reality.
Dualism and Cross-Country Growth Regression. Nov J Econ Growth. This paper develops empirical growth models suitable for dual economies, and studies the relationship between structural change and economic growth. Changes in the structure of employment will raise aggregate productivity when the marginal product of labor varies across sectors.
The models in the paper incorporate this effect in a more flexible way than previous work. Estimates of the models imply sizeable marginal product differentials, and indicate that the reallocation of labor makes a significant contribution to the international variation in productivity growth. Evidence from a Panel of German Multinationals.
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Feb Int Tax Publ Finance. Using a firm-level panel data set this paper investigates the impact of taxation on the decision of German multinationals to hold or establish a subsidiary in other European countries or abroad. Taking account of unobserved local characteristics as well as firm-specific preferences for potential locations, the results confirm significant effects of tax incentives, market size, and of labor cost on cross-border location decisions.
In accordance with Devereux and Griffith we find that the marginal effective tax rate has no predictive power for location decisions. However, the results indicate a considerably weaker predictive power of the effective average tax rate as compared to the statutory tax rate. Taxation and Foreign Direct Investment: A Synthesis of Empirical Research. Feb Asia Pac Financ Market. This paper reviews the empirical literature on the impact of company taxes on the allocation of foreign direct investment.
We compare the outcomes of 25 empirical studies by computing the tax rate elasticity under a uniform definition. There exists substantial variation across studies, however. By performing a meta-analysis, the paper aims to explain this variation by the differences in characteristics of the underlying studies. Systematic differences between studies are found with respect to the type of foreign capital data used, and the type of tax rates adopted. We find no systematic differences in the responsiveness of investors from tax credit countries and tax exemption countries.
Copyright Kluwer Academic Publishers Evaluating Tax Policy for Location Decision. We consider the impact of taxation when investors face a discrete choice between two or more mutually exclusive projects; in particular we consider the location choice of multinationals. Such choices depend on an effective average tax rate.
We propose a precise measure of this rate, which is shown to be equal to a weighted average of an effective marginal tax rate and an adjusted statutory tax rate, where the weights depend on the profitability of the investment. Estimates of the distribution of this measure are presented and compared for domestic and international investment in the USA, France, Germany and the UK.
We analyse the impact of harmonising corporate tax rates in Europe on incentives to locate in France, Germany and the UK. Freedom of Choice in Macroeconomic Forecasting: Different studies provide surprisingly a large variety of controversial conclusions about the forecasting power of an indicator, even when it is supposed to forecast the same time series.
In this study we aim to provide a thorough overview of linear forecasting techniques and draw conclusions useful for the identification of the predictive relationship between leading indicators and time series. In a case study for Germany we forecast four possible representations of industrial production. Further on we consider a large variety of time-varying specifications: BIC vs.
OSC, direct vs. In a horse race with nine leading indicators plus benchmark we demonstrate the variance of assessment across target variables and forecasting settings 50 per horizon. We show that it is nearly always possible to find situations in which one indicator proved to have better predicting power compared to another.
Changes in Human Capital: Implications for Productivity Growth in the Euro Area. The euro area has experienced a sustained decline in labour productivity growth since the s. In the economic literature this phenomenon is commonly explained by a decline in capital deepening and lower total factor productivity TFP growth.
However, the decline in labour productivity growth might partly also reflect a lower contribution of labour quality growth. We present evidence of changes in human capital in a number of euro area countries based on a fixed-weight index for labour quality growth for both the employed population and the labour force.
We then evaluate the significance of these changes for recent developments in productivity growth. Given the relatively low computational effort involved, vector autoregressive VAR models are frequently used for macroeconomic forecasting purposes.
Затраченное время: Индекс слова: Присоединяйтесь к Reverso, это удобно и бесплатно! Зарегистрироваться Войти. На основании Вашего запроса эти примеры могут содержать грубую лексику. На основании Вашего запроса эти примеры могут содержать разговорную лексику. Посмотреть примеры с переводом possibility of paying 3 примеров, содержащих перевод. Возможны различные решения вопроса финансовых последствий расширения состава Комитета, и Финляндия изучит возможность оплаты расходов своих представителей на проезд и проживание.
Various solutions for the financial implications of new members were possible and Finland would consider the possibility of paying for the travel and accommodation costs of its representatives. Возможность оплаты угля с использованием местной валюты. Предоставить возможность оплаты международной связи в местной валюте. Offer possibility of paying for international services in local currency. Есть возможность оплаты авиабилета принимающей семьей.
Host family can pay your air ticket. Possibility of financial contributions to the costs of external care. Даже в таких успешных проектах, как АСОТД, возможность оплаты труда сотрудников программы за счет ресурсов ПА в периоды между этапами проекта каждый раз находилась под угрозой. Он призывает правительство изучить рекомендации МОТ относительно отпусков по беременности и родам, чтобы привести законодательство страны в соответствие с этими рекомендациями, и рассмотреть возможность оплаты таких отпусков через фонды социального страхования для недопущения дискриминации женщин со стороны работодателей в частном секторе.
It calls on the Government to review ILO recommendations concerning maternity leave, to adapt its national situation to these recommendations and to consider coverage of such leave through social insurance schemes in order to prevent private employers from discriminating against women in recruitment.
Фонд предназначен для оплаты доли больничных и амбулаторных расходов, хотя в настоящее время он покрывает лишь долю больничных расходов в ряде прикрепленных больниц, а возможность оплаты амбулаторных расходов изучается в рамках актуарных исследований. The fund is intended to pay a percentage of both inpatient and outpatient though currently the Fund covers only a portion of inpatient payment in accredited hospitals while actuarial studies are underway to include part of outpatient payments.
Многие администрации портов в развивающихся странах и странах с переходной экономикой взимают плату за свои услуги с национальных пользователей в местной валюте, а с международных пользователей в твердой валюте, иногда предусматривая возможность оплаты в местной валюте по обменному курсу на момент предоставления услуги. Many authorities in developing countries and countries in transition charged national users in local currency and international users in hard currency, sometimes with the option to pay in local currency at the rate of exchange applying when the service was performed.